The US product engineering services market is projected to grow at a significant CAGR of around 9.5% during the forecast period (2020-2026). The growth of the product engineering services market in the US is backed by the high adoption rate of advanced technologies, such as AI, IoT, and smart manufacturing in the industrial sector. Due to the presence of the well-established IT infrastructure and the key market players, such as IBM Corp. and Damco Group, the penetration rate of advanced technology-based product engineering services is high in the country. Moreover, the awareness regarding the benefits of product engineering services is considerably high in the US, which in turn, further supports the growth of the market in the country.
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The automation of manufacturing process is at a high demand in the US, owing to which, there are several market players that have initiated the development of advanced technological-based product engineering services. Intellectsoft, a US-based company, is offering IoT and AI-based product engineering services to various industry verticals. Likewise, there are several other market players that are offering product engineering services for AI and IoT platform. The huge focus of the government on the smart manufacturing facilities will further propel the market growth in the US during the forecast period.
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US Product Engineering Services Market – Segmentation
By Service
- Product and Component Design
- New Product Development
- Design Support Services
- Software Engineering
- Hardware Engineering
- Others
Process Engineering
- Maintenance, Repair, and Operations
- Others
- By Organization Size
- Small and Medium Enterprises (<1000 Employees)
- Large Enterprises (>1000 Employees)
By End-Use Industry
- Healthcare
- Automotive
- Aerospace & Defense
- Energy & Utilities
- Industrial Manufacturing
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
