Surging demand for accelerating Time to Market, increasing application of digital transformation technology, rise in need for continuous innovation and iteration, emergence of IoT technologies, and persistent technological advancements to drive the global Product Engineering Services Market growth. Increase in popularity of advanced technology such as AI and ML and launching of initiatives for protecting customer data in developing countries of APAC boosted the global market expansion during pandemic.
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The report offers detailed segmentation of the global product engineering services market based on service type, application, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on industry vertical, the BFSI segment held the dominating market share in 2021, holding one-fourth of the global product engineering services market share, and is expected to maintain its leadership status during the forecast period. The healthcare segment, on the other hand, is expected to cite the fastest CAGR of 6.5% during the forecast period.
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Based on region, the market across North America held the largest market share in 2021, holding around one-third of the global product engineering services market share. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.7% during the forecast period.
The key players analyzed in the global product engineering services market report include Accenture PLC, Akka Technologies, Alten, Altran Technologies, SA, AVL, Calsoft, Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions, Inc., Nous Infosystems, TCS, Wipro Ltd., Algoscale Technologies, Inc., and Producement.
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- The outbreak of the COVID-19 has had a positive impact on the growth of the global product engineering services market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the increased internet penetration as more and more businesses and individuals chose to switch to work from home model. Thus, rigorous initiatives were taken by businesses to protect end-user data in both developing and developed nations.
- In addition, surge in popularity of advanced technology such as technology such as AI and ML technologies during the pandemic further boosted the growth of the market.
- Thus, the market has had a positive impact during the pandemic.
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