However significant potential still lies relatively unexplored. Today the scope of outsourced engineering services has expanded beyond product design and R&D services to include industrial services (process engineering plant automation and enterprise asset management).
Engineering Services: The Next Frontier for India:
The Engineering Services market is a huge one. Global spend on Engineering Services in 2004 was US$ 750 billion and is projected to increase to US$ 1.1 trillion by 2020. Of the US$ 750 billion spent today, only a fraction of the total is being offshored (US$ 10-15 billion). The value of work currently undertaken by India-based vendors in this space is estimated to be just 12 percent of the offshored market, highlighting significant untapped potential. Further, with the low penetration levels in industrial services such as plant automation and maintenance (enterprise asset management), the opportunity is set to grow rapidly.
Total Engineering Spend By Vertical (2004):
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