North America Product Engineering Services Market Size, Share & Industry Trends Analysis Report By Service Type (Product & Component Design, Process Engineering, Maintenance, Repair & Operations), By Organization Size, By Vertical, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Product Engineering Services Market would witness market growth of 7.9% CAGR during the forecast period (2022-2028).
Product engineering is the process of converting a product from early design and development to volume manufacturing. Organizations nowadays are constantly changing across all industries. Never before have consumer expectations been higher. There has never been a smarter product. The lifespan of a product has never been shorter.
The key to success rests in accelerating time to market together with time to profit as companies attempt to handle these problems amid new technology trends as well as dynamic market conditions. Businesses need a partner that can give them a competitive edge by allowing them to take benefit of unheard-of innovation opportunities while optimizing their operations all through the product development life cycle to build a strong foundation.
Product engineering services include anything from product benchmarking, industrial design, and value engineering to software, mechanical, hardware, as well as VLSI design. In addition to helping customers with their New Product Development Initiatives (NPDI), product engineering service providers also work with them to re-engineer existing products to satisfy market needs for cost, features, and performance efficiency.
The healthcare sector of the United States is very significant and robust. Moreover, according to the United States Bureau of Labor Statistics, healthcare occupations are expected to add around 2.6 million new employment between 2020 and 2030, growing at a substantially greater rate than the average for all occupations. More employment than any other occupational group is expected to be added in the healthcare sector.
The US market dominated the North America Product Engineering Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $421.6 Billion by 2028. The Canada market is poised to grow at a CAGR of 10.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 9.3% during (2022 - 2028).
Based on Service Type, the market is segmented into Product & Component Design, Process Engineering, Maintenance, Repair & Operations, and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Vertical, the market is segmented into Automotive & Transportation, Industrial Manufacturing, Healthcare, IT & Telecom, Energy & Utilities, BFSI, Aerospace & Defense, Media & Entertainment, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Wipro Limited, Tata Consultancy Services Ltd., Accenture PLC, HCL Technologies Ltd., Capgemini SE, ALTEN, Happiest Minds Technologies Limited, AVL List GmbH, and AKKA Technologies SE.
Scope of the Study
Market Segments Covered in the Report:
By Service Type
- Product & Component Design
- Process Engineering
- Maintenance, Repair & Operations
By Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
- Automotive & Transportation
- Industrial Manufacturing
- IT & Telecom
- Energy & Utilities
- Aerospace & Defense
- Media & Entertainment
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Wipro Limited
- Tata Consultancy Services Ltd.
- Accenture PLC
- HCL Technologies Ltd.
- Capgemini SE
- Happiest Minds Technologies Limited
- AVL List GmbH
- AKKA Technologies SE
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