India’s engineering, research, development market to reach USD 63 bln by 2025: Nasscom

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 per cent to reach USD 63 billion by 2025, according to industry body Nasscom.

Speaking at the Nasscom Engineering R&D Showcase 2021 event, Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave, interact with companies, and how businesses interact.

Contactless technologies, analytics, software-led systems are changing how products are designed, redesigned, engineered, and consumed, she added.