Product Engineering Services Market worth $1,800.45 billion by 2030

DELRAY BEACH, Fla., July 14, 2025 /PRNewswire/ -- According to MarketsandMarkets™, the global Product Engineering Services Market size is projected to reach 1,800.45 billion by 2030 from USD 1,297.71 billion in 2025, at a CAGR of 6.8% during the forecast period.

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Scope of the Report

Product engineering services have revolutionized industries by adopting advanced technologies such as digital twins, generative artificial intelligence, edge computing, and RISC-V architectures. These innovations enable faster design validation, intelligent automation, and seamless hardware-software integration, accelerating development across automotive, healthcare, and industrial manufacturing while ensuring greater efficiency and product reliability.

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The offshore delivery mode is expected to register the largest market share during the forecast period.

Offshore delivery mode is driven by its ability to deliver high-quality innovation at scale, reduce operational costs, and support complex development lifecycles. As reported by the Economic Times in June 2025, India hosts over 1,700 Global Capability Centers (GCCs) that have transformed into strategic product engineering hubs, handling end-to-end development, platform modernization, and digital transformation initiatives for global enterprises. These centers leverage advanced technologies such as model-based systems engineering, low-code development, AI-driven test automation, and digital twin simulation to accelerate delivery. Offshore delivery enables round-the-clock collaboration, access to specialized talent, and faster turnaround times, making it ideal for high-demand sectors such as automotive, electronics, and industrial automation. The ability to scale engineering capacity, meet tight timelines, and integrate emerging technologies such as RISC-V and edge computing positions offshore delivery as a strategic advantage for businesses looking to drive innovation and remain competitive.

The product modernization & integration segment is expected to grow at the highest rate during the forecast period.

The automotive industry's shift toward intelligent and connected mobility drives product modernization and integration. Automakers are rapidly replacing legacy systems to meet the demands of electrification, autonomy, and digital-first consumer expectations. In April 2025, Tata Technologies partnered with BMW to modernize next-generation vehicle platforms, underscoring the strategic focus on advanced engineering. In May 2025, HCLTech introduced intelligent vehicle-to-cloud integration and over-the-air update systems for real-time feature deployment. Emerging technologies include context-aware telematics, virtual production simulations, and Internet of Things-enabled predictive diagnostics. Businesses investing in modernization and integration gain faster innovation, lower technical debt, and competitive advantage in delivering scalable, high-performance products across a rapidly evolving global automotive ecosystem.

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North America is expected to be the largest market during the forecast period.

North America is driven by aggressive investments in next-generation product development, cutting-edge design platforms, and deep-rooted industry expertise. In March 2025, GE Aerospace committed USD 1 billion to expand engineering operations across the US, focusing on additive manufacturing, advanced component design, and rapid prototyping, thus underscoring the region's shift toward high-value, innovation-led engineering. The automotive and aerospace industries are accelerating the adoption of simulation-based development, agile engineering workflows, and full-lifecycle product services to support electrification, autonomy, and smart systems. Companies such as General Motors, Ford, Boeing, and Honeywell are turning to engineering partners for modernization, embedded system integration, and platform convergence as legacy systems fall short of today's digital demands. The growing reliance on agile, cross-functional teams and digital-first design makes North America the global center for engineering innovation.

Top Key Companies in Product Engineering Services Market:

The major players in the Product Engineering Services Market include IBM (US), HCL Tech (India), Cognizant (US), Capgemini (France), Alten Group (France), Accenture (Ireland), Wipro (India), and LTIMindtree (India).

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