India’s Enginering, Research, Development Market to Reach US$ 63 Billion by 2025 : NASSCOM

According to NASSCOM, the market share of the Indian engineering, research, development market to the global market is projected to grow at a compound annual growth rate (CAGR) of 12-13% to reach US$ 63 billion by 2025.

NASSCOM President, Ms. Debjani Ghosh highlighted that the pandemic has transformed the way consumers perform, interact with businesses, and how corporations interact.

She added, software-led systems, analytics and contactless technologies, are transforming how products are developed, redeveloped, engineered, and consumed.

She said, “This signifies a potential prospect for the ER&D companies in India that are mainly focusing on product development and innovation to collaborate with global enterprises and engineer.”

She said Indian engineering and research and development (ER&D) market share to the global market is expected to grow at a CAGR of 12-13% to reach US$ 63 billion by 2025 from US$ 31 billion in 2019.

She added, “This growth is being powered by global enterprises across telecom, automotive, semiconductor, aerospace, medical devices, consumer electronics, industrial and energy, who are focusing on the Indian ER&D’s capabilities for innovation to boost efficient service delivery.”

The NASSCOM Engineering R&D Showcase 2021 event also witnessed participation from global CXOs such as Mr. Guruswamy Ganesh (Senior Vice President, Flash Product Engineering, Western Digital Corporation), Mr. John Neuffer (President and CEO of Semiconductor Industry Association), Mr. Vikram Gupta (SVP – IoT Compute and Wireless of Infineon), Mr. Pieter von Groos (SVP and Head – Product Engineering of Philips) and others.