Engineering Outsourcing - The Next Growth Frontier
Globalization of engineering support services will be the next growth frontier for India and this is expected to create 250,000 jobs in India, according to a recent report prepared by Nasscom and Booz Allen Hamilton. After IT and ITES making an impact in the outsourcing market, engineering services is following steps at a fast pace catering to engineering outsourcing, aerospace design, construction, pharmaceuticals, automotive design and industrial machinery products. Engineering outsourcing is becoming a necessity as customers get more demanding, competition gets more intense and product life-cycles shrink creating pressure on operating margins.
Outsourcing is a fast-growing business and India is a hotspot. India has a large pool of professional highly qualified engineers with exposure in various industries across the world who are recognized by the engineering industry world over. According to the Nasscom report, the total offshore engineering spend is expected to grow to $150-$225 billion by 2020, and India, with its talent pool and existing experience in engineering services, is well-suited to realize 25 per cent of the opportunity.
Today more industries are where IT was in the 1990