According to the new market research report “ Product Engineering Services Market by Service (Product & Component Design, Process Engineering, Maintenance Repair & Operation), Organization Size (SMEs, and Large Enterprise), Vertical, and Region – Global Forecast to 2021 “, published by MarketsandMarkets™, the product engineering services market size is estimated to grow from USD 676.17 Billion in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2%.
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Increasing demand for improved time to market, need for continuous innovation, and cost efficiency are some of the factors driving the product engineering services market.
Product and component design services segment is expected to hold the largest market share in the product engineering services market by service type during the forecast period
Growing popularity of Industrial Internet of Things (IIoTs) is anticipated to have a positive impact on industry growth over the forecast period. Manufacturers are anticipated to use IIoT to create new hybrid business model, boost revenue by increasing production, and exploit the latest technologies to fuel new product development. The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the product engineering services market during the forecast period.
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The small and medium enterprises segment is expected to grow at the highest CAGR in the product engineering services market by organization size during the forecast period of 2016–2021
A growing number of SMEs targeting R&D to increase the scope of growth are anticipated to drive the product engineering market in the coming years. Growing competition is forcing the industry player to look for cost optimizing solutions and reduce the overall operational cost. Product engineering services offer the benefit of cost reduction, enhanced customer experience, and improved time to market.
The APAC region is expected to hold the largest share of the product engineering services market by region due to rise in demand for organizing its huge workforce
The Asia-Pacific (APAC) region is expected to have major traction of product engineering services due to rise in demand for organizing the huge workforce in the region. This region is also facing issues such as aging population, retiring baby boomers, and increasing number of multigenerational workforce, which needs to be managed and therefore product engineering services are in demand.
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