National Association of Software and Service Companies (NASSCOM) in association with the management consulting firm Booz & Company, released the key findings of the study ‘Global ER&D: Accelerating Innovation with Indian Engineering’ at the NASSCOM Engineering Services Conclave 2010.

As per the report, the engineering services landscape in India has evolved significantly over the last four years, reflecting maturity, diversification and enhanced verticalization to partner with global corporations. The Indian ER&D market in 2009 is estimated at USD 8.3 billion with employee strength of 150,000, reflecting almost a threefold growth in revenues, employees and number of offshore development centers. The report estimates that India has the potential to capture USD 40-45 billion in ER&D Services by 2020.

Som Mittal, President, NASSCOM said, “India is now an epicenter for global ER&D services with a compelling value proposition, based upon the growing depth and breadth of services, flexible business models, large engineering base and global footprint with greater proximity to customers. We are in a creative profession continuously expanding our portfolio from 'art to part' – covering the full spectrum of product development value chain. We are using our strengths by going beyond redesigning products to reengineer the production processes and business models to meet the needs of the domestic market.”