Let’s begin with the fundamentals. What are product engineering services? It’s a host of specialized engineering services used to design & develop new inventory. 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. Product Lifecycle Management (PLM)Product Lifecycle Management or PLM refers to the works of 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 product development process is key to any organization. Adopting a cloud-based setup to undertake PLM will decrease the effort of setting up the system and maintaining it on-premise. This will also reduce the discrepancies that arise while hosting servers. Industrial SustainabilityA rapid increase in the World industrial production has globally raised concerns over industrial sustainability. Energy & resource conservation, reduction of waste, emission control, & implementation of renewable energy systems are some of the immediate measures to be taken. Demand for environmental engineers is witnessing a hike (9% by 2021) due to the same reason. Adopting Internet of ThingsCan you think of a world where appliances & computers are connected to homogenous platform? 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. Optimization with Innovation Optimizing the product innovation process will not only increase the quality of the product, but also save resources like time & the cost incurred to build that product. Discovering IT tools & other cutting edge methods, developing an effective roadmap to implement & monitor measures, etc are some of the ways in which product innovation processes can be optimized. These are some of the upcoming trends in the product engineering service sector. In this fast-progressing world, adoption of state-of-the-art engineering models & digital technology models is essential to produce more innovative products efficiently and quickly. The latest industry trends imply that keeping abreast of technologies, skill requirements & trends should be a big focus in 2018.