Product Engineering Services Market Analysis

Product Engineering Services Market Analysis

Large enterprises segment held a product engineering services market share of over 75% in 2022 and expected to grow at a CAGR of over 5% during the projected timeline. The growth of the segment can be attributed to the increasing emphasis of large enterprises on reducing operational costs and quicker innovation. The use of product engineering services helps large organizations in the early stages of product development as well as in developing innovative, exclusive software in a cost-friendly and effective manner. Large enterprises are transforming into smart businesses by maximizing their capabilities through product engineering services.
 

Product engineering services segment held an industry share of over 50% in 2022. Product engineering services include the use of embedded software, hardware design, and various design capabilities & features to manufacture an electronic product. The product engineering service providers have understood the importance of manufacturing user-friendly products in order to cater to the growing market demand. Also, the rising focus of businesses on speeding up the time-to-market of their product line-up and reducing the cost of development, maintenance, and migration.
 

Healthcare segment is expected to grow at a CAGR of over 10% during the forecast period owing to the innovations in the healthcare sector with the help of product engineering and IoT. Product engineering services help in reducing healthcare costs, improving patient engagement, boosting population health, and offering healthcare services to a wider audience while maintaining transparency at all levels. These services also aid in the manufacturing of healthcare products, applying quick & improved go-to-market strategies, and ensuring that these products are successfully launched & accepted in the market.
 

Asia Pacific product engineering services market is expected to grow at a CAGR of over 5 % during the forecast period. This growth can be attributed to the large presence of SMEs in the region and their growing inclination toward product engineering services for improving their business processes and increasing their revenue. According to the SME Finance Forum, in Asia Pacific, SMEs comprise 98% of the total number of enterprises and contribute nearly 17% to the national GDP in many countries in the region including India. SMEs in the region are utilizing product engineering services to serve customers efficiently.