![Product Engineering Services Market [Latest Trends], Size, Share, Segmentations, Top Key Companies, Competitive Landscape & Forecast - 2027](https://www.abnewswire.com/uploads/1725968075.png "Product Engineering Services Market [Latest Trends], Size, Share, Segmentations, Top Key Companies, Competitive Landscape & Forecast - 2027")
According to MarketsandMarkets, the global Product Engineering Services market is projected to expand from USD 1,056.2 billion in 2022 to USD 1,510.0 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Key factors fueling the growth of this market include advancements in 3D printing, IoT engineering, and the rising demand for faster time-to-market (TTM).
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KBE segment to hold the highest CAGR during the forecast period
The application of knowledge-based systems technology to manufacturing design and production is known as KBE. Because design is inherently a knowledge-intensive activity, much of the emphasis for KBE is on using knowledge-based technology to support CAD, but knowledge-based techniques (knowledge management) can be applied throughout the product lifecycle. The CAD domain has always been a pioneer in applying software-engineering techniques in knowledge-based systems, such as object orientation and rules. These technologies are combined with CAD and other traditional engineering software tools in knowledge-based engineering. KBE uses advanced software/CAD techniques to model engineering knowledge and apply it to product development more efficiently, consistently, and automatically than the traditional approach. KBE can have a broad scope that includes all aspects of Product Lifecycle Management and Multidisciplinary Design Optimization. Design, analysis (computer-aided engineering – CAE), manufacturing, and support are all part of KBE’s scope. KBE must cover a large multi-disciplinary role related to many computer-aided technologies in this inclusive role. KBE is fundamentally engineering based on knowledge models. Instead of or in addition to traditional programming and database techniques, a knowledge model employs knowledge representation to represent the artifacts of the design process (as well as the process itself).
Process Engineering to record the highest CAGR during the forecast period
Process engineering necessitates the use of numerous tools and methods. Processes must be simulated and modelled using mathematics and computer science, depending on the exact nature of the system. Processes involving phase change and phase equilibria necessitate an examination of the principles and laws of thermodynamics in order to quantify changes in energy and efficiency. Processes that focus on the flow of material and energy as it approaches equilibria, on the other hand, are best analysed using the disciplines of fluid mechanics and transport phenomena. In the presence of fluids or porous and dispersed media, mechanics disciplines must be applied. When applicable, materials engineering principles must also be applied. Manufacturing in the field of process engineering entails carrying out process synthesis steps. Regardless of the specific tools required, process engineering is then formatted using a process flow diagram (PFD), which specifies material flow paths, storage equipment (such as tanks and silos), transformations (such as distillation columns, receiver/head tanks, mixing, separations, pumping, etc.), and flowrates, as well as a list of all pipes and conveyors and their contents, material properties such as density, viscosity, particle-size distribution, flotation, and so on. The process flow diagram is then used to create a piping and instrumentation diagram (P&ID), which depicts the actual process in graphic form. P&IDs are intended to be more complex and precise than PFDs. They represent a less muddled design approach. The P&ID is then used as a design basis for creating the “system operation guide” or “functional design specification,” which describes how the process works. It guides the process through machine operation, design safety, programming, and effective communication between engineers.
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Unique Features in the Product Engineering Services Market
A unique feature of the Product Engineering Services (PES) market is its comprehensive approach to product development. PES providers offer services spanning the entire product lifecycle, from concept design and prototyping to production, testing, and post-launch support.
The Product Engineering Services market stands out for its integration of cutting-edge technologies such as Artificial Intelligence (AI), Internet of Things (IoT), 3D printing, and augmented reality (AR).
PES providers offer a high degree of customization, allowing businesses to tailor product development services according to specific industry needs, whether in automotive, healthcare, aerospace, or consumer electronics.
A significant trend in the Product Engineering Services market is the growing focus on IoT-enabled products. PES providers assist businesses in creating smart, connected devices that can gather and transmit data, enabling real-time monitoring, remote control, and advanced analytics.
One of the standout features in this market is the emphasis on reducing time-to-market (TTM) for new products. PES providers employ agile development methodologies, automation, and rapid prototyping to help companies bring products to market more quickly.
Major Highlights of the Product Engineering Services Market
The Product Engineering Services (PES) market is experiencing steady expansion, with a projected compound annual growth rate (CAGR) of 7.4% from 2022 to 2027. This growth is driven by the increasing demand for innovative, technology-driven products across industries.
A major highlight in the PES market is the growing adoption of Internet of Things (IoT) technologies and connected devices. Businesses are increasingly seeking engineering services to develop smart products that offer real-time data, automation, and remote control features.
One of the key drivers in the PES market is the emphasis on reducing time-to-market for new products. PES providers are helping companies streamline development processes through agile methodologies, rapid prototyping, and automation.
The PES market is highlighted by its integration of advanced technologies such as Artificial Intelligence (AI), 3D printing, machine learning, and augmented reality (AR). These technologies are revolutionizing the way products are designed, developed, and tested, enabling more intelligent and adaptive solutions.
Sustainability is becoming a key focus in the PES market. Companies are increasingly turning to PES providers to develop eco-friendly products that meet environmental regulations and consumer demand for sustainable solutions.
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Top Companies in the Product Engineering Services Market
Some prominent players across all service types profiled in the Product Engineering Services market study include Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).
Alten (France) – A prominent player in the Product Engineering Services market, ALTEN focuses on inorganic growth strategies such as product launches, partnerships, collaborations, and acquisitions. ALTEN offers product engineering services through its India-based subsidiary, Calsoft Labs, which it acquired in 2014. Calsoft Labs had a significant experience in outsourced product development, which was a perfect match to the ALTEN Group’s portfolio of IT consultancy services. ALTEN Group has three business lines, namely, engineering & technology consulting, telecom & multimedia, and technology information systems. It offers engineering services for the entire product development cycle, and its core service offerings are design, pre-feasibility studies, and consulting. The company also has extensive expertise in several sectors of engineering—the strength of materials, structural calculation, and embedded & real-time systems.
ALTEN supports its customers’ growth strategies in the areas of innovation, research and development, and technological information systems. The Group has a presence in 30 countries and has established itself as a global leader in engineering and IT services. It collaborates with key players in aeronautics & space, defense & naval, security, automotive, rail, energy, life sciences, finance, retail, telecommunications, and services. It currently has 42,000 employees all over the world. ALTEN has acquired Method Group in May 2022, This acquisition will result in new projects with ALTEN’s engineering and defense customers for their digital transformation plans in areas such as artificial intelligence, cyber security, connected cars, industry 4.0, IoT, digital twins, and edge computing. ALTEN has partnered with Mobiveil in April 2021, ALTEN partnered with Mobiveil, a pioneer in high-speed silicon IP. This collaboration aimed to accelerate growth while also providing value to customers and companies in the US, Asia Pacific, and Europe by integrating ACL’s semiconductor engineering capabilities into Mobiveil’s high-speed controller IP and value-added services.
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