Info-tech

Nasscom eyes $100-b revenues from engineering R&D by 2030

Our Bureau Hyderabad | Updated on October 07, 2021

The sector is expected to grow to $63 billion by 2025

The National Association of Software and Services Companies (Nasscom) has set a target of $100-billion revenues from the Engineering Research and Development (ER&D) sector by the end of 2030.

The sector, with a base of $31 billion now, is expected to grow to $63 billion by 2025, showing annual growth rate of 12 per cent.

In 2020, the global ER&D spend was $1.2 trillion, with corporates spending $772 billion.

“In order to get there, we need to focus on building human resources. We need at least two million skilled workforce in ER&D and digital skills,” Karthikeyan Natarajan, a leader of ER&D Council of Nasscom and Chief Operating Officer of Cyient, has said.

“Of the 3,000 satellites that are orbiting the earth, about 1,500 of them were launched in the last 18 months. The number of satellites would go up exponentially in the next seven years, generating huge piles of data,” he said.

He was addressing the Nasscom’s Design and ER&D Summit virtually on Wednesday.

“We need automated processing capacities to process the huge amounts of data that is being generated,” he said.

The Nasscom says the present share of global engineering R&D outsourcing market is 30 per cent.

“The Nasscom should target to win a share of 50 per cent by 2030,” said Rajeev Chandrasekhar, Union Minister of State for Skill Development and Entrepreneurship and Electronics and Information Technology.

Published on October 06, 2021

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