Tech companies face several challenges in product development, including rapid technological changes that demand constant adaptation and innovation. Limited resources can hinder research and development efforts, while intense competition necessitates differentiation. Additionally, companies must navigate regulatory requirements and ensure data compliance. Effective project management is crucial to align team efforts and timelines while balancing customer demands and feature enhancements. User feedback can also be unpredictable, making it essential for companies to remain agile and responsive throughout the development cycle.