February 2024
18 Dec 2024
The global product engineering services market revenue reached USD 1.29 trillion in 2024 and is predicted to attain around USD 2.41 trillion by 2033 with a CAGR of 7.24%. The rising demand for the product development process with quality assurance and cost-effectiveness is driving the growth of the product engineering services market.
Product engineering is the process of creating new devices, items, products, assembly, articles, and systems that fulfill the gap between production and design. Product engineering is the process that is used in product development, ensuring that regularity standards, quality standards, and customer expectations are met. Product engineering services efficiently help different industries meet their product development goals. The increasing demand for product engineering services from healthcare, automobile, aerospace and defense, retail, manufacturing, and others is driving the growth of the product engineering services market.
Increasing IT and telecom industry
The rising evaluation in the IT and telecommunication industry due to the expansion of digitization across industries in a number of countries is driving the demand for product engineering services for streamlining analytics and other applications.
Demand for customer engagement
Product engineering services help in the rapid delivery of software products or services to increase customer engagement. These also improve efficiency and productivity with assured quality.
Technological advancements
The ongoing investment by the regional government and the leading technology leaders in the evaluation and launch of the latest technologies associated with product engineering services further propels the growth of the market.
North America dominated the product engineering services market in 2023. The growth of the market is owing to the availability of the leading economies in the region, such as the United States and Canada, and the rising industrialization is driving the growth of the market. The increased digitization and the demand for automation in the industries are accelerating the demand for product engineering services for effective software development for managing tasks. The rising investment by the regional government in the development of industries such as automotive, retail, healthcare, aerospace and defense, and other industries is majorly contributing to the region.
Asia Pacific is expected to witness significant growth in the product engineering services market during the forecast period. The growth of the market is attributed to the rising investment in the development of industries that are driving the growth of the market. The Indian and Chinese governments are increasing their investment in the research and development process for the expansion of technologies and the evaluation of the IT sector. India is one of the fastest-growing countries in terms of technology and product engineering services, with the expansion of the IT industries.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 1.29 Trillion |
| Market Revenue by 2033 | USD 2.41 Trillion |
| CAGR | 7.24% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Service
By Enterprise
By Industry
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