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 wholelifecycle of a product – from innovationto user acceptance.
Studies suggest that over the next decade, Global ProductEngineering Services Market is expected to grow at a Compound Annual Growth Rate(CAGR) of around 9.5%. According to them, it will reach approximately $1520.71billion by 2025. Minor developments are taking place in the sectorevery other day, but there are certain major engineering trends that we need to watch out for. Let’s take a lookat the 4 key trends to focus on in 2018. ProductLifecycle Management (PLM)Product Lifecycle Management or PLM can be definedas an information management system that can assimilate data, business systemsand people in an institution.
To stay competitive in the sector, effectivemanagement of the product developmentprocess is key to any organization. Hosting a PLM in the cloud will enablethis. A cloud-based system to deal with the PLM will decrease the effort ofsetting up and maintaining the system on-premise. This will reduce the muddles associatedwith hosting the server. IndustrialSustainabilityA rapid increase in the World industrial productionhas globally raised concerns over industrial sustainability. Energy conservation, waste reduction, emissions control and deployment ofrenewable energy systems are some of the immediate measures to be taken. Demandfor environmental engineers saw an upswing (9% by 2021) recently due to thesame reason.
Adaption ofInternet of ThingsInternet of Things (IoT) is something that willmake this world your oyster (Techopedia).According to them, IoT creates a world where anything can be connected andcommunicated in an intelligent fashion. Through this, the physical world willtake the shape of one big information system. Optimizingthe product innovation processOptimizing the product innovation process will notonly increase the quality of the product but will also save time & costtaken to build that product. Identifying IT tools & other innovativemethods, developing an effective roadmap to implement & monitor measures, etcare some of the ways in which productinnovation processes could be optimized. These are some of the upcoming trends in theproduct engineering service sector.
Inthis fast-progressing world, adoption of new-age engineering models technology models is essential to produce more innovative productsefficiently and quickly. All of the recent developments and trends show that keepingabreast of technologies, skill requirements & trends should be a big focusin 2018.
