Stratistics MRC’s Global Product Engineering Service Market value is expected to reach $2,167.12 billion growing at a CAGR of 9.4% during 2023-2030.
Product engineering is the practice of planning, building, and testing hardware, software, systems, or assemblies. Some of the main areas of focus are the creation of new products, product design, prototype testing, and maintenance services. Companies focused on launching products more quickly in the product engineering services sector have created new engineering services in response to the expanding demand for prompt product delivery.
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Due to the rising acceptance of the Industrial Internet of Things (IIoT) in nations like China, India, and Japan, the Asia-Pacific market is expected to grow at a rapid pace during the forecast period. New business models are being developed by IIoT as well for the expansion of the IT industries in the area. The market for product engineering services is then likely to expand as a result of this. Additionally, the growth of the region’s market for product engineering services is being aided by the development of infrastructure in China, India, Japan, and Singapore, which is providing new business opportunities for vendors.
Some of the key players profiled in the Product Engineering Service Market include Accenture, AEGIS Company, AKKA Technologies SE, ALTEN Group, Aquanima S.A., AVL List GmbH, Bitcomm Technologies, Broadcom, Capgemini SE, Cognizant, Corbus, LLC., DXC Technology Company, EPAM Systems, Inc, Happiest Minds Technologies, HCL Technologies Ltd., IBM Corporation, Infosys Limited, Nous Infosystems, Oracle, Pactera Edge, Tata Consultancy Services Ltd., Tech Mahindra Limited, Wipro Limited and Xoriant Corporation.
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Key Developments:
In May 2022, AVL collaborated with the Clemson University International Center for Automotive Research. With this collaboration, the companies aimed to expand methods for autonomous driving research to allow students as well as researchers to conduct complex ADAS/AD validation as well as identification tasks in the safety of a laboratory environment.
In March 2022, Happiest Minds Technologies came into a partnership with OutSystems, a leading low-code application development company. This partnership aimed to bring a low-code platform into the offerings of Happiest Minds to allow businesses to develop, execute, and manage omnichannel enterprise applications operating in the cloud, on-premise, a s well as hybrid environments.
In January 2022, HCL came into a partnership with Husqvarna, an outdoor power products manufacturer. Through this partnership, the companies aimed to provide leading-edge hybrid cloud management, security services, and a digital workplace.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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