Shraddha Goled
Engineering research and development (ER&D) is a burgeoning space because of the emphasis on digital innovation globally. The ER&D spending is expected to grow at an 8-9% CAGR in the 2023-2030 time period, a Nasscom-BCG report in October 2023.
The growth in this sector has prompted traditional IT service providers to rush for a piece of the pie. Case in point, the largest IT services provider in the country Tata Consultancy Services. ER&D offers a fresh approach, not necessarily in engineering itself, but in areas such as re-engineering products, improving energy efficiency, digitalising products, and advancing software and autonomous systems, said Sreenivasa Chakravarti, Vice President, IoT and Digital Engineering.
“This is a high-growth driver and has become a crucial engine for TCS’ growth. It’s helping us build significant, marquee relationships because we’re now engaging with the very core of these businesses. We’ve moved beyond just managing enterprise systems and are now working deeply with many manufacturing-centric companies,” he added.
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