The Journey of Product Engineering in India
India’s journey in product engineering began in the early 2000s when multinational companies started setting up their R&D centers in the country. This led to the development of a skilled workforce and the creation of an ecosystem that fostered innovation. We soon became a hub for product engineering, with many companies choosing to outsource their product development to India. According to Deloitte’s report, India has emerged as a leading destination for technology and product engineering services, with over 1,300 global organisations becoming part of India’s global capability center (GCC) sector, making up 45% of all GCCs worldwide. Moreover, the latest predictions state that nearly 500 multinational corporations (MNCs) will establish their captive centers in India by the end of the fiscal year 2025.
Contribution of the Country Globally
According to the product engineering market research conducted by MarketsandMarkets, “Asia Pacific has the highest market share in the Global Product Engineering Services Market, with India being the fastest growing market in the region.”
India’s contribution to global product engineering has been significant. The country has a large pool of highly skilled engineers who have been instrumental in the development of products for various industries. Indian engineers have been involved in the development of products ranging from automobiles to medical devices.
India has also been at the forefront of developing products for emerging technologies like Artificial Intelligence, Machine Learning, and the Internet of Things. India’s contribution to the global product engineering landscape has been recognised by many countries, and the country has emerged as a preferred destination for product development services.
How is the Country Adapting to the Advancements?
Product engineering is a field that is in a state of constant evolution, and India has been swift to adjust to the latest advancements in this industry. The nation has been devoting resources to research and development to create products that align with the changing requirements of customers. Additionally, the government has been offering incentives to corporations to encourage investment in R&D. India has also demonstrated promptness in embracing emerging technologies such as Artificial Intelligence and Machine Learning, which are employed to design products that are more effective and economical.
Industries in which India Excels
India has demonstrated proficiency in product engineering across diverse industries. One of the domains in which India has made notable advancements is in the creation of products for the automotive sector. In the last decade, several multinational automotive corporations such as BMW, Honda, and Mercedes have established their research and development centers in India, and Indian engineers have played a vital role in the design and development of products for these firms.
Furthermore, India is at the forefront of medical device innovation and is currently the fourth largest medical devices market in Asia, trailing only Japan, China, and South Korea, and among the top 20 medical devices markets globally. Additionally, India has a flourishing software product engineering industry, with many domestic companies developing software products that are employed worldwide.
Conclusion
India has adapted quickly to advancements in the field of product engineering, investing in research and development, and embracing emerging technologies.
With a skilled workforce that has a huge appetite for new innovations and adaptability to changing technologies, India is poised for continued growth in the global product engineering landscape and the world is looking towards India as an emerging global leader in product engineering.