Product Engineering Services Market Opportunities, Growth Size, and Forecast to Reach $1610.6 Bn by 2031

The rising popularity of AI and ML, along with new data protection initiatives in developing APAC countries, fueled global market growth during the pandemic.

PORTLAND, OR, UNITED STATES, September 27, 2024 /EINPresswire.com/ -- According to a report by Allied Market Research, the global product engineering services market size was valued at $1,085.8 billion in 2021 and is projected to reach $1,610.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2031. This report offers an in-depth analysis of the market’s top strategies, emerging trends, market size, value chain, key investment opportunities, and competitive and regional landscapes. It serves as a valuable resource for new market entrants, stakeholders, and industry leaders, providing essential insights and strategies to help them solidify and enhance their market positions.

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COVID-19 Impact:

1.The COVID-19 pandemic had a positive impact on the global product engineering services market, largely due to the widespread implementation of lockdowns across various countries.

2. These lockdowns led to a significant increase in internet usage as businesses and individuals transitioned to remote work models. This shift prompted businesses to take strong measures to safeguard end-user data, driving demand for product engineering services in both developed and developing regions.

3. Additionally, the pandemic accelerated the adoption of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), further fueling market growth.

4. As a result, the market experienced a positive trend during the pandemic period.

Market Segmentation:

The report provides a comprehensive segmentation analysis of the global product engineering services market, categorized by service type, application, enterprise size, industry vertical, and region. Each segment and its sub-segments are thoroughly analyzed using graphical and tabular representations. This detailed analysis is beneficial for market participants, investors, and newcomers in identifying and developing strategies based on the fastest-growing segments and the highest revenue-generating areas highlighted in the report.

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Service Type: In 2021, the Product Design and Development Services segment accounted for the largest share, making up nearly 40% of the global market. This segment is expected to continue its dominance throughout the forecast period. Conversely, the Process Engineering Services segment is anticipated to grow at the fastest rate, with a projected CAGR of 7.4% during the forecast period.

Application: The Customer Enterprise Products segment was the largest contributor in 2021, representing over 80% of the market share. It is expected to maintain its leading position in the coming years. Meanwhile, the Customer Mobile Products segment is predicted to register the highest CAGR of 7.4% during the forecast period.

Industry Vertical: The Banking, Financial Services, and Insurance (BFSI) sector held the largest market share in 2021, capturing one-fourth of the global market. This sector is expected to remain the largest throughout the forecast period. However, the healthcare sector is projected to grow at the fastest rate, with a CAGR of 6.5% during the forecast period.

Region: North America led the market in 2021, holding about one-third of the global market share. The Asia-Pacific region, however, is expected to see the fastest growth, with a projected CAGR of 5.7% during the forecast period, while also emerging as a significant player during the forecast period.

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Key Market Players:

The report identifies and analyzes major players in the global product engineering services market, including Accenture PLC, Akka Technologies, Alten, Altran Technologies SA, AVL, Calsoft, Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions, Inc., Nous Infosystems, TCS, Wipro Ltd., Algoscale Technologies, Inc., and Producement.

These key players have employed a range of strategies, including joint ventures, collaborations, expansions, new product launches, and partnerships, to strengthen their market presence and capabilities. The report also provides insights into the recent developments, product portfolios, business performance, and operational segments of these prominent companies in the market.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost ata procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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