Industry body -- the National Association of Software and Service Companies (Nasscom) has said that India's share in the global engineering and research and development (ER&D) market is likely to grow at a compound annual growth rate (CAGR) of 12-13 per cent to reach $63 billion by 2025. Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave, interact with companies, and how businesses interact. She said ccontactless technologies, analytics, software-led systems are changing how products are designed, redesigned, engineered, and consumed.
Ghosh said ‘...this represents a very unique opportunity for the ER&D companies in India that are primarily focusing on product design and innovation to partner with global enterprises and engineer the future, global megatrends like sustainability, create even more opportunities for product redesign and innovation and that is going to be tremendously important for the future of this industry’.
She said India's share in the global engineering and research and development (ER&D) market is expected to grow at a CAGR of 12-13 per cent to reach $63 billion by 2025 from $31 billion in 2019. She added ‘This growth is being driven by global enterprises across automotive, aerospace, consumer electronics, medical devices, industrial and energy, semiconductor, telecom who are tapping into Indian ER&D's ability to power innovation, drive high impact service delivery by leveraging the think force of the future’.