Latest Trends to Explore in Product Engineering Services

With customers’ expectations changing every other day and their attention span decreasing drastically, businesses are leaving no stone unturned to increase customer satisfaction. But how do you cut through the noise and provide your customers with a truly exceptional experience?

Digital product engineering services have emerged as the best solution to develop products that evolve with time and provide business value. They are the key to unlocking innovation and customer delight.

The global product engineering services market is valued at $1,200 Billion in 2023 and is projected to reach $2,400 Billion by 2033 with a CAGR (Compound Annual Growth Rate) of 7.2% during 2023-33.

With such impressive statistics, embracing product engineering services is the way forward. In this article, we’ve listed key product engineering trends that can help your business’s digital transformation, giving it a competitive edge.

Table of Contents:

• Understanding Product Engineering
• 6 Top Product Engineering Trends you must be Aware of
  1. Artificial Intelligence (AI)
  2. Internet of Things (IoT)
  3. 3D Printing
  4. 5G Technology
  5. Augmented and Virtual Reality
  6. Cloud Computing
• Wrapping Up!

Understanding Product Engineering

From innovative ideation, product design strategy, product testing, development, and final deployment, product engineering includes the start-to-end lifecycle of a software product. This tech-enabled advancement empowers product engineers to develop innovative and comprehensive software solutions that meet customers’ evolving expectations and requirements.

Companies are increasingly leveraging custom product engineering solutions to scale their business and enhance workplace productivity. This makes it all the more important to stay updated with product engineering trends to become successful and survive in today’s fast-paced market.  

6 Top Product Engineering Trends You Must Be Aware Of

1. Artificial Intelligence (AI)

AI and machine learning (ML) are critical in product engineering, especially in developing autonomous devices and intelligent systems. These technologies use computer systems to execute tasks such as problem-solving, decision-making, and language processing that otherwise depend on human intelligence. Here’s how your business can benefit from AI in product engineering:

• Data Analytics: When combined with big data analytics, AI and ML can help you analyze customer behavioral patterns and predict future trends.
• Enhanced Customer Experience: AI also helps to improve customer experience by providing chatbots for customer support, personalized recommendations, and virtual assistants.

2. Internet of Things (IoT)

The Internet of Things (IoT) in product engineering is transforming how product-based businesses operate by connecting devices and sharing data. It enables companies to collect real-time customer or product data and create an information web to improve their operations and services. The number of IoT devices is predicted to reach 29 Billion by 2030.

Here’s how IoT can improve your business:

• Increased security and safety: With real-time alerts and monitoring, IoT can help you enhance the security and safety of business operations. For instance, sensors placed on equipment can detect potential safety hazards.
• Personalized products and services: IoT devices can track customer data and provide customized recommendations for products and services, improving customer experience.

Also Read: Why Integrating IoT Technology into Your LMS is the Future of Learning

3. 3D Printing

Also known as additive manufacturing, 3D printing technology creates digital models from physical objects by using layer upon layer of material. The global 3D printing market is projected to reach 37.2 Billion by 2026. This technology offers several benefits that cannot be achieved through traditional production methods. These include:

• Easy Prototyping: 3D printing promotes cost and time efficiency by helping you quickly create prototypes and iterate on product development. It also provides product design flexibility.
• Reduced Waste: As 3D printing uses only the required material to develop the object, it reduces waste, having a positive environmental impact.
• On-Demand Manufacturing: With 3D printing, you can quickly create small quantities of personalized products. This enables faster responses to customer demands and reduces inventory costs.

4. 5G Technology

The 5G technology will open up a whole new world of applications and products, changing the way companies do business. It offers lower latency, enhanced network capacity, and faster data transfer, enabling companies to stay innovative and competitive in their respective industries.

Here’s how your business can benefit from 5G technology:

• Improved Customer Experience: With enhanced data transfer speeds and connectivity, 5G technology can help you provide exceptional customer experiences. For instance, 5G allows faster checkout processes in the retail industry.
• Enhanced Connectivity: 5G technology allows you to transfer data faster by improving network performance and connectivity. It is predicted that 5G technology will cover up to 85% of the world population by 2028.

5. Augmented and Virtual Reality

AR and VR in product engineering are changing how products are designed, developed, created, and manufactured. They are lowering development costs, speeding up design processes, and enabling more in-depth product testing in immersive digital environments. Here’s how AR and VR can benefit your business:

• Agile Product Design and Expedited Development: You can iteratively test multiple product variations in an AR and VR environment rather than creating several physical prototypes. This expedites the design process and leads to a faster turnaround in product development and delivery.
• Reduced Investment Costs: With AR and VR, you can achieve detailed visualization with precision early in the design process. As no physical materials are needed until the final stages of the design process, it significantly reduces investment costs.  
• Contextualized Design Experimentation: 2D renderings make it impossible for designers to determine how a design will work in the real world before developing a physical prototype. But with AR and VR, designers can drop designs into the real world, where they can experiment with them at scale.

Also Read: 5 Industries That Will Drive Virtual Reality in Corporate Training

6. Cloud Computing

Over the last decade, cloud computing has become one of the most transformative technologies with an undeniable impact on businesses. It has helped companies with the on-demand availability of computing resources such as databases, software, analytics, servers, intelligence, and networking over the Internet.

The global cloud computing market is valued at $678 Billion in 2023 and is estimated to reach $2,433 Billion by 2030, with a CAGR of 20% during 2023-30.

The following are some benefits of cloud computing for your business:

• Enhanced Productivity: Employees can access Cloud-based applications from any location, allowing them to work on projects and documents at any time. This can help improve collaboration and streamline workflows, thereby enhancing employee productivity.
• Cost-Effectiveness: With the power of the ubiquitous cloud, companies have been able to ensure the scaling of business operations while reducing their IT infrastructure costs like software, hardware, and maintenance.

Wrapping Up!

In today’s high-tech and fast-paced environment, companies are under constant pressure to keep up with customer expectations.

With increased innovations in product development, companies must follow the latest product engineering trends to develop new business models to stay ahead of the competition.

Have you been looking to build a new software product or upgrade your existing one? Hurix Digital can be your digital transformation partner. With decades of experience across digital engineering & technology, Hurix provides businesses with future-proof and innovative technology solutions that help them gain an edge in their niche.

Our team of experts can guide you through the digital engineering process. To learn more about our digital engineering services, kindly visit our official website or contact us to speak with our team members. Let us assess your requirements and help you take your business to the next level with our best-in-class digital engineering solutions.