According to a new study of Fact.MR, the global demand for product engineering services is envisaged to account for the revenues worth US$ 26 Bn by the end of 2019. While gains will be particularly underpinned by the aggravating demand for shorter product life cycles, it is highly likely that myriad opportunities are underway for vendors of product engineering services, following the dramatic rise of new product launches across various industry verticals. Software and product development and engineering services have garnered the center stage in IT and telecom sector in the recent past, according to the report.
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The Fact.MR study opines that though product engineering services are comparatively new for several small and medium businesses (SMBs), a considerably high number of businesses are already opting for outsourced product engineering services for enhanced operational efficiency. SMBs are likely to create notable traction for product engineering services over the years to come, owing to the enhanced customer experience and cost reduction benefits of these services.
Both large enterprise and SMBs are turning to outsourcing product engineering services to leverage the advantages of latest technologies and stay ahead of the competition. Product engineering services providers help enterprises overcome ER&D challenges, such as high costs of ER&D tools, labs & infrastructure, and associated process & documentation requirements. Enhanced customer experience ensured by customer-centric product designs continues to be imperative for growth of organizations amid rapidly evolving industrial trends, thereby, fuelling investments in the product engineering services market.
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According to Fact.MR’s report, increased need of organizations to alleviate the ‘time to market’ (TTM) cycle is a key determinant providing an impetus to the growth of product engineering services market. While the need for speed grows, a large number of verticals, such as IT and telecom and healthcare in particular are considerably outsourcing their product engineering needs. The study estimates that demand from IT & telecom and healthcare verticals will collectively account for a revenue share of 60% in the product engineering services market over the forthcoming years.
High penalty for developing products with errors has never been greater, and the study indicates that margins of enterprises are increasingly getting squeezed through growing manufacturing costs. In view of the fact that enterprises that get product to market faster by reducing product development cycles are more likely to survive, which clearly advocates for the rising demand for product engineering services.
The study opines that the consumer electronics industry will create lucrative opportunities for product engineering services providers owing to increasing emphasis of enterprises on boosting customer satisfaction and improve competitiveness. Soaring demand for smarter consumer electronics, particularly in developed countries, is augmenting market value of product engineering services in regions, such as North America and Europe.
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