The global revenues of the semiconductor industry have been hovering above the USD 300 billion mark for the past few years. The last wave saw the evolution of the end-user semiconductor market from personal computers to mobile devices. The Internet of Things (IoT) and wearable devices will be the next wave powering the growth of the semiconductor industry. However, IoT and other technology trends present multiple challenges including getting the product right first time, power consumption optimization and security to name a few. The whitepaper provides insights on the key trends in platform engineering and their impact on the semiconductor and other industries such as automotive, industrial, mobile and consumer electronics. It also discusses some of the fundamental challenges that semiconductor vendors and OEMs are facing today and how engineering services companies can enable them to address to some of those challenges.