A trends to focus on in 2018. Product Lifecycle

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.

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Product
Lifecycle Management (PLM)

Product Lifecycle Management or PLM can be defined
as an information management system that can assimilate 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.

 

Industrial
Sustainability

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 intelligent fashion.

 

Optimizing
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
in 2018.