What is Product Engineering Services?
Product engineering service is an engineering consulting activity, which uses various hardware, embedded, software, and IT services solution for the designing and development of products. There are different phases of product engineering from inception to the end of the lifecycle of a product. Product engineering takes care of the entire product life cycle from the innovation phase, starting from the idea being conceived to the deployment and user acceptance testing phase. Product engineering goes through various phases such as, product design, product architecture, product testing, product ideation, product migration and porting, sustaining engineering, technical support, and professional services among others.
The market study is broken down by Type (Product and Component Design {New Product Development, Design Support, Software Engineering, Hardware Engineering, and Prototype Testing}, Process Engineering {Manufacturing Engineering Support, and Knowledge-Based Engineering}, Maintenance, Repair & Operations and Others) and major geographies with country level break-up.
Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Product Engineering Services market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (United States), Capgemini (France), Lightbend, Inc. (United States), Wipro Limited (India), Happiest Minds (India), Accenture (Ireland), Tata Consultancy Services Limited (India) and HARMAN International (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are EPAM Systems, Inc. (United States), Pactera Edge (United States), Genpact (United States), Infosys Limited (India), Tech Mahindra Limited (India) and Cognizant (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Product Engineering Services market by Type, Application and Region.
On the basis of geography, the market of Product Engineering Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small and Medium Enterprises will boost the Product Engineering Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Automotive & Transportation will boost the Product Engineering Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
Recently, AVL announced the launch of AVL Team Suite – AVL SANTORIN MX2 and AVL CONCRETO 5, for managing & processing large quantities of data. This suite will allow enterprises to integrate data, thereby improving multidisciplinary collaboration.
Recently, ALTEN Group has announced its partnership with Jaguar, a British car manufacturer, for designing and developing new engines, thereby strengthening ALTEN’s position in the automobile industry.
Market Trend
- Increasing Adoption Rate of Internet of Things
Market Drivers
- Increasing Demand for Accelerating TTM
- Need for Continuous Innovation and Iteration
- The Growing Need to Reduce Production Cost
Opportunities
- Increasing Rate of Research and Development by the SME’s
Restraints
- Fear of Losing Control Over Intellectual Property Rights
- Cultural Differences in Terms of Product Philosophy and Design
Challenges
- Need for Excellent Feedback Loops and Constant Management
- Differences May Arise in the Testing Phase
Key Target Audience
Product Engineering Services Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.