$3.3bn
$XXX.Xm
20,398
11,843
$X.Xbn
Product design services have continued to swell up as the constant technological change and consumer preferences have forced downstream markets to adjust and roll out new products. The pandemic proved to be a catalyst for growth as a rapid shift towards a digital landscape caused companies to shift their focus to new product lines. Medical equipment also quickly evolved to combat and contain the spread of the virus. Despite consistent growth throughout the period, inflationary concerns in 2023 have constrained revenue as downstream markets held off on further product development as the cost of borrowing rose. Revenue has grown at a CAGR of 2.7% through the end of 2024, reaching $3.3 billion, including a 0.9% rise in 2024 alone. Profitability has also remained steady despite the consistent flow of new entrants.
Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated $3.3bn in 2024.
Market size is projected to grow over the next five years.
There are no companies that hold a large enough market share in the Product Design Services in the US industry for IBISWorld to include in this product.
Product Design Services in the US
Industry revenue is measured across several distinct product and services lines, including Product research, Product concept generation and Marketing strategy. Product research is the largest segment of the Product Design Services in the US.
Generating a concept can get challenging
Operators in this industry develop designs and specifications for mass-produced products.
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NAICS 541420 - Product Design Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Downstream markets are committing to sustainability amid rising environmental concerns. Product design services can help pinpoint areas in which companies can make their prod...
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Many downstream industries launch new products yearly and must offer value added to entice customers to upgrade. Product designers can help by researching trends and consumer...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
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Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Barriers to entry are low for product design services, allowing for an influx of new companies to join every year. Start-up costs are low and continue to drop amid cloud-base...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Copyright regulation protects work done by product design teams to ensure original ideas will not be stolen. Under the Hague Agreement, an applicant can file for intellectual...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Digital technology has caused product design services to scale back on wages and certain purchases. Combined with recent success amid the pandemic, this has bolstered profita...
Including values and annual change:
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Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Product Design Services in the US industry in United States is $3.3bn in 2024.
There are 11,843 businesses in the Product Design Services in the US industry in United States, which has grown at a CAGR of 0.7 % between 2019 and 2024.
The market size of the Product Design Services in the US industry in United States has been growing at a CAGR of 2.7 % between 2019 and 2024.
Over the next five years, the Product Design Services in the US industry in United States is expected to grow.
Designing new products and Generating product concepts are part of the Product Design Services in the US industry.
The level of competition is high and steady in the Product Design Services in the US industry in United States.