Wavteq Institute releases Industry Blueprint on Engineering and R&D Services

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ER&D (engineering research & development) is one of the fastest-growing segments within the IT industry due to high-end engineering services' growing need. In 2019, worldwide engineering R&D spending reached US$ 1.36 trillion, with a CAGR of over 7% predicted for the next decade. With US$ 196 billion spent by giants like Amazon, Alphabet, Microsoft, Facebook, and Oracle in the software and internet vertical, the ER&D arena has left the IT sector well behind.

 

In the wake of the COVID-19 pandemic, businesses across many verticals and geographies struggled to adopt remote working models and take drastic measures to save money and optimize cash flow. Even Engineering R&D (ER&D) faced significant budget cuts and project cancellations as a result of slow sales, delayed product launches, and disruptions in supply chains. As far as ER&D outsourcing is concerned, service providers demonstrated high levels of client commitment by transferring 90-95% of their engineering employees to remote working within weeks. However, for large periods of the year outsourcing took a significant hit as enterprises went into recession mode and cancelled projects.

Wavteq Institute 

Keeping in mind this understanding, Wavteq Institute has curated our latest industry blueprint on the sector that captures a holistic view of the trends in 2021 & beyond, with a focus on the influencing factors, key trends, greenfield investments, M&A activity, key stakeholders and category insights.

The report is available exclusively for the subscribers of Wavteq Institute, a continuous learning & market intelligence platform by Wavteq for the economic development community.

To know more about this briefing or to explore Wavteq Institute, get in touch for a live demo of all the platform has to offer!  

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