Technology

Product Engineering Services Market Research Investigates Industry Share by 2029

The market for product engineering services will remain a consolidated landscape, where leading players, such as Accenture, Cognizant, Persistent System, TCS, and Wipro, among others, command 60-65% market share. These companies continue to zoom in their strategic focus on acquisitions of local service providers, for regional expansion. New launches centered at customer demands will remain among the key strategies of market forerunners as they continue to invest efforts in introducing product designs that appeal to a wider customer base.

Profound domain knowledge and deep expertise in customers’ business verticals will be considered as an important determinant, offering companies an additional edge in the competition landscape of product engineering services market. The market is lately witnessing increase in the collaborations of stakeholders with enterprises, which are attempting new market entry and thus need assistance from product engineering services providers, right from the initial stage to the post-deployment support phase.

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A few companies have been strategizing on foraying in the intelligent and quick product engineering services management, sensing its growing profitability in market. While some of the leading providers of product engineering services have been constantly focused on leveraging their consulting and advisory expertise along with services, others are observed to have shifted the focus to reassessment of their pricing Companies are also likely to concentrate on revisiting their patenting strategies, to better realize revenues in coming years.

Fact.MR study states that product engineering services for new product developments will continue to witness maximum demand during the foreseeable future. The shift in technology complexity, coupled with growing consumer demand for a ‘connected’ ecosystem, has triggered collaborations between enterprises and product engineering services providers, which further impacts the market dynamics, technology, and competition bringing changes to virtually every vertical, and making NPD one of the most powerful business activities. Companies providing product engineering services are thus leveraging IIoT to create novel need-based hybrid business models, expand production capacities, and exploit the state-of-the-art technologies to fuel NPDs.

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