Global Product Engineering Services Market 2016-2020

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Market overview of product engineering services

Time-to-market remains an important benchmark that helps to improve business agility. Enterprises can gain significant benefits in terms of pricing and brand name by introducing products faster than competitors. Product-engineering solutions contribute to reducing development time and accelerate time-to-market. For instance, software product development firms find it difficult to reduce the time required to develop products with tighter budget constraints, limited workforce, and compliance issues. Vendors in this market are providing product engineering solutions to help independent software vendor (ISVs) and other clients to maintain product standards and service quality while accelerating time-to-market. Technavio’s market research analyst predicts the global product engineering services market to grow at a CAGR of around 10% during the forecast period.

The rising adoption of IoT solutions is anticipated to aid the market growth over the next four years. It is estimated that by 2020, there would be approximately 25 billion connected devices across the globe. Advanced sensor technologies can enhance M2M communications and provide better connectivity to improve IT systems. 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.

End-user segmentation of the product engineering services market

• Automotive
• Independent software vendors
• Telecom
• Semiconductor
• Healthcare
• Consumer electronics
• Others (aerospace, defense, and construction)