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Product Engineering Services market SHARE
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 28, 2024 /EINPresswire / -- According to the report published by Allied Market Research, the global product engineering services market generated $1085.8 billion in 2021, and is projected to reach $1610.6 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key
investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Product engineering services refers to the use of embedded technologies to develop a finished electronic, mechanical, or software product. The consulting companies offer product engineering services across a wide spectrum of domains such as consumer electronics, industrial products, wearable electronics, medical devices, assistive devices, automotive electronics, and aerospace & defense.
Furthermore, demand for accelerating Time to Market (TTM) and need for continuous innovation and iteration boost the growth of the global product engineering services market. In addition, increase in use of digital transformation technology is positively impacts growth of the product engineering services market. However, lack of technical expertise and increasing security concerns is hampering the product engineering services market growth . On the contrary, emergence of IoT technologies is expected to offer remunerative opportunities for expansion during the product engineering services market forecast.
KEY FINDINGS OF THE STUDY
By service type, the product design and development services segment accounted for the largest product engineering services market share in 2021.
By region, North America generated highest revenue in 2021.
By enterprise size, the large enterprise segment generated the highest revenue in 2021.
The report offers detailed segmentation of the global product engineering services market based on service type, application, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on service type, the Product Design and Development Services segment held the dominating market share in 2021, holding nearly two-fifths of the global product engineering services market share, and is expected to maintain its leadership status during the forecast period. The Process Engineering Services segment, on the other hand, is expected to cite the fastest CAGR of 7.4% during the forecast period.
Based on application, the Customer Enterprise Products segment held the largest market share in 2021, holding more than four-fifths of the global product engineering services market share, and is expected to maintain its leadership status during the forecast period. The Customer Mobile Products segment, on the other hand, is expected to cite the fastest CAGR of 7.4% during the forecast period.
Based on industry vertical, the BFSI segment held the dominating market share in 2021, holding one-fourth of the global product engineering services market share, and is expected to maintain its leadership status during the forecast period. The healthcare segment, on the other hand, is expected to cite the fastest CAGR of 6.5% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, holding around one-third of the global product engineering services market share . The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.7% during the forecast period.
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The key players analyzed in the global product engineering services market report include
Accenture PLC,
Akka Technologies,
Alten,
Altran Technologies,
SA,
AVL,
Calsoft, Inc.,
Capgemini,
CloudMoyo,
Happiest Minds Technologies,
HCL Technologies Limited,
IBM Corporation,
Infinite Computer Solutions, Inc.,
Nous Infosystems,
TCS,
Wipro Ltd.,
Algoscale Technologies, Inc.,
Producement.
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David Correa
Allied Market Research
+1 800-792-5285
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