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Key Factors Determining Growth of the Product Engineering Services Market
- Shifting focus of enterprises on transforming legacy systems into advanced ones to survive competition has been creating a significant demand for best-in-class product engineering services, which continues to translate into a broad range of opportunities for vendors.
- While significant ER&D challenges prevail, facing enterprises, it is highly likely that product engineering services providers will look forward to lucrative avenues. Lack of R&D expertise and inadequate availability of engineering stronghold continue to sustain substantial traction for product engineering services providers across various verticals. With established companies spending in bulk on digital engineering R&D, primarily driven by technology and business model innovation, demand for product engineering services is likely to see an upsurge in the forthcoming years.
- Industrial Internet of Things (IIOT) is helping vendors boost their operational efficiency, improve productivity, and deliver seamless performance, thereby enabling them to build high quality designs for clients. Palpable penetration of IoT is further driving fresh demand for product engineering services, across varied verticals.
Product Engineering Services Market in Numbers
- Product engineering services market is envisaged to account for revenues worth US$ 26 Bn in 2019. Increasing need of businesses to achieve faster time to market (TTM) and deliver superior customer experience in the midst of uncertainties continue to create a demand for product engineering services across enterprises.
- Projected to witness a robust ~10% CAGR through 2029, the product engineering services market is likely to remain influenced by the fact that ER&D capability is indispensable for organizations, not just for competitive advantages but also for survival.
- North America will continue to be the leading market for product engineering services market, in line with the rapidly emerging smart technologies in the region, and strong market presence of key companies.
- South Asia is anticipated to emerge as a high growth region in product engineering services industry, owing to a notable rise in demand for organizing a massive workforce in the region.
- A majority of leading providers of product engineering services are currently focused on the development of strong expertise in digital technologies.
Competition Landscape
The market for product engineering services will remain a consolidated landscape, where leading players, such as Accenture, Cognizant, Persistent System, TCS, and Wipro, among others, command 60-65% market share. These companies continue to zoom in their strategic focus on acquisitions of local service providers, for regional expansion. New launches centered at customer demands will remain among the key strategies of market forerunners as they continue to invest efforts in introducing product designs that appeal to a wider customer base.
Profound domain knowledge and deep expertise in customers’ business verticals will be considered as an important determinant, offering companies an additional edge in the competition landscape of product engineering services market. The market is lately witnessing increase in the collaborations of stakeholders with enterprises, which are attempting new market entry and thus need assistance from product engineering services providers, right from the initial stage to the post-deployment support phase.
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