The National Association of Software and Services Companies expects the Indian Engineering Research and Development industry will treble from the current size of $10-11 billion by 2020.
Speaking on the sidelines of the two-day Nasscom Engineering Summit that got under way here today, Som Mittal, President, Nasscom, said, “By the end of this decade the global ER&D industry will touch $100 billion, and we expect at least a third of this from India.”
With India home to 750 ER&D companies at present, the number of people engaged in this sector will also grow from four lakh to three times as many, he added.
Earlier, delivering the keynote address at the Summit, Mittal said, “The Indian ER&D industry in the last decade has been building capabilities to provide global engineering solutions that address the larger spectrum of ‘Voice of the customer to customer experience’. However, now the market’s expectation of ER&D capabilities in India is changing and the new ask is to deliver higher value-add services. Indian ER&D Industry has a huge opportunity to address.
“With Big data, Cloud, M2M and Internet of Things, becoming a reality, ER&D industry can look forward to deriving revenues from newer services and from newer geographies.”
With a theme of ‘The future of Engineering’ the two-day summit will focus on consolidating the current gains made by the industry and assess and prepare for the opportunities of the future.
Nasscom start-up warehouse
With a target of incubating 10,000 successful start-ups in India over the next 10 years, Nasscom has, in association with the Karnataka Government, just set up its first warehouse in the country at Bangalore.
This can house 22 start-ups, and Mittal said that the first 10 of these have been selected while the remaining have been shortlisted.
Nasscom proposes to set up more such warehouses across India and is in discussion with various State governments he said, adding that the idea was to moot entrepreneurship as an alternative career.