Published by TMR Research Insights
Posted on September 30, 2021
5 min readLast updated: February 1, 2026
The product engineering services market is expected to grow at a CAGR of 8.8% by 2031, driven by innovation and demand for new products globally.
Transparency Market Research delivers key insights on the global product engineering services market. In terms of revenue, the global product engineering services market is estimated to expand at a CAGR of 8.8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global product engineering services market.
Product engineering refers to the process of innovating, designing, developing, testing, and deploying a software product. The advent of Web 2.0 technologies and utility-based software delivery through Software as a Service (SaaS) have led to the process of gradual transformation of client enabling engineering services from traditional software engineering to product engineering. The market is expected to become lucrative and investors are anticipated to enter the product engineering services market, owing to the rise in the demand for manufacturing new and innovative products from various businesses and consumers across the world.
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Product Engineering Services Market: Dynamics
Increasing need for product development: The increasing need for product development due to product complexity, system engineering, and growth in manufacturing activities in emerging economies such as China, India, Brazil, and South Africa, in addition to growing adoption of end-to-end product lifecycle management, is contributing to the growth of the product engineering services market worldwide. The rising need for more connected and intelligent products is further driving the market.
In the upcoming years, product engineering services are expected to witness some major developments, such as integrated capabilities, moving further inside the product lifecycle, enabling technologies and supply network integration. Product engineering services can enhance the productivity system significantly by end-to-end product engineering solutions. Product engineering services minimize operational and production costs, while enhancing ROI. This, in turn, triggers the growth of the market.
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Furthermore, product engineering services are being used by industries or companies for various phases that include product assessment and design, product development, product re-engineering, product migration and porting, product ideation, product testing, and product architecture. It can also reduce time and investment in issue handling and product maintenance. This helps to introduce new products to the market and paves the way for quicker penetration. Product engineering services automatically adjusts any feature of design each time a change is made. It helps companies or enterprises react to the changing customer needs and market demand in accordance with compliance requirements and in an eco-friendly manner. This is likely to enhance the demand for product engineering services across the globe.
This driver is anticipated to have a high impact on the market during the forecast period.
Product Engineering Services Market: Prominent Regions
The market in North America is expected to expand at a moderate growth rate during the forecast period due to technological developments and increase in demand for product engineering services across enterprises. The need and demand for continuous innovation and technological upgrade in various industries such as aerospace & defense, automotive, industrial manufacturing, and IT & telecom is boosting the product engineering services market in the region. The U.S. and Canada contribute significantly to the market in North America. The adoption of product engineering services has resulted in the emergence of the connected/smart technology in countries of North America. This is propelling the product engineering services market in the region.
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The product engineering services market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, due to growing popularity of Industrial Internet of Things (IIoTs) in countries such as China, India, and Japan in the region. Additionally, IIoT are creating new business models for the expansion of IT industries in the region. This, in turn, is likely to trigger the growth of the product engineering services market. Furthermore, developing infrastructure in China, India, Japan, and Singapore has been opening up new business avenues for vendors, contributing to the growth of the product engineering services market in the region. This is projected to offer significant opportunities to the product engineering services market.
Product Engineering Services Market: Key Players
Key players operating in the global product engineering services market are Accenture PLC, Akka Technologies, ALTEN, Altran Technologies, SA (part of Capgemini), AVL, Calsoft Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions Inc., Nous Infosystems , ITC InfoTech, Tata Consultancy Services (TCS) Limited, Wipro Limited, VOLANSYS Technologies, and Xoriant Corporation.
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The article discusses the growth and dynamics of the product engineering services market, projected to expand at a CAGR of 8.8% from 2021 to 2031.
The market growth is driven by the increasing need for innovative product development and technological advancements.
North America is a prominent region due to technological developments and demand for continuous innovation.
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