Product Engineering Services Market
Growth Factors of Product Engineering Services Market
The product engineering services market size was valued at USD 1,187.82 billion in 2023, and the market is now projected to grow from USD 1,276.26 billion in 2024 to USD 2,642.90 billion by 2032, exhibiting a CAGR of 9.5% during the forecast period of 2023-2030.
Supply chain disruption has stopped the manufacturing units and hindered the market growth. The limitation of transportation is making it difficult to carry the raw material which has delayed the production of the final product. To cope with the situation, various companies have invested in launching innovative services. Therefore, to ensure business stability, engineering services providers are collaborating industries in offering fast and cost-efficient solutions, resulting in post-pandemic product engineering services market growth.
The growing attention on product design and enhancement of customer engagement services are fueling the market expansion and supporting the overall increasing product engineering services market share globally. It uses advanced methodologies to realize production and offer comprehensive support across the product lifespan. Product personalization is allowing customers to experiment with according to their requirements.
Artificial Intelligence (AI) is providing revolutionary solutions across industry applications. Product engineering services incorporate artificial intelligence to augment output through innovative solutions. These technologies have enhanced the expertise and experience in product design and development. It helps to moderate the risk of development thus improving time management.
Comprehensive Analysis of Product Engineering Services Market
The product engineering services market and Information & Communication Technology industry is rising at an exponential rate due to its market segmentation. This market growth efficiently provides a detailed regional assessment considering the dominant supply and demand forces that influence the Information & Communication Technology industry. These segmentations are methodically segregated by types of service, enterprise type, and industry. The segment by the services includes design, development, testing, deployment support and maintenance, redesigning & re-engineering, and others (strategy, research, and consulting). The segment enterprise type is such as large enterprises and small and medium enterprises. However, the by industry segment includes automotive, healthcare & life science, manufacturing BFSI, retail & consumer goods, aerospace & defense, IT & telecom, and others (Media & entertainment)
The North America region leads the product engineering services market by benefitting a market size of USD 468.31 billion in 2023 due to growing demand for customized products and increasing investment in technology.
The top players in the market play a vital role in the information & communication technology industry assuring industrial prospectus development and setting market values. These players include, HCL Technologies (India), Capgemini SE (France), Accenture plc (Ireland), Bertrandt AG (Germany), Wipto (India), TATA Consultancy Services Limited (India), AVL List GmbH (Austria), Alten Group (France), and AKKA Technologies (Belgium) these market players provide a level-playing competitive landscape.
In June 2024, Cognizant announced a partnership with Gentherm is a medical patient temperature management system company for providing product engineering service. Cognizant is offering system engineering, model-based development and confirmation which has formed a test skill to conduct research and development for Gentherm products.
Global Product Engineering Market Scope
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 9.5% from 2024 to 2032
Segmentation By Service
- Design
- Development
- Testing
- Deployment
- Support & Maintenance
- Redesigning & Re-engineering
- Others (strategy, Research, and Consulting)
- Large Enterprises
- Small & Medium Enterprises
- Automotive
- Healthcare & Life Science
- Manufacturing
- BFSI
- Retail & Consumer goods
- Aerospace & Defense
- IT & Telecom
- Others (Media & Entertainment)
- North America (By Service, Enterprise Type, Industry, and Country)
- Canada (By Industry)
- Mexico (By Industry)
- South America (By Service, Enterprise Type, Industry, and Country)
- Argentina (By Industry)
- Rest of South America
- Europe (By Service, Enterprise Type, Industry, and Country)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
- Middle East & Africa (By Service, Enterprise Type, Industry, and Country)
- Israel (By Industry)
- GCC (By Industry)
- North Africa (By Industry)
- South Africa (By Industry)
- Rest of the Middle East & Africa
- Asia Pacific (By Asset, Enterprise Type, Industry, and Country)
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI on the Market
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Product Engineering Services Key Players Market Share/Ranking, 2023
- 5. Global Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Services (USD)
- 5.2.1. Design
- 5.2.2. Development
- 5.2.3. Testing
- 5.2.4. Deployment
- 5.2.5. Support & Maintenance
- 5.2.6. Redesigning & Re-engineering
- 5.2.7. Others (Strategy, Research, and Consulting, etc.)
- 5.3. By Enterprise Type (USD)
- 5.3.1. Large Enterprises
- 5.3.2. SMEs
- 5.4. By Industry (USD)
- 5.4.1. Automotive
- 5.4.2. Healthcare & Life Science
- 5.4.3. Manufacturing
- 5.4.4. BFSI
- 5.4.5. Retail & Consumer goods
- 5.4.6. Aerospace & Defense
- 5.4.7. IT & Telecom
- 5.4.8. Others (Media & Entertainment, etc.)
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Services (USD)
- 6.2.1. Design
- 6.2.2. Development
- 6.2.3. Testing
- 6.2.4. Deployment
- 6.2.5. Support & Maintenance
- 6.2.6. Redesigning & Re-engineering
- 6.2.7. Others (Strategy, Research, and Consulting, etc.)
- 6.3. By Enterprise Type (USD)
- 6.3.1. Large Enterprises
- 6.3.2. SMEs
- 6.4. By Industry (USD)
- 6.4.1. Automotive
- 6.4.2. Healthcare & Life Science
- 6.4.3. Manufacturing
- 6.4.4. BFSI
- 6.4.5. Retail & Consumer goods
- 6.4.6. Aerospace & Defense
- 6.4.7. IT & Telecom
- 6.4.8. Others (Media & Entertainment, etc.)
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.1.1. By Industry
- 6.5.2. Canada
- 6.5.2.1. By Industry
- 6.5.3. Mexico
- 6.5.3.1. By Industry
- 7. South America Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Services (USD)
- 7.2.1. Design
- 7.2.2. Development
- 7.2.3. Testing
- 7.2.4. Deployment
- 7.2.5. Support & Maintenance
- 7.2.6. Redesigning & Re-engineering
- 7.2.7. Others (Strategy, Research, and Consulting, etc.)
- 7.3. By Enterprise Type (USD)
- 7.3.1. Large Enterprises
- 7.3.2. SMEs
- 7.4. By Industry (USD)
- 7.4.1. Automotive
- 7.4.2. Healthcare & Life Science
- 7.4.3. Manufacturing
- 7.4.4. BFSI
- 7.4.5. Retail & Consumer goods
- 7.4.6. Aerospace & Defense
- 7.4.7. IT & Telecom
- 7.4.8. Others (Media & Entertainment, etc.)
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.1.1. By Industry
- 7.5.2. Argentina
- 7.5.2.1. By Industry
- 7.5.3. Rest of South America
- 8. Europe Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Services (USD)
- 8.2.1. Design
- 8.2.2. Development
- 8.2.3. Testing
- 8.2.4. Deployment
- 8.2.5. Support & Maintenance
- 8.2.6. Redesigning & Re-engineering
- 8.2.7. Others (Strategy, Research, and Consulting, etc.)
- 8.3. By Enterprise Type (USD)
- 8.3.1. Large Enterprises
- 8.3.2. SMEs
- 8.4. By Industry (USD)
- 8.4.1. Automotive
- 8.4.2. Healthcare & Life Science
- 8.4.3. Manufacturing
- 8.4.4. BFSI
- 8.4.5. Retail & Consumer goods
- 8.4.6. Aerospace & Defense
- 8.4.7. IT & Telecom
- 8.4.8. Others (Media & Entertainment, etc.)
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.1.1. By Industry
- 8.5.2. Germany
- 8.5.2.1. By Industry
- 8.5.3. France
- 8.5.3.1. By Industry
- 8.5.4. Italy
- 8.5.4.1. By Industry
- 8.5.5. Spain
- 8.5.5.1. By Industry
- 8.5.6. Russia
- 8.5.6.1. By Industry
- 8.5.7. Benelux
- 8.5.7.1. By Industry
- 8.5.8. Nordics
- 8.5.8.1. By Industry
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Services (USD)
- 9.2.1. Design
- 9.2.2. Development
- 9.2.3. Testing
- 9.2.4. Deployment
- 9.2.5. Support & Maintenance
- 9.2.6. Redesigning & Re-engineering
- 9.2.7. Others (Strategy, Research, and Consulting, etc.)
- 9.3. By Enterprise Type (USD)
- 9.3.1. Large Enterprises
- 9.3.2. SMEs
- 9.4. By Industry (USD)
- 9.4.1. Automotive
- 9.4.2. Healthcare & Life Science
- 9.4.3. Manufacturing
- 9.4.4. BFSI
- 9.4.5. Retail & Consumer goods
- 9.4.6. Aerospace & Defense
- 9.4.7. IT & Telecom
- 9.4.8. Others (Media & Entertainment, etc.)
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.1.1. By Industry
- 9.5.2. Israel
- 9.5.2.1. By Industry
- 9.5.3. GCC
- 9.5.3.1. By Industry
- 9.5.4. North Africa
- 9.5.4.1. By Industry
- 9.5.5. South Africa
- 9.5.5.1. By Industry
- 9.5.6. Rest of MEA
- 10. Asia Pacific Product Engineering Services Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. By Services (USD)
- 10.1.1. Design
- 10.1.2. Development
- 10.1.3. Testing
- 10.1.4. Deployment
- 10.1.5. Support & Maintenance
- 10.1.6. Redesigning & Re-engineering
- 10.1.7. Others (Strategy, Research, and Consulting, etc.)
- 10.2. By Enterprise Type (USD)
- 10.2.1. Large Enterprises
- 10.2.2. SMEs
- 10.3. By Industry (USD)
- 10.3.1. Automotive
- 10.3.2. Healthcare & Life Science
- 10.3.3. Manufacturing
- 10.3.4. BFSI
- 10.3.5. Retail & Consumer goods
- 10.3.6. Aerospace & Defense
- 10.3.7. IT & Telecom
- 10.3.8. Others (Media & Entertainment, etc.)
- 10.4. By Country (USD)
- 10.4.1. China
- 10.4.1.1. By Industry
- 10.4.2. Japan
- 10.4.2.1. By Industry
- 10.4.3. India
- 10.4.3.1. By Industry
- 10.4.4. South Korea
- 10.4.4.1. By Industry
- 10.4.5. ASEAN
- 10.4.5.1. By Industry
- 10.4.6. Oceania
- 10.4.6.1. By Industry
- 10.4.7. Rest of APAC
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. IBM Corporation
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. HCL Technologies Limited
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Accenture plc
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. AVL List GmbH
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Alten Group
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. TATA Consultancy Services Limited
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Wipro Limited
- 11.7.1.
- 11.7.1.1. Overview
- 11.7.1.2. Key Management
- 11.7.1.3. Headquarters
- 11.7.1.4. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Capgemini SE
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Bertrandt AG
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Akka Technologies (Akkodis)
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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