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 innovation
to user acceptance. Studies suggest 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 will 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.
Lifecycle Management (PLM)
Product Lifecycle Management or PLM can be defined
as an information management system that can assimilate data, business systems
and people in an institution. To stay competitive in the sector, effective
management of the product development
process is key to any organization. Hosting a PLM in the cloud will enable
this. A cloud-based system to deal with the PLM will decrease the effort of
setting up and maintaining the system on-premise. This will reduce the muddles associated
with hosting the server.
A rapid increase in the World industrial production
has globally raised concerns over industrial sustainability. Energy &
resource conservation, waste reduction, emissions control and deployment of
renewable energy systems are some of the immediate measures to be taken. Demand
for environmental engineers saw an upswing (9% by 2021) recently due to the
Internet of Things
Internet of Things (IoT) is something that will
make this world your oyster (Techopedia).
According to them, IoT creates a world where anything can be connected and
communicated in an intelligent fashion. Through this, the physical world will
take the shape of one big information system.
the 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