A host of specialized engineering services used to design &develop a new product is known as product engineering services. Theseservices take care of the whole lifecycle of a product – from invention to user acceptance. Studies publishedin Business Wire showed that over thenext decade, Global Product Engineering Services Market is expected to grow ata Compound Annual Growth Rate (CAGR) of around 9.5%.
According to them, it isexpected to reach approximately $1520.71 billion by 2025. Minor developments are takingplace in the sector every other day, but there are certain major engineering trends that we need towatch out for. Let’s take a look at the 4 key trends to focus on in 2018. Product Lifecycle Management (PLM)Product Lifecycle Management orPLM 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 productdevelopment process is key to any organization. A cloud-based system todeal with the PLM will decrease the effort of setting up the system andmaintaining it on-premise.
This, in turn, will reduce the muddles associated withhosting a server. Industrial SustainabilityA rapid increase in the Worldindustrial production has globally raised concerns over industrialsustainability. Energy & resource conservation, waste reduction, engine emissioncontrol & deployment of renewable energy systems are some of the immediatemeasures to be taken.
Demand for environmental engineers is witnessing an upswing (9% by 2021) due to the same reason. Adaption of Internet of ThingsCan you think about a world where physical objects like refrigerators,ovens, bank notes, and computers are allconnected 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 informationsystem. Internet of Things (IoT) is something that will make this world youroyster.
According to Techopedia, IoT cancreate a world where anything can be connected and communicated in anintelligent fashion. Optimization of product innovation processOptimizing the product innovationprocess will not only increase the quality of the product but will also savetime & cost taken to build that product. Identifying IT tools & otherinnovative methods, developing an effective roadmap to implement & monitormeasures, etc are some of the ways in which product innovation processes could be optimized.
These are some of the upcoming trendsin the product engineering service sector.In this 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.