16 March 2016 - LONDON--(BUSINESS WIRE)--Technavio analysts expect the global product engineering services market for 2016-2020 to exceed USD 989 billion by 2020, growing at a CAGR of almost 10%, according to their latest report.

Product engineering services are helping client firms to resolve key business challenges through the use of innovative engineering solutions. The implementation of product engineering solutions in industry verticals is helping manufacturers to innovate constantly by shortening production cycles. Further, such solutions help companies to differentiate their products from the competition. Demand for intelligent engineering solutions is rising and market players have responded by stepping up new product development to craft new software solutions.

According to Amit Sharma, lead research analyst at Technavio for IT professional services, “The market is growing at a significant pace because the number of product engineering service contracts and deals may increase in the wake of rising demand for innovative products and services from various industry verticals during the forecast period.”

Technavio’s lead market research analysts for ICT have identified the following four factors that will drive the global product engineering services market:

  • Need for faster time to market
  • Need to drive innovation and support emerging technologies
  • Increase in technology convergence
  • Cost reduction and efficiency

Source: Technavio Research

Photo: IT and Big Data Analytics in Manufacturing (Credit: commons.wikimedia.org User:Ismat.marouf)

Photo Credit: By Ismat.marouf - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=45986921

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