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$1510 Billion Product Engineering Services Markets: Opportunities in Smart Manufacturing, Emergence of IoT, & Increase in Number of Smart City Projects - Global Forecast to 2027DUBLIN, March 3, 2023 /PRNewswire/ -- The "Global Product Engineering Services Market by Service (Product Engineering; Process Engineering; Maintenance, Repair, and Operations), Organization Size, Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.  The product engineering services market size is expected to grow from USD 1056.2 billion in 2022 to USD 1510.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 7.4% ISVs that specialize in developing and selling software designed for the masses are the primary market drivers for product engineering services. In response to the growing demand for IoT, many service providers have established a separate IoT engineering portfolio. Because of agile development methodologies, there has been a shift towards leveraging automation for testing activities. Product Engineering segment to have significant growth during the forecast period The process of innovating, designing, developing, testing, and deploying a software product is known as product engineering. With the advent of Web 2.0 technologies and utility-based software delivery via Software as a Service (SaaS), client enabling engineering services have gradually shifted from traditional software engineering to product engineering. Product engineering is responsible for the entire product life cycle, beginning with the innovation phase and continuing through the deployment and user acceptance testing phases. The term "product engineering" typically refers to a large set of actions performed to organize and run the product development process as efficiently as possible. In other words, it is used to describe the design and execution of a successful product. These technologies are used in a variety of fields, including software development and business models. Automotive & Transportation vertical to grow at a highest market size during the forecast period The automotive & transportation segment holds the largest market size during the forecast period. The design and development of a system, device, assembly, or functionality are examples of product engineering services. Product engineering also includes testing and deployment activities, as well as the subsequent transition to product manufacturing. The automotive industry is undergoing a significant technological transformation. Modern automobiles can do far more than drive and park. Introducing various innovative products and services has upended the industry's status quo. When it comes to new onboard automotive technologies, consumers are now spoiled for choice. Connected cars, electric vehicles with improved battery technology, predictive maintenance that monitors vehicle operational performance, and other innovations have significantly altered the mobility landscape. Transitioning from a traditional car to an automotive ecosystem - a kind of smartphone on wheels - requires modifications to the vehicle's electronics and software architecture. This entails moving away from the traditional use of dispersed, embeded electronic-control units (ECUs) and toward a domain-focused system with central vehicle controllers. It necessitates more sophisticated software, such as a software abstraction layer, Ethernet usage, and scalable connectivity. It also implies a greater reliance on advanced microprocessors rather than embedded microcontrollers to improve performance, reduce power consumption, and centralize control. Product engineering services market in Asia Pacific to grow at the highest market size during the forecast period During the forecast period, the Asia-Pacific product engineering services market is expected to grow significantly. The widespread presence of the end-use industry of product engineering services is one of the major factors driving market growth. Furthermore, the governments of Asia-emerging Pacific's economies, such as India and China, are constantly thriving for the growth of their respective economies' manufacturing sectors. Governments provide subsidies and funds to small and medium-sized businesses (SMEs). As a result, significant growth in the Asia-Pacific market is expected during the forecast period. Currently, there is very little artificial intelligence in the market for product engineering services (AI). However, artificial intelligence has the potential to automate and accelerate the process of creating and developing products, which means it has the potential to greatly advance and advance product engineering. Artificial intelligence in product engineering also reduces processing times and helps companies or industries increase productivity. As a result of incorporating artificial intelligence into the development of better product engineering services, productivity would significantly increase in order to meet current engineering demands, resulting in growth prospects for the product engineering services market. In the manufacturing sector, India has historically prioritized domestic production and consumption. The availability of cheap labour and the high cost of technology created challenges such as a price-conscious market, insufficient infrastructure and supply networks, and a preference for labor-intensive procedures. As a result of the Indian government's Make in India strategy, the domestic manufacturing sector is expected to increase its demand for and consumption of machinery and equipment. Premium Insights
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