The Future of Product Engineering: Trends and Innovations to Watch Out for in 2023

by Shivangi

Do you want to stay ahead of your competitors in the fast-paced world of business? Are you ready to go above and beyond to provide your customers with a truly exceptional experience? If yes, then the first step is to understand the trends that will drive product engineering and innovation in the coming years.

In this article, we will look at the top product engineering trends to watch out for in 2023 and how they can help your business stay ahead of the competition.

What is Product Engineering?

Product engineering is a multi-step and intricate process that involves many tasks and phases. It is fundamentally about using digital technology to design, develop, and deploy innovative products that meet customers' evolving needs and expectations. And staying updated with product engineering trends helps you become successful.

The pace of product innovation is increasing, and companies that fail to keep up risk falling behind their competitors. Keeping up is the best strategy for your company to stay relevant in today's market.

As consumers become more tech-savvy, they demand faster, more efficient, and more intuitive products than ever before. You can ensure that your products meet these expectations and stand out by following the latest product engineering trends.

In the past, product engineering was a laborious and time-consuming process. However, thanks to new technologies such as 3D printing, computer-aided design (CAD), and simulation software, the product design & development process has become faster and more accurate.

Do you want to gain a significant competitive advantage through product engineering but don't know where to start? Associate with us, and let us handle your technical requirements while you focus on scaling your business.

#1 IoT (Internet of Things)

It's no news that the Internet of Things (IoT) is a rapidly expanding field with the potential to transform our lives by connecting devices and sharing data. And this interconnectedness creates an information web that can improve our quality of life, reduce waste, and increase efficiency. In fact, it is predicted that there will be 41 billion IoT devices by 2027.

Here are some ways in which IoT can help your business:

  • Personalized services and products: IoT can improve customer experience by providing customized services and products. This can be increasingly seen in wearable devices, where you can track health and fitness data to get personalized recommendations.
  • Enhanced safety and security: By providing real-time monitoring and alerts, IoT can also help you improve safety and security. For example, sensors can be installed on equipment to detect potential safety hazards, and intelligent security systems can monitor and detect suspicious activity.
  • New business models: IoT can also help your company develop new business models and revenue streams, resulting in increased innovation and growth. MarketsandMarkets has predicted that the global IoT in the healthcare market will grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028.

Did you know?

Smart home devices are a major component of IoT, with over 800 million of them shipped in 2020. Interestingly, this number is expected to reach 1.4 billion by 2025.

#2 Artificial Intelligence (AI)

Another technology that is changing the way businesses operate is artificial intelligence (AI). AI uses computer systems to perform tasks that generally depend on human intelligence, such as decision-making, problem-solving, and language processing. Here are some examples of how AI can help your business:

  • Improved customer experience: AI can provide personalized recommendations, chatbots for customer support, and virtual assistants, hence improving customer experience.
  • New business models: AI can help your company develop new models to accelerate innovation and revenue growth. In the healthcare industry, AI can enable personalized medication and remote patient monitoring. Moreover, a report by MarketsandMarkets suggests that the global AI in the healthcare market will be worth USD 45.2 billion by 2026.

Also have a look at our previous blog about artificial intelligence (AI) -> Is Artificial Intelligence (AI) taking over the world?

Did you know?

Google CEO, Sundar Pichai, once said that AI would be more transformative to humanity as a species than electricity and fire.

#3 5G Technology

5G technology's impact on businesses in various industries is certainly significant, as it offers faster data transfer, lower latency, and increased network capacity, allowing businesses to stay competitive and innovative in their respective industries.

Here are some ways 5G technology can help your business:

  • Improved connectivity: According to an Ericsson  report  , 5G technology will cover up to 60% of the global population by 2026. With 5G technology, you can improve your connectivity and network performance to transfer data faster.
  • Improved customer experience: 5G technology can help you enhance customer experiences by improving connectivity and data transfer speeds. In the retail industry, for example, 5G enables faster checkout processes, augmented reality (AR) shopping experiences, and better customer service via chatbots and virtual assistants.
  • New business models: 5G technology can also help businesses create new business models. For instance, in the entertainment industry, 5G helps in enabling new streaming services, virtual reality (VR) experiences, and interactive live events.

Did you know?

Several space organizations are increasingly emerging as 5G pioneers. SpaceX, for example, has already been granted permission to launch at least 12,000 Starlink internet satellites.

#4 Cloud Computing

Cloud computing has been one of the most transformative technologies of the last decade. It has an undeniable impact on businesses. Here are some examples of how cloud computing can benefit your business:

  • Cost-effectiveness: With cloud-based services, you can reduce your company's IT infrastructure costs, such as hardware, software, and maintenance. Furthermore, cloud computing eases the scaling of your business operations which helps with cost savings.
  • Improved collaboration and productivity: Cloud-based applications allow your employees to access and work on documents, projects, and software applications from any location. This can also help streamline your workflows and bring efficiency, thus improving productivity and a shorter time-to-market.

Did you know?

Amazon Web Services (AWS) is the world's largest cloud computing firm by market share, controlling 31% of the market.

#5 3D Printing

3D printing, also known as additive manufacturing, is a technology that uses layer upon layer of material to create physical objects from digital models. According to a report, the market for additive manufacturing is expected to reach USD 24.9 billion by 2024. This technology has the potential to benefit your company and industry in a variety of ways:

  • Faster prototyping and product development: 3D printing can help your company create prototypes and iterate on product designs and development quickly, saving you time and money.
  • On-demand manufacturing: 3D printing helps you produce small quantities of customized products in less time. This can lower inventory costs and allow for faster responses to customer demands.
  • Reduced waste and environmental impact: 3D printing uses only the material required to create the object, hence reducing waste. In contrast, traditional manufacturing methods frequently use excess material and generate plenty of waste.

Did you know?

90% of all jewelry is made using 3D printing.

As technology becomes more integrated into our daily lives, businesses are under increasing pressure to keep up with consumer demand for innovative and high-quality products. That's why product engineering has become essential for staying ahead of the competition.

By following the latest trends in product engineering, such as IoT and AI, you can improve customer experiences and even develop new business models. So, start exploring these trends today and take your business to the next level!