India's share in global ER&D sourcing mkt to reach $170 bn
It is likely contribute 22% to global engineering research and development (ER&D) sourcing market by FY30: Report
New Delhi: India will likely contribute 22 per cent to the global engineering research and development (ER&D) sourcing market by FY30, a report showed on Thursday.
The country’s share in the global business ER&D sourcing is projected to increase from $44-45 billion in 2023 to $130-170 billion by FY30.
Software, automotive and semiconductor sectors are expected to contribute more than 60 per cent of India's share of ER&D sourcing by FY30, according to the report by Nasscom in partnership with BCG.
Semiconductor ER&D sourcing share is expected to see the highest jump from 9 per cent share in FY23 to 12 per cent share, to become the third highest contributing sector by FY30.
“India's position in the global ER&D sourcing arena is truly unique, driven by our remarkable combination of ER&D innovation expertise, and ability to provide scalable talent,” said KS Viswanathan, Vice President (Industry Initiative) at Nasscom.
