In 2024, the global product engineering services market was estimated at USD 1,263.50 billion. It is projected to grow to USD 1,814.15 billion by 2030, representing a compound annual growth rate (CAGR) of 6.4 % over the period from 2025 to 2030. The primary drivers behind this expansion include rising demand for innovation, advances in digital technologies, and increasing reliance on specialized engineering across sectors.

Key Market Trends & Insights

• In 2024, North America held the largest share, accounting for over 40 % of global revenue.
• In the U.S., the market is expected to grow at a CAGR exceeding 4 % during 2025–2030.
• Among service types, the product engineering segment led, capturing over 47 % of revenue in 2024.
• When segmented by enterprise size, large enterprises held the dominant share in 2024.
• Within industries, the automotive sector contributed the highest revenue share in 2024, driven by evolving vehicle technologies and demands for smarter, more efficient designs.

Market Size & Forecast

• 2024: USD 1,263.50 billion
• 2030 (Projected): USD 1,814.15 billion
• CAGR (2025–2030): 6.4 %
• North America leveraged its technological infrastructure and innovation ecosystems to lead the market in 2024.

Across industries, firms are accelerating product development cycles, reducing time-to-market, and improving product quality by outsourcing specialized engineering tasks.

The wave of digital transformation and Industry 4.0 is pushing companies to use AI, IoT, automation, cloud engineering, and smart manufacturing techniques in product design, maintenance, and testing.

Cloud-based engineering platforms are gaining adoption for their scalability, collaborative features, and efficiency in design and development tasks.

The trend toward customization and personalization is becoming a major impetus, as customers increasingly expect tailored products, prompting firms to adopt data-driven design and engineering practices.

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Key Companies & Market Share Insight

The market is strongly competitive, with several leading global firms shaping the direction and offerings of the industry. Among the top players are Accenture and Wipro, which provide comprehensive services across consulting, engineering, and digital transformation.

• Accenture delivers consulting, technology, and product engineering services, leveraging its global scale and strength in AI, IoT, automation, and cloud to drive growth across industries.
• Wipro offers a broad spectrum of product engineering solutions, focusing on sectors like automotive, aerospace, healthcare, and telecom; its investments in AI, IoT, and cloud enhancements enable it to address evolving client needs.
• Innovify Ventures is an emerging participant offering end-to-end product engineering services, from ideation to deployment, emphasizing cutting-edge technologies such as blockchain and AI.
• Apptunix specializes in tailored product engineering for mobile and web applications, focusing on user-centric design, innovative features, and integration with IoT and machine learning.

These firms, among others, hold significant influence over market innovation, pricing, and service standards.

Key Companies List

The leading firms competing in this domain include:

• Wipro Limited
• Innovify Ventures Limited
• Cognizant Technology Solutions Corporation
• Infosys Limited
• Tata Consultancy Services Limited
• Accenture plc
• Capgemini SE
• Tech Mahindra Limited
• Persistent Systems Limited
• HCL Technologies Limited

Conclusion

Overall, the product engineering services market is on a steady upward trajectory, driven by the confluence of digital transformation, rising consumer expectations for customized products, and the complexity of modern product development. North America’s dominance is founded on strong innovation ecosystems, but regions like Asia Pacific are poised to grow rapidly, supported by industrial expansion and increasing technological adoption. The competitive landscape is led by large global players with deep capabilities in AI, cloud, and digital engineering, but emerging firms are carving niche spaces through specialization, agility, and innovation. The evolving demands of sectors such as automotive, consumer goods, and industrial automation will continue to shape the direction of market growth over the forecast period.

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