Digital Engineering: An Opportunity Unparalleled
Digital engineering encompasses two broad areas: the engineering behind digital products (products that are intelligent, connected, and personalized) and the leverage of digital technologies (such as IoT, 5G, robotics, AI/ML, mobility, cloud, automation, data & analytics, blockchain, and AR/VR) for engineering processes. The share of digital engineering in overall business Engineering Research & Development (ER&D) spend was estimated at 26% in 2019, experiencing a significant 10% growth over 2018 compared to traditional engineering spend, which grew at about 3%.
Our recently released report reveals that the digital engineering market reflects the continued growth and interest that the sector has drawn globally, so much so that digital engineering has become the prime priority for enterprises across industries, with a significant proportion of global ER&D spend allocated for the creation of intelligent, connected, and personalized products. In parallel, the leverage of modern technology in core engineering processes has also been on the rise. Verticals that have experienced the highest adoption of digital engineering in recent years include automotive, health tech, and industrials.
India is a leading location for delivering digital engineering services, with the country eyeing an aggressive US$100 billion share in the ER&D global sourcing market spend by 2025.
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