The product engineering services market, valued at USD 1,194.9 million in 2024, is projected to reach USD 1,840.8 million by 2030, growing at a CAGR of 7.5% during 2024–2030. This growth is fueled by the increasing demand for smart homes, advancements in technology, and reduced manufacturing costs.
Product engineering focuses on determining how specific items, such as software, devices, systems, or assemblies, are developed, manufactured, and tested. Key components include new product development, design and development, prototyping and testing, and maintenance services. Today, these services are essential for enhancing client experiences and staying competitive.
The customer enterprise product (CE-PC) category dominates the market due to its foundational approach of analyzing customer needs. Product engineers collaborate with enterprise stakeholders to identify issues, workflows, and business processes. After conceptualizing the product, engineers create detailed physical designs that specify architecture, capabilities, attributes, and user interfaces. Prototyping ensures designs align with client expectations, while software development processes like coding, testing, and integration follow industry best practices.
The customer mobile product category is anticipated to grow significantly due to the increasing focus on mobile devices like smartphones and tablets. Engineering services for mobile products encompass software development, coding, and optimization to meet user demands.
Large enterprises, valued at USD 0.7 billion in 2023, drive market growth due to their ability to innovate rapidly and operate cost-efficiently. Meanwhile, SMEs are expected to experience increased revenue growth by targeting niche markets with customized product engineering solutions.
Regionally, the APAC market is expected to expand at a CAGR of 9% during 2024–2030, driven by robust investments in tech infrastructure and a growing need for innovative products and services.
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