Product Engineering Services Market Trends and Analysis by Application, Vertical, Region, and Segment Forecast to 2029

The Business Research Company’s Product Engineering Services Global Market Report 2025 – Market Size, Trends, And Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, November 25, 2025 /EINPresswire.com/ -- What Is The Estimated Industry Size Of Product Engineering Services Market?
In recent times, there has been a significant expansion in the product engineering services market. This market, which was valued at $1057.6 billion in 2024, is expected to increase to a worth of $1150.78 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this growth in the historical period include globalization, the increasing intricacy of products, and customer expectations.

The size of the product engineering services market is predicted to experience robust expansion in the coming years. The market is anticipated to escalate to $1608.96 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.7%. This surge in the projected period can be credited to elements like digital transformation, sustainability strategies, the shift towards remote work, cybersecurity issues, the incorporation of AI and ML, and the adoption of Industry 4.0. The forecast period is also expected to witness key trends such as technological progression, the rise of digital twin technology, edge computing solutions, the application of 5G technology, remote teamwork tools, customization and personalization.

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What Are The Major Factors Driving The Product Engineering Services Global Market Growth?
The anticipated expansion of the product engineering services market is primarily driven by the increasing use of internet penetration. The term ""internet penetration"" refers to the growing population of global internet users. Internet computing is employed in product engineering services such as software engineering services for software development, management, deployment, and quality assurance for internet-based systems. Therefore, as internet penetration increases, so does the demand for product engineering services. This is because companies are constantly innovating and designing new products to cater to the rapidly evolving consumer needs. For example, Meltwater, a software company based in the Netherlands, reported in February 2023 that the number of internet users in the UK increased by 224 thousand (+0.3 percent) from 2022 to 2023, totalling to 66.11 million. Moreover, there are 35 million LinkedIn members and 28.75 million Instagram users in the UK. Furthermore, from 2022 to 2023, there was a 2.9% increase in LinkedIn's potential ads reach in the UK. Consequently, the growing use of internet penetration is projected to stimulate the demand for product engineering services within the projected timeframe.

Who Are The Leading Companies In The Product Engineering Services Market?
Major players in the Product Engineering Services include:
• Alten SA
• AVL List GmbH
• HCL Technologies Limited
• AKKA Technologies SE
• International Business Machines Corporation
• Accenture plc
• ÅF Pöyry AB.
• Altran Technologies SA
• Capgemini SE
• Cognizant Technology Solutions

What Are The Prominent Trends In The Product Engineering Services Market?
Progress in technology is a significant trend gaining traction in the sector of product engineering services. Major firms in this sector are creating innovative approaches to solidify their market presence. For example, AKKA technologies, a firm based in Belgium that operates in the field of product engineering services, is expanding its footprint in Leipzig through the establishment of a new 'Digital Center of Excellence' (DCE). This centre quickens digital innovation projects by offering cutting-edge solutions in domains like software development and testing, cloud architecture, embedded software development, machine learning, AI, and data analytics. It also propels the digital transformation of its clientele.

What Are The Primary Segments Covered In The Global Product Engineering Services Market Report?
The product engineering services market covered in this report is segmented –
1) By Service Type: Product And Component Design, Process Engineering, Maintenance, Repair And Operations, Other Service Types
2) By Organization Size: SMEs, Large Enterprises
3) By Verticals: Automotive And Transportation, Aerospace And Defense, Healthcare, IT And Telecom, Industrial Manufacturing, Energy And utilities, Media And entertainment, BFSI, Other Verticals

Subsegments:
1) By Product And Component Design: Concept Design, Detailed Design, Prototype Development, Design For Manufacturability (DFM), Design For Assembly (DFA)
2) By Process Engineering: Process Design And Optimization, Automation And Control Systems, Process Simulation And Modeling, Quality Engineering
3) By Maintenance, Repair, And Operations (MRO): Predictive Maintenance, Condition Monitoring, Equipment Repair Services, Spare Parts Management
4) By Other Service Types: Regulatory Compliance Services, Testing And Validation Services, Supply Chain Management Services, Consulting Services

View the full product engineering services market report:
https://www.thebusinessresearchcompany.com/report/product-engineering-services-global-market-report

Which Region Is Forecasted To Grow The Fastest In The Product Engineering Services Industry?
In 2024, North America led the product engineering services market and Asia-Pacific is anticipated to witness the most rapid growth in the upcoming period. The market report encompasses the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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