October 13, 2011: India hits the top list again.
Yes! Indian has been ranked in the top again, but this time it is in the Global Engineering research and Development and Design outsourcing industry.
According to a survey conducted by NASSCOM Indian outsourcing industry is doing good business, particularly in the ER & D sector. The sector today has around 22 percent share in the revenue generated in the total industry. NASSCOM authorities said that the sector is expected to grow up to $ 40 – 45 billion by 2020. NASSCOM could also found out that, in the Indian ER&D outsourcing sector companies or service providers are very well advanced with innovations and advanced technology. Along with wide acceptance of innovations and technology the service providers in the sector also make sure that they provide better living standards without disturbing the smooth functioning of the environment.
In the preset scenario the ER&D outsourcing industry has around 400 vendors. There are also huge numbers of workforces in the sector which will totally come around two lakhs. The sector has been impressive in the over all contribution made towards the Indian IT and BPO sector which is around $ 20 billion and is also well in advanced to deliver end to end solutions for the global clients and customers.
It is considered that past five years were very critical as far as Global Engineering research and Development and Design outsourcing industry is concern because in the past five years the sector has adopted many strategic approaches for the overall uplift. The expansion strategy and delivery of wider rage products and service are considered as crucial factors which have ended up in positive impact for the industry.
NASSCOM also added in the survey report that Indian ER&D outsourcing industry has adopted many flexible models to enhance the productivity and services provided. Today the industry is also well equipped with benefits such as short product life cycle and others. For rapid growth, service providers must be very smart in deciding the target market and convincing the market at much lesser time and should also be very flexible in driving sources. NASSCOM says that Indian ER&D is best in doing that.
In the coming year, it is expected that Indian domestic market will see huge growth as there is more scope in developing product base solutions. Moreover the scope extends to infrastructure, aerospace and many others such as the automotive, but NASSCOM suggests that to tap the opportunities Indian need to strengthen certain factors such as the cost competitiveness and innovative policy and produce a matured ecosystem.