North America product engineering services market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). The major factors contributing to the growth of the market include the presence of the key market players in the region, such as IBM Corp. and UST Global Inc. Additionally, the continuous rise in the manufacturing sector with the integration of AI and IoT is expected to propel the market growth.
The large enterprises segment is anticipated to hold the largest market share during the forecast period. The segmental growth is attributed to the rise in competition and the increasing range of activities across the production lifecycle. The small & medium enterprises segment is expected to grow with the highest CAGR, owing to the growing digitalization across small enterprises.
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The manufacturing segment holds the largest market share, owing to increasing demand for faster production with higher quality and lesser cost. Furthermore, the healthcare and life science segment is expected to grow with the highest CAGR, as the services aid in faster product development and optimized cost. Additionally, the growing technological development in the sector is propelling the demand for product engineering services.
The key players of the product engineering services market include IBM Corp., Accenture PLC, Damco Group, Wipro Ltd., Infosys Ltd., Pactera Technologies NA, Inc., Altran, UST Global, Inc., and Tech Mahindra Ltd. These players are contributing significantly to the market growth by providing various products and adopting several strategies such as merger and acquisition, partnerships and collaboration, technological development, and others.
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Recent Developments
- In October 2024, Indium, supported by the esteemed private equity firm EQT, acquired a majority stake in Experion. The acquisition will enhance Indium’s product engineering expertise and broaden its reach across key global markets.
- In June 2024, Cognizant signed an agreement to provide engineering services to Gentherm. The company will provide systems engineering, validation, and model-based development services, and conduct R&D for Gentherm products.
- In November 2023, FPT Software Company, Ltd. acquired Cardinal Peak to strengthen its product engineering delivery capabilities in North America. The goal is partially driven by the investment commitmentof $100 million.
- In December 2022, ACL Digital acquired AFour Technologies. The acquisition strengthens ACL Digital’s product engineering and digital offerings and accelerates the digital transformation journey for its customers.
- In June 2024, Cognizant acquired Belcan for a total enterprise value of $1.3 billion. The acquisition will enhance Cognizant’s capabilities and positioning as an engineering service provider.
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