Emergence of AI and IoT in manufacturing will escalate Global product engineering services market

Global product engineering services market is projected to grow at a significant CAGR of around 9.5% during the forecast period (2020-2026). The growth of the product engineering services market across the globe is backed by the rising integration of advanced technologies, such as IoT, AI, Big Data, and others. With the rising adoption of automation, AI, IIoT (industrial internet of things), the demand for technologically advanced services is increasing across the globe. Therefore, there are several market players that are expanding their product base with these emerging technologies. VOLANSYS Technologies and Persistent Systems are among the major providers of IoT-based product engineering services.

Browse the full report description Global Product Engineering Services Market Size, Share & Trends Analysis Report by Component (Product and Component Design, Process Engineering, Maintenance, Repair & Operations, and Others), by Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (Healthcare, Automotive, Aerospace & Defense, Energy & Utilities, Industrial Manufacturing, and Others) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/product-engineering-services-market

Businesses are integrating AI in products engineering services, to decrease the processing time and increase the TTM (Time To Market). Therefore, IoT and AI can be regarded as the game changer of the product engineering services market during the forecast period. Moreover, the governments in the emerging economies, such as India and China, are focusing on promoting the industrial sector in the respective countries with the introduction of subsidies and initiatives for SMEs. This, in turn, is offering growth to the manufacturing sector in these economies, which will offer growth opportunity to the market players offering advanced technologies in products engineering services to expand their market base in these economies.

Market Coverage

Key questions addressed by the report

• What is the market growth rate during the forecast period?
• Which segment/region dominates the market in base year?
• Which segment/region will project fastest growth in the market during the forecast period?
• How COVID-19 will impact the market growth in 2020 and coming years?

o Recovery Timeline

o Deviation from pre-COVID-19

o Most affected segment/region

o Recommendations 

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Product Engineering Services Market – Segmentation

By Service

• Product and Component Design

o New Product Development

o Design Support Services

o Software Engineering

o Hardware Engineering

o Others 

• Process Engineering 
• Maintenance, Repair, and Operations
• Others 

By Organization Size

• Small and Medium Enterprises (<1000 Employees)
• Large Enterprises (>1000 Employees)

By End-Use Industry

• Healthcare
• Automotive
• Aerospace & Defense
• Energy & Utilities
• Industrial Manufacturing
• Others 

Global Product Engineering Services Market – Segmentation