LONDON, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the product engineering services market, increasing use of internet penetration is expected to propel the growth of the product engineering services market going forward. Internet penetration refers to the number of people using internet services worldwide. Product engineering services such as software engineering services utilize internet computing for the development, management, deployment, and quality assurance of software supporting internet-based systems. As a result, increasing internet penetration increases the demand for product engineering services, as companies are developing new products to meet fast-growing consumer demands. For instance, in June 2021, according to The Economic Times, an India-based newspaper, the number of internet users in India is expected to reach 900 million by 2025, with an increase of 45% in the next five years. Therefore, increasing use of internet penetration is predicted to boost demand for product engineering services during the forecast period.
Request for a sample of the global product engineering services market report
The global product engineering services market size is expected to grow from $0.83 trillion in 2021 to $0.91 trillion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The global product engineering services market growth is expected to reach $1.27 trillion in 2026 at a CAGR of 8.8%.
Technological advancements is gaining popularity among the product engineering services market trends. Major companies operating in product engineering services are developing innovative solutions to strengthen their position in the market. For instance, AKKA Technologies, a Belgium-based company operating in product engineering services, expands its presence in Leipzig with the establishment of a new ‘Digital Center of Excellence’ (DCE). This accelerates the digital innovation projects by offering highly innovative solutions in the areas of software development and testing, cloud architecture, embedded software development, machine learning, AI, and data analytics and also drives the digital transformation of its customers.
Major players in the product engineering services market are ALTEN Group, AVL, HCL Technologies, AKKA Technologies, IBM Corporation, Capgemini Engineering, Wipro Limited, Harman International, Tata Consultancy Services (TCS) Limited, Accenture plc, Pactera EDGE, Tech Mahindra Limited, Genpact, Infosys Limited, Cognizant, Bitcomm Technologies Pvt. Ltd., Nous Infosystems, and ITC InfoTech.
The global product engineering services market analysis is segmented by service type into product and component design, process engineering, maintenance, repair and operations, others; by organization size into SMEs, large enterprises; by verticals into automotive and transportation, aerospace and defense, healthcare, IT and telecom, industrial manufacturing, energy and utilities, media and entertainment, BFSI, others.
North America was the largest region in the product engineering services market in 2021. Asia-Pacific is expected to be the fastest-growing region in the product engineering services market in the forecast period. The regions covered in the global product engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Product Engineering Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide product engineering services market overviews, analyze and forecast market size and growth for the whole market, product engineering services market segments and geographies, product engineering services market trends, product engineering services market drivers, product engineering services market restraints, product engineering services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Automotive Engineering Services Global Market Report 2022 – By Vehicle Type (Passenger Cars, Commercial Vehicles), By Service Type (Concept/Research, Designing, Prototyping, System Integration, Testing), By Location Type (On-Shore, Off-Shore), By Application (Electrical, Electronics And Body Controls, ADAS And Safety, Chassis, Connectivity Services, Powertrain And Exhaust, Interior, Exterior, And Body Engineering, Simulation) – Market Size, Trends, And Global Forecast 2022-2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
