Product engineering: Key market research findings
- Usage of integrated product engineering solutions in product development
- Rising adoption of IoT solutions
Technavio has released a new market research report on the global product engineering services market, which is expected to grow at a CAGR of around 10% between 2016 and 2020. The product engineering services market offers engineering services that help to develop products in various industry verticals, such as manufacturing, telecom, automobile and healthcare. Product-engineering solutions contribute to reducing development time and quicken time-to-market. Also, the market vendors are providing product engineering solutions to help independent software vendors (ISVs) and other clients to maintain product standards and service quality while accelerating time-to-market. The Americas is the largest contributor to the market, as the region has higher R&D spending across various verticals.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, several industries, such as manufacturing and healthcare, are adopting integrated product engineering solutions such as PLM and CAD. These product engineering solutions enable devices and systems to communicate efficiently with other devices and IT platforms. PLM solutions integrate real-time business process data into enterprise systems, thereby improving the quality of products. Similarly, integrated CAD solutions enable end-users to change their design prototypes by integrating CAD data with enterprise systems through applications,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The market is expected to witness rising adoption of IoT solutions over the next four years. It is estimated that by 2020, there would be approximately 25 billion connected devices across the globe. IoT solutions help end-users to enhance the customer experience and reduce costs through automated sensors, devices, and application services. For instance, leading vendors, such as TCS and Wipro, are providing end-to-end engineering services and solutions to implement IoT for various industry verticals such as automobiles, high-tech retail, aerospace, consumer packaged goods, energy, utilities, healthcare, and telecommunications.
The key vendors in the global product engineering services market are Accenture, Cognizant, HCL, TCS, and Wipro. The competition among the vendors in the product engineering services market is intense. Numerous vendors are providing similar solutions to their clients. The market being a strategic priority to OEMs, several niche players and IT service providers are foraying into this space with sector-specific offerings, and also through inorganic means.
A more detailed analysis is available in the Technavio report, Global Product Engineering Services Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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