It is true that the global Product Engineering Services market is expected to reach USD 65.02 billion by 2027, driven by the increasing need for reduced system troubleshooting and improved operational efficiency, as well as the rising requirement of risk mitigation to lower data loss and the growing adoption of microservices. However, the market is also facing challenges, such as device management across billions of connected devices.

The growing acceptance of smart mobile devices in day-to-day life is encouraging engineering firms to explore new avenues and use Product technology for business. Engineers are developing devices that are more relevant to the market while improving the service proposition. For example, Product technology can be used to monitor homes or industrial facilities in remote locations wirelessly with greater precision.

The COVID-19 pandemic has had a mixed impact on the Product Engineering Services market, with some sectors experiencing a reduction in demand while others have witnessed a surge. The imposition of lockdowns has reduced consumer consumption, impacting consumer analytics and causing a steep fall in demand as consumer spending is limited to essentials only. However, remote access tools are witnessing an increase, and digital twins are being used to create digital representations of the end-to-end supply chain to enable customers to explore dynamic sourcing options, assess risks, and evaluate trade-offs to speed or automate decisions.

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the demand for cloud engineering services is increasing among enterprises due to the growing penetration of cloud computing and related technologies, such as Product, edge computing, and serverless architecture. Cloud computing offers several benefits to businesses, including lower costs, flexibility, agility, and security, which are driving the demand for these services.

According to market research, cloud computing is expected to hold a market share of 18.4% in 2019, indicating the growing adoption of this technology by businesses. Cloud engineering services are becoming essential for organizations looking to develop and deploy cloud-based applications and services. These services help businesses optimize their cloud infrastructure and ensure that it meets their specific needs and requirements.

The increasing popularity of edge computing is also driving demand for cloud engineering services, as businesses seek to leverage this technology to improve the performance and efficiency of their applications and services. Similarly, the growth of serverless architecture is creating new opportunities for cloud engineering service providers, as businesses seek to take advantage of this technology to build and deploy applications more quickly and cost-effectively.

Top 10 Companies Operating in the Global Keyword Market:

Aricent, Wipro, Capgemini, IBM, TCS, Happiest Minds, Infosys, Cognizant, eInfochips, and Tech Mahindra, among others.

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The global market is further segmented into type and application:

Application Type Outlook (Revenue, USD Billion; 2017-2027)

• Product Engineering
• Cloud Engineering
• Experience Engineering
• Analytics Services
• Maintenance Services
• Security Engineering
• Others

Organization Size Outlook (Revenue, USD Billion; 2017-2027)

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

End-Users Outlook (Revenue, USD Billion; 2017-2027)

• Automotive
• Aerospace and Defense
• Healthcare
• Transportation and Logistics
• IT and Telecom
• Industrial Manufacturing
• Energy and Utilities
• Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Further key findings from the report suggest,

·       Product-enabled devices have made remote monitoring in the healthcare sector possible, and help patients keep safe and healthy, and also empower physicians to deliver better care. It also increases patient engagement and satisfaction with doctors easier and more efficient. It also has a significant impact on reducing healthcare costs and improving treatment outcomes.

·       Large Enterprises are rapidly adopting the market after being aware of its benefits. For instance, HCL Technologies used an Product based solution to enable remote monitoring of Chiller plants, and that led to improved visibility into performance of installed base of chillers at one of its client's sites. This means that the technology services company has helped its customers of engineering field provide better predictability of the machines and contain breakdowns.

·       Industry 4.0 is driving the adoption of Digital Twin Technology in manufacturing, healthcare, utilities, transportation and logistics, and other sectors. The growing adoption of the burgeoning market for Product engineering services across different sectors is boosting its demand in the North American region.

·       Product in healthcare is using networking technologies to connect medical devices and applications, thus enabling machine-to-machine communication and connection to the cloud. By the application of Product in the sector, clinical and consumer data can be combined to create a smarter connected consumer and care solutions. Remote monitoring by Product helps in reducing the length of hospital stay and prevent re-admissions. It also has a major impact on significantly improving treatment outcomes.

·       Asia Pacific region is forecasted to grow with a CAGR of 26.2% during the forecast period. The Product services providers are looking at expanding their base in most of the countries in the region, owing to the improving infrastructure and other business strategic initiatives. Rapid growth in technological innovations and increased application of connected devices have led to organizations investing in advanced security services.

·       Infosys partnered with Siemens to develop applications and services for MindSphere, the open cloud-based Product operating system from Siemens. This partnership will enable customers to improve competitiveness by leveraging the power of data generated by their devices. Data analytics will enhance efficiencies through capabilities like predictive maintenance and end-to-end factory visibility. Customers will also benefit by monetizing new data-driven services. The initial focus will be on customers in the manufacturing, energy, utilities, healthcare, pharmaceutical, transportation, and logistics industries.

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Overall, the demand for cloud engineering services is expected to continue growing as more businesses recognize the benefits of cloud computing and related technologies and seek to leverage them to gain a competitive advantage in the market.

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