Product Engineering Services Market Projected To Witness A Robust ~10% CAGR Through 2029

According to a new study of Fact.MR, the global demand for product engineering services is envisaged to account for the revenues worth US$ 26 Bn by the end of 2019. While gains will be particularly underpinned by the aggravating demand for shorter product life cycles, it is highly likely that myriad opportunities are underway for vendors of product engineering services, following the dramatic rise of new product launches across various industry verticals. Software and product development and engineering services have garnered the center stage in IT and telecom sector in the recent past, according to the report.

The Fact.MR study opines that though product engineering services are comparatively new for several small and medium businesses (SMBs), a considerably high number of businesses are already opting for outsourced product engineering services for enhanced operational efficiency. SMBs are likely to create notable traction for product engineering services over the years to come, owing to the enhanced customer experience and cost reduction benefits of these services.

Both large enterprise and SMBs are turning to outsourcing product engineering services to leverage the advantages of latest technologies and stay ahead of the competition. Product engineering services providers help enterprises overcome ER&D challenges, such as high costs of ER&D tools, labs & infrastructure, and associated process & documentation requirements. Enhanced customer experience ensured by customer-centric product designs continues to be imperative for growth of organizations amid rapidly evolving industrial trends, thereby, fuelling investments in the product engineering services market.

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Product Engineering Services Market – Scope of Report:

A latest publication by Fact.MR on the global Product Engineering Services market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the market.

The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the market.

The principal aim of the study is to present exclusive information about how the market will perform during the forecast period of 2019-2029.

Important indicators for the successful growth of the Product Engineering Services market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), which are described in an exhaustive way in Fact.MR’s study.

This research study can support readers to know the demand for Product Engineering Services supplements, and the quantitative development opportunities during the study period.

The research is beneficial for shareholders in Pulse Oximeters, including investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the market.

Insights and wisdom presented in this Fact.MR study can be leveraged by shareholders in the market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.

Competition Landscape

The market for product engineering services will remain a consolidated landscape, where leading players, such as Accenture, Cognizant, Persistent System, TCS, and Wipro, among others, command 60-65% market share. These companies continue to zoom in their strategic focus on acquisitions of local service providers, for regional expansion.

New launches centered at customer demands will remain among the key strategies of market forerunners as they continue to invest efforts in introducing product designs that appeal to a wider customer base.

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Report benefits & key questions answered

• Post covid consumer spending on Product Engineering Services: the report also highlights the change in the buying behavior of consumers and shifts in purchasing power, post covid-19. This information will assist the businesses to plan their production and marketing strategies.
• Product Engineering Services demand outlook: the market intelligence study reports highlights the factor propelling the demand for Product Engineering Services. As per the study, the demand for Product Engineering Services will grow through 2029.
• Product Engineering Services historical volume analysis: Fact.MR survey report provides insights into the sales registered over the last forecast year 2016 to 2018 and create estimates regarding the sales performance for 2019-2029.
• Product Engineering Services consumption by demographics: the report provides consumption by demographics analysis to assist the market players in designing their expansion strategies on the basis of consumption pattern of the customers.

Product Engineering Services Market Segmentations:

• By Service Type

  • New Product Development
  • Product Testing
  • Product Sustenance
  • Product Deployment
  • Product Support
  • Product Management

• By Organization Size

  • SME’s
  • Large Enterprises

• By Verticals

  • Aerospace & Defense
  • Automotive & Transportation
  • Consumer Electronics
  • Healthcare
  • Industrial Manufacturing
  • IT & Telecom
  • Media & Entertainment
  • Others

• By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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