India's engineering, research, and development market to reach $63B by 2025: Nasscom
India's share in the global engineering and research and development (ER&D) market is expected to grow at a compound annual growth rate (CAGR) of 12-13 percent to reach $63 billion by 2025, according to the industry body Nasscom.
Speaking at the Nasscom Engineering R&D Showcase 2021 event, Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave and interact with companies, and how businesses interact.
Contactless technologies, analytics, software-led systems are changing how products are designed, redesigned, engineered, and consumed, she added.
"...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," Ghosh said.
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 percent to reach $63 billion by 2025 from $31 billion in 2019.
Nasscom President Debjani Ghosh
"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, she added.
The event also saw participation from global CXOs such as John Neuffer (President and CEO of Semiconductor Industry Association), Pieter von Groos (SVP and Head Product Engineering of Philips), Vikram Gupta (SVP IoT Compute and Wireless of Infineon), Guruswamy Ganesh (Senior Vice President, Flash Product Engineering, Western Digital Corporation) and others.
(Disclaimer: Additional background information has been added to this PTI copy for context)