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Global Product Engineering Services Industry Report: Country Overview; Value Chain Analysis; Production Process; Trade Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis; Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Key Factors Influencing the Quotation; Key Supplier Analysis, 2022-2027

Product Engineering Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices


The global Product Engineering Services market reached a value of about USD 770 billion in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of about USD 1032 billion by 2027.

The global Product Engineering Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The Growing investment in the transportation, industrial, non-residential, and commercial infrastructure sectors is primarily driving the industry's growth. In the industry report, the key demand indicator is the highest category spender by region—North America and the Asia Pacific.

Industry Definition and Segmentation

Product engineering service is an engineering consulting activity that involves the design and development of products using diverse hardware, embedded software, and IT services solutions. It consists of the process of conceiving, creating, developing, testing, and delivering a software product. Product engineering is responsible for the complete product life cycle, from conception through deployment and user acceptability testing, commencing with the ideation phase. The Product Engineering Services industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

North America and the Asia Pacific Regions are Driving the Growth of the Product Engineering Services Industry

North America and the Asia Pacific held the largest share in the market. North America's quickly evolving smart technologies and strong market presence of significant corporations will continue to be the leading market. Due to a considerable increase in demand for organising a large workforce in the region, Asia Pacific is expected to emerge as a high-growth region in the industry.

The growing investment in the transportation, industrial, non-residential, and commercial infrastructure sectors in emerging economies is being driven by the market. Buyers in developed markets seek faster and less expensive construction, emphasising the need for modular designs. Sustainable design is presently in great demand, resulting in the emergence of specialised industries such as lighting and energy design, air conditioning and ventilation, and facilities management. Increased consumption of goods and services will result from urbanisation, prompting many sectors to expand their facilities and offices in these economies. The shifting focus of businesses on changing old systems into advanced systems to stay competitive has resulted in a substantial demand for best-in-class product engineering services, which is likely to create new market opportunities.

However, cultural disparities in product philosophy and design, a lack of professional individuals or trained experience, suitable IT infrastructure, Concerns about data security and privacy, and the fear of losing control over intellectual property rights are likely to hamper industry expansion.

Best Procurement Practices

The global Product Engineering Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Product Engineering Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

The concept is the first step, which entails conceptualising the idea while also documenting its specifications and criteria. After the idea has been established, the following step is to create engineering blueprints to bring the concept to reality. The product's development or assembly is the next step. A completed product must always go through rigorous quality tests to ensure that it is free of flaws and can be utilised as intended. During this step, any flaws must be found, and any necessary revisions, modifications, or corrections must be completed before the product can be released. The product is then introduced into the market after it has been created, and sustenance is given for the product's planned lifespan.

Newer Innovations in the Market, Further Driving the Product Engineering Services Market

The industry is being propelled by the Growing need for tech-based solutions in various electronic gadgets. The emergence of connected/innovative technology and the resulting increase in sales of smart electronic devices, smart homes, and in-vehicle networking systems are identified as fundamental reasons driving product engineering services demand growth in the global market. Product engineering services providers across multiple industries continue to gain traction because of a lack of R&D experience and an insufficient supply of engineering personnel. The Industrial Internet of Things (IIOT) is assisting vendors in increasing operational efficiency and productivity and delivering consistent performance, allowing them to create high-quality designs for their clients. Artificial intelligence (AI) in product engineering may simplify and automate creating and developing goods; it is anticipated to upgrade and improve product engineering. Also, Time to market (TTM) is critical for organisations or corporations who need to release goods fast, thus expanding the market.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Product Engineering Services Industry Report

  • Accenture Plc
  • Alten Group
  • Cognizant Technology Solutions
  • HCL Technologies Limited
  • International Business Machines Corporation
  • Infosys Limited

Market Landscape

Large construction companies, particularly those with revenues over $1 billion, are increasing their acquisition operations to integrate design and construction better. With smart mergers and acquisitions, global businesses grow their regional footprint, particularly in APAC (M & M&A).

Key Initiatives by Companies

  • ALTEN Group formed a cooperation with Jaguar, a British vehicle manufacturer, in February 2017 to design and develop new engines, bolstering ALTEN's position in the automotive sector.
  • Altran announced the acquisition of Pricol Technologies, an Indian technology solutions business, in February 2017. The purchase will help Altran achieve its strategic goal of improving its delivery capability in India.

1.    Executive Summary
2.    Product Engineering Services Industry Snapshot

    2.1.    Product Engineering Services Market Outlook
    2.2.    Regional/ Country Overview
        2.2.1.    North America
        2.2.2.    Europe
        2.2.3.    Asia Pacific 
        2.2.4.    Latin America
        2.2.5.    Middle East & Africa
3.    Impact of Recent Events 
4.    Product Engineering Services Value Chain Analysis 
5.    Product Engineering Services Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Product Engineering Services Cost Structure
9.    Product Engineering Services Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Product Engineering Services Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Industry Best Practices
    13.1.    Sourcing Strategy
    13.2.    Procurement Model
    13.3.    Contract Structure
    13.4.    Negotiation Levers
    13.5.    Pricing Model
    13.6.    Key Factors Influencing the Quotation 
14.    Key Supplier Analysis
    14.1.    Accenture Plc
    14.2.    Alten Group
    14.3.    Cognizant Technology Solutions 
    14.4.    HCL Technologies Limited
    14.5.    International Business Machines Corporation 
    14.6.    Infosys Limited

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Key Questions Answered in the Report

The global Product Engineering Services market size was valued at USD 770 billion in 2021.

The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027.

The significant demand for the services due to rapid urbanisation in industrialisation is one of the essential drivers of the Product Engineering Services market growth.

Accenture Plc, Alten Group, Cognizant Technology Solutions Corporation, HCL Technologies Limited, International Business Machines Corporation, and Infosys Limited are some of the leading companies in the market.

The North America and Asia Pacific region of the Product Engineering Services industry holds a significant share in the market.

Analyst Review

The global Product Engineering Services market attained a value of USD 770 billion in 2021, driven by the growing investment in the transportation, industrial, non-residential, and commercial infrastructure sectors. Aided by the increasing technological advancements, like the emergence of connected/innovative technology, The Industrial Internet of Things (IIOT), Artificial intelligence (AI), Time to market (TTM), the market is likely to observe additional progress in the forecast period of 2022-2027, growing at a CAGR of 5%. The market is projected to reach USD 1032 billion by 2027. Some of the leading players in the industry are Accenture Plc, Alten Group, Cognizant Technology Solutions Corporation, HCL Technologies Limited, International Business Machines Corporation, and Infosys Limited.

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.

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