Product Code: GVR-4-68040-548-7
Product Engineering Services Market Trends:
The global product engineering services market size was estimated at USD 1,263.50 billion in 2024 and is expected to grow at a CAGR of 6.4% from 2025 to 2030. The market growth is primarily driven by the increasing demand for innovation and technological advancements across industries. Companies are seeking to accelerate product development cycles, reduce time-to-market, and enhance product quality, prompting the need for specialized engineering services, thereby driving the market demand. Additionally, the rise of digital transformation and Industry 4.0 is pushing businesses to adopt advanced technologies such as AI, IoT, and automation in product design and manufacturing, which is expected to drive the product engineering services industry expansion.
The increasing use of AI and automation is reshaping the way products are designed and manufactured as businesses look to integrate smarter, more efficient technologies into their products and manufacturing processes. Product engineering services are leveraging AI for smarter product design, predictive maintenance, and enhanced testing. Automation is improving manufacturing processes, reducing costs, and increasing efficiency in the production lifecycle. The growing adoption of these technologies is reshaping the product engineering services industry landscape.
Additionally, the ongoing digital transformation is playing a key role in boosting industry growth, as businesses across industries are increasingly integrating advanced technologies such as IoT, AI, and cloud computing into their products. This enables companies to develop smarter, more efficient products that meet evolving market demands and meet customer expectations. This growing need for digital innovation continues to fuel the growth of the product engineering services industry.
Furthermore, cloud-based engineering platforms are gaining traction as they provide scalable, collaborative, and efficient tools for product development. Cloud platforms enable teams to share data seamlessly and work together across geographies, reducing time and cost in product design, testing, and development. The widespread adoption of cloud technologies is transforming how product engineering services are delivered, thereby boosting the product engineering services industry growth.
Moreover, the need for customization and personalization is significantly growing as consumers increasingly expect products tailored to their unique preferences. Product engineering services are evolving to create highly customized solutions, leveraging data and insights to deliver personalized user experiences. This trend reflects the shift toward more individual-centric products and is accelerating market growth.
Global Product Engineering Services Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest technological trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global product engineering services market report based on service, enterprise size, industry and region:
- Service Outlook (Revenue, USD Billion, 2018 - 2030)
- Product Engineering
- Process Engineering
- Maintenance, Repair & Operations
- Others
- Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)
- Large Enterprises
- Small & Medium Enterprises
- Industry Outlook (Revenue, USD Billion, 2018 - 2030)
- Automotive
- Healthcare & Life Science
- Manufacturing
- BFSI
- Retail & Consumer goods
- Aerospace & Defense
- IT & Telecom
- Others
- Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.2.1. Information analysis
- 1.2.2. Market formulation & data visualization
- 1.2.3. Data validation & publishing
- 1.3. Research Scope and Assumptions
- 1.3.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Product Engineering Services Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Deployment Challenge
- 3.3. Product Engineering Services Market Analysis Tools
- 3.3.1. Deployment Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and social landscape
- 3.3.2.3. Technological landscape
Chapter 4. Product Engineering Services Market: Service Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Product Engineering Services Market: Service Movement Analysis, 2024 & 2030 (USD Billion)
- 4.3. Product Engineering
- 4.3.1. Product Engineering Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.4. Process Engineering
- 4.4.1. Process Engineering Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.5. Maintenance, Repair & Operations
- 4.5.1. Maintenance, Repair & Operations Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.6. Others
- 4.6.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Product Engineering Services Market: Enterprise Size Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Product Engineering Services Market: Enterprise Size Movement Analysis, 2024 & 2030 (USD Billion)
- 5.3. Large Enterprises
- 5.3.1. Large Enterprises Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Small & Medium Enterprises
- 5.4.1. Small & Medium Enterprises Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Product Engineering Services Market: Industry Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Product Engineering Services Market: Industry Movement Analysis, 2024 & 2030 (USD Billion)
- 6.3. Automotive
- 6.3.1. Automotive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4. Healthcare & Life Science
- 6.4.1. Healthcare & Life Science Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.5. Manufacturing
- 6.5.1. Manufacturing Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6. BFSI
- 6.6.1. BFSI Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.7. Retail & Consumer goods
- 6.7.1. Retail & Consumer Goods Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.8. Aerospace & Defense
- 6.8.1. Aerospace & Defense Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.9. IT & Telecom
- 6.9.1. IT & Telecom Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.10. Others
- 6.10.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Regional Estimates & Trend Analysis
- 7.1. Product Engineering Services Market by Region, 2024 & 2030
- 7.2. North America
- 7.2.1. North America Product Engineering Services Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.2.3. Canada
- 7.2.3.1. Canada Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.3. Europe
- 7.3.1. Europe Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.3.2. UK
- 7.3.2.1. UK Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.3.3. Germany
- 7.3.3.1. Germany Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.3.4. France
- 7.3.4.1. France Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4.2. China
- 7.4.2.1. China Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4.3. Japan
- 7.4.3.1. Japan Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4.4. India
- 7.4.4.1. India Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.4.6. Australia
- 7.4.6.1. Australia Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.5. Latin America
- 7.5.1. Latin America Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.6. Middle East and Africa
- 7.6.1. Middle East and Africa Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.6.2. Saudi Arabia
- 7.6.2.1. Saudi Arabia Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.6.3. South Africa
- 7.6.3.1. South Africa Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
- 7.6.4. UAE
- 7.6.4.1. UAE Product Engineering Services Market Estimates and Forecasts, 2018 - 2030 (USD billion)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Positioning
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles/Listing
- 8.4.1. Wipro Limited
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Service Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. Innovify Ventures Limited
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Service Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. Cognizant Technology Solutions Corporation
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Service Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. Infosys Limited
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Service Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. Tata Consultancy Services Limited
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Service Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. Accenture plc
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Service Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. Capgemini SE
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Service Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. Tech Mahindra Limited
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Service Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Persistent Systems Limited
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Service Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. HCL Technologies Limited
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Service Benchmarking
- 8.4.10.4. Strategic Initiatives