Top 5 Product Development Companies [UPDATED 2024]

In today's dynamic business landscape, where customer expectations shift faster than ever, the ability to develop winning products is paramount.  Studies show that companies with a strong focus on innovation are 4 times more likely to achieve above-average profitability.  But with a vast array of product development firms vying for your attention, selecting the right partner can feel overwhelming.  This article explores the top product development companies of 2024, providing insights into their expertise and how they can help your business thrive.

1. Glorium Technologies

Glorium Technologies is a renowned personalized technology consulting services and software development solutions provider. They have a remarkable history of consistently achieving exceptional outcomes for startups and businesses of diverse scales globally. Their portfolio boasts more than 100 successfully implemented products.

With over 200 skilled experts, the company holds multiple ISO certifications, including ISO 9001 for Quality Management, ISO 13485 for Quality Management in Medical Devices, and ISO 27001 for Information Security Management Systems. As a Microsoft Silver Partner, they excel in providing solutions based on Microsoft’s technology suite.

Hourly rate: $50 — $99 / hr

Employees: 250–999

Founded: 2010

Awards:

• Inc.5000 (2020, 2021, 2022, 2023, 2024)

• Inc. Regionals (2021, 2022) fastest-growing private companies in America

• Global Outsourcing 100 by IAOP (2023, 2024)

• Real Leaders Impact Awards (2023)

• Top B2B Service Providers for Sustained & Fast Growth in Clutch (2021)

• Top 1000 Global Service Providers in Clutch (2022, 2023)

• TechBehemoths’s Top Custom Software Development Companies in the US (2022, 2023)

2. Luxoft

Luxoft is a worldwide IT service provider renowned for delivering tangible business outcomes via cutting-edge technological solutions. Their offerings encompass strategic consulting, software development, and digital solution engineering.

Luxoft caters to various industries with a diverse portfolio, including finance, automotive, communications, healthcare, and life sciences. Through their expertise, they empower businesses to maintain their competitive edge in the market.

Hourly rate: $100 — $149/hr

Employees: 10,000+

Founded: 2000

Awards:

• Luxoft recognized as AMS Innovative Partner of the Year in Tricentis Awards 2022

• Best Leadership Teams 2023 in Comparably

• Best CEOs for Diversity 2023 in Comparably

3. Epam

EPAM Systems distinguishes itself in the fields of both digital and physical product development, along with providing services for digital platform engineering. This places the company in a prominent position at the forefront of the industry.

EPAM’s achievements can be credited to its forward-thinking approaches, comprehensive advisory and consulting prowess, creative design capabilities, and a unique Engineering DNA that imbues all of its endeavors. By leveraging globally dispersed hybrid teams, EPAM actively molds a palpable tomorrow for its clients and global communities.

Hourly rate: $25 — $49/hr

Employees: 10,000

Founded: 1993

Awards:

• Top 20 fastest growing firms by Consulting Magazine 2022

• Ranked four times as the top IT services company on Fortune’s 100 Fastest-Growing Companies list

• Awarded LinkedIn’s Best Culture of Learning Talent Award 2021

4. Grid Dynamics

The company offers consulting, co-creation, and scalable engineering/data science to Fortune 500s. Working closely with clients, they cover the entire digital journey, from strategy and prototypes to large-scale platform delivery.

Their expertise, talent, and efficient practices empower organizations to be agile and develop innovative digital offerings. Renowned for designing and implementing major programs in retail, tech, and finance, they help clients win market share, launch faster, and significantly reduce digital operation costs.

Hourly rate: $25 — $49 / hr

Number of Employees: 250–999

Founded: 1999

Awards:

• Best Place to Code Mexico for the 8th Consecutive Year

• Won MACH Alliance Award for Best Health/Pharma Project

5. YouTeam

YouTeam simplifies building offshore software development teams. It acts as a curated marketplace, connecting clients with a network of over 400 trusted developers from 35 countries. This extensive network allows clients to handpick the perfect engineers for their specific needs and begin work within 48 hours.

To ensure quality, each engineer undergoes a rigorous vetting process, including three levels of verification and independent skills assessments through HackerRank for Work™. YouTeam prioritizes a personalized approach, using technology to expedite talent sourcing while maintaining a “high-touch” experience for each client.

Hourly rate: $50 — $99 / hr

Number of Employees: 10–49

Founded: 2017

Awards:

• G2 Winter 2023 Best Support awards

• G2 Winter 2023 Easiest Setup awards

• G2 Winter 2023 Easiest To Use awards

• G2 Winter 2023 High Performer awards

Conclusion Imagine innovation brought to life! Product development companies are the alchemists who turn ideas into the gadgets, tools, and technologies that shape our world.

These top players aren't just manufacturers, they're future architects. From simplifying daily tasks to groundbreaking inventions, they push the boundaries of what's possible. Take Glorium Technologies, for instance. With over 100 successful products under their belt, they've become a trusted partner, empowering businesses with software solutions.

In my view, Glorium offers a comprehensive toolbox for businesses of all sizes. Partnering with the right development company can propel your business forward and contribute to the ever-growing landscape of human creativity.