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% to reach USD 63 billion by 2025, as per industry body Nasscom. Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave, interact with companies and how businesses interact, speaking at the Nasscom Engineering R&D Showcase 2021 event.
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 added.
