Emergence of IoT, AI, and smart manufacturing will escalate the US product engineering services market

The US 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 in the US is backed by the high adoption rate of advanced technologies, such as AI, IoT, and smart manufacturing in the industrial sector. Due to the presence of the well-established IT infrastructure and the key market players, such as IBM Corp. and Damco Group, the penetration rate of advanced technology-based product engineering services is high in the country. Moreover, the awareness regarding the benefits of product engineering services is considerably high in the US, which in turn, further supports the growth of the market in the country.

Browse the full report description US 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/us-product-engineering-services-market

The automation of manufacturing process is at a high demand in the US, owing to which, there are several market players that have initiated the development of advanced technological-based product engineering services. Intellectsoft, a US-based company, is offering IoT and AI-based product engineering services to various industry verticals. Likewise, there are several other market players that are offering product engineering services for AI and IoT platform. The huge focus of the government on the smart manufacturing facilities will further propel the market growth in the US during the forecast period. 

Market Coverage

Key questions addressed by the report

• What is the market growth rate during the forecast period?
• Which segment dominates the market in base year?
• Which segment 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

o Recommendations 

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

US 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