India's Blossoming Engineering and R&D Services Sector is Bound to Grow Exponentially Due to Increasing Demand

Engineering and R&D Services are all set to make India the most important engineering hub in the region and the world comes 2020, say experts.

(prHWY.com) January 22, 2013 - london, United Kingdom -- Engineering and R&D Services are all set to make India the most important engineering hub in the region and the world come 2020, says experts. The sector with an increasing population of engineering service providers in India is expected to capture 40 to 45 billion USD as export revenues while the domestic revenue is expected at 4 to 6 billion USD. It is no wonder why India is targeting such massive numbers in the near future. The country is home to more than 1 million engineers each year and thousands graduate each year, making the nation a perfect venue to spot capable talents and emerging businesses. Definitely the promising growth of the engineering and R&D services will continue in the next couple of decades.

Based on a study by NASSCOM and Booz & Company, India will be an engineering hub for disciplines including aerospace, infrastructure and energy engineering. The expected contributions from these industries would comprise about 80% of domestic revenue, according to the sponsored study. In terms of Research and Development, the consumer electronics, automotive as well as telecommunications engineering will be the top spenders. Based on current vertical rates, these three industries will strengthen the engineering sector in India in terms of research and development.

What's up with engineering and R&D Services?
In the last 3 years or so, the industry experienced a considerably low moment when multinationals did not put much on these services. It was only recently when these massive companies would go back and energizing the field of engineering research and development as well as offshore and outsourced engineering services. With the revitalization of these services, India captured much of the attention of the global companies in fact; India is a hub for numerous MNCs in which many companies from consumer gadgets to automobiles setup their captive centers in the country. The market share of India in the global Engineering R&D market is about 22% and the growth is expected to continue in the next few years. In fact, the R&D growth in India could even outpace the Information Technology growth in the country.

Why engineering services?
Innovation is an important keyword for success. From airplanes, jets, luxury cars, consumer products, toys, software and space shuttles, everything requires some sort of engineering prowess. Even roads, bridges, sky scrapers and home products require engineering. The reach of engineering makes it necessary to utilize services offered by service providers in India. Not only is the country the center for engineering services, but the innovation, firmware, hardware and talent are plenty in the nation. This makes it more practical to choose engineering service providers in India.

Engineering services presents a company a unique exploration of what is available that they do not currently have in-house. Partnering with the right company could mean better cost reduction and capital optimization, thorough, dedicated engineering and R&D solutions, and practicality since the company can focus on other internal matters while the product or solution is handled by competent and reliable engineering service provider.

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