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Indian tech firms eye 40-billion-dollar opportunity in engineering services
Bangalore, India, Aug 3, 2006 India's premier software body said Thursday outsourcing of engineering services by global firms presented the country with a 40-billion-dollar opportunity. The National Association of Software and Service Companies in a report said global companies spend 750 billion dollars on engineering services in 2004 and forecast it would grow to 1.1 trillion dollars by 2020. While in the financial year to March 2005 only between 10 and 15 billion dollars of engineering services was offshored, the market was expected to grow to between 150 and 225 billion dollars by 2020, it said. The report, "Globalization of Engineering Services: the Next Frontier for India", was prepared with management consulting firm, Booz Allen Hamilton. It said India's share of offshored engineering services was just 12 percent. "India is well-positioned to increase its market share of engineering offshoring from 12 percent to 30 percent by 2020," it said. "The findings estimate an additional 40 billion dollar for the Indian IT industry by 2020 from offshoring of engineering services alone," the report said. The engineering services market comprises of automobiles, aerospace, construction and industrial machinery, high-end technology and telecommunications. "Companies in India have developed capabilities and skill sets, and invested in technology platforms to leverage this opportunity," said Kiran Karnik, president of the software body. "The growth in engineering services signifies the need for global corporations to expand their research and development pool beyond their home countries," Karnik said. The report said engineering services outsourcing could create between 150,000 and 200,000 new jobs. "India needs to invest now to yield the required number of engineers by 2020," it said. India is facing an acute shortage of skilled manpower to meet the needs of its booming outsourcing industry. Ramalinga Raju, chairman of the software body, said India must target the maximum potential from this sector. "A carefully thought-out strategy that combines strong marketing efforts such as the development of an 'Engineered in India' brand, with investments in infrastructure, workforce and expertise is required," he said. Community Email This Article Comment On This Article Related Links All about the technology of space and more
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