A host of specialized engineering services used to design &
develop a new product is known as product engineering services. These
services take care of the whole lifecycle of a product – from invention to user acceptance. Studies published
in Business Wire showed that over the
next decade, Global Product Engineering Services Market is expected to grow at
a Compound Annual Growth Rate (CAGR) of around 9.5%. According to them, it is
expected to reach approximately $1520.71 billion by 2025.
Minor developments are taking
place in the sector every other day, but there are certain major engineering trends that we need to
watch out for. Let’s take a look at the 4 key trends to focus on in 2018.
Product Lifecycle Management (PLM)
Product Lifecycle Management or
PLM can be defined as an information management system that can merge data,
systems and human resources in an institution. To stay ahead in the industry,
effective management of the product
development process is key to any organization. A cloud-based system to
deal with the PLM will decrease the effort of setting up the system and
maintaining it on-premise. This, in turn, will reduce the muddles associated with
hosting a server.
A rapid increase in the World
industrial production has globally raised concerns over industrial
sustainability. Energy & resource conservation, waste reduction, engine emission
control & deployment of renewable energy systems are some of the immediate
measures to be taken. Demand for environmental engineers is witnessing an upswing (9% by 2021) due to the same reason.
Adaption of Internet of Things
Can you think about a world where physical objects like refrigerators,
ovens, bank notes, and computers are all
connected to a single line of contact? Yes. This is what we are talking about.
Adaptation of IoT will transform this physical world into a big information
system. Internet of Things (IoT) is something that will make this world your
oyster. According to Techopedia, IoT can
create a world where anything can be connected and communicated in an
Optimization of product innovation process
Optimizing the product innovation
process will not only increase the quality of the product but will also save
time & cost taken to build that product. Identifying IT tools & other
innovative methods, developing an effective roadmap to implement & monitor
measures, etc are some of the ways in which product innovation processes could be optimized.
These are some of the upcoming trends
in the product engineering service sector.
In this fast-progressing world, adoption of new-age engineering models &
digital technology models is essential to produce more innovative products
efficiently and quickly. All of the recent developments and trends show that keeping
abreast of technologies, skill requirements & trends should be a big focus