New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Product Engineering Services Global Market Report 2022" - https://www.reportlinker.com/p06323511/?utm_source=GNW
Ltd., Nous Infosystems, and ITC InfoTech.
The global product engineering services market is expected to grow from $837.59 billion in 2021 to $910.82 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The product engineering services market is expected to reach $1,277.15 billion in 2026 at a CAGR of 8.8%.
The product engineering services market consists of sales of product engineering services by entities (organizations, sole traders, and partnerships) that are used to create commercial digital products with a revenue model, not enterprise software, focused on boosting employee efficiency, streamlining operations, and cutting costs. Product engineering service refers to the process of designing, innovating, developing, testing, and deploying a product.
The main types of product engineering services are product and component design, process engineering, maintenance, repair, operations, and other service types (customer support and technical publications). Product and component design are used to create a new product to be sold by a business to its customers. The different organizations utilizing product engineering services include SMEs, and large enterprises and they are widely used in industries ranging from automotive and transportation, aerospace and defense, healthcare, IT and telecom, industrial manufacturing, energy and utilities, media and entertainment, BFSI, and other verticals
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 forecast period.
The regions covered in the product engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The product engineering services market research report is one of a series of new reports that provides product engineering services market statistics, including product engineering services industry global market size, regional shares, competitors with a product engineering services market share, detailed product engineering services market segments, market trends and opportunities, and any further data you may need to thrive in the product engineering services industry. This product engineering services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 the 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.
Technological advancements are a key trend gaining popularity in the product engineering services market.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.
In October 2021, Accenture, an Ireland-based information technology company, acquired Umlaut for an undisclosed amount.Through this acquisition, Umlaut became a part of Accenture and scales Accenture's deep engineering capabilities to help companies use digital technologies such as cloud, artificial intelligence, and 5G to transform how they engineer, design, and manufacture their products as well as embed sustainability.
Umlaut is a Germany-based advisory and engineering service provider operating in the product engineering services market.
The countries covered in the product engineering services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06323511/?utm_source=GNW
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