At a time when enterprises are looking to optimize their R&D spending, what are the key technologies that will come to the forefront, and which are the areas where spending inclination will be higher?
Rapid and unprecedented developments are taking place across industries, and our study highlights how ER&D spenders are shifting spending patterns, thinking sustainably, and doubling down on digital transformation to stay ahead of the game. Our analysis revealed that macro trends such as increased defense spending, rise in semiconductor consumption, heightened focus on sustainability, etc., are driving R&D priorities for enterprises. We also evaluated the technologies that are accelerating Digital Engineering spends, further emphasizing the criticality of Digital Transformation. These 4 major technologies are Metaverse, Cloud and AI, 5G, and Digital Thread.
Additionally, one of the prominent shifts in enterprise thinking is chip development – with many enterprises building in-house capabilities. This will not only help them create differentiation in a crowded market, but also accelerates time to market. To put things into perspective, one-fifth of the overall ER&D spending currently, is on silicon engineering.
Another key priority is sustainability, across verticals. Enterprises have a razor-sharp focus on sustainability, with their spends being directed towards energy-efficient product design and transitioning into clean energy. We elucidate the possible approaches enterprises can take to inch closer to a net-zero future. Partnerships are already underway, with many enterprises increasingly partner with Service Providers (SPs) to leapfrog their sustainability journeys.
However, the persistent demand-supply gap for Digital Engineering talent is raising concerns across industries. While the pandemic accelerated digital transformation, it has also translated into an increased demand for digital talent. What strategies can enterprises adopt to bridge this talent gap?
Our 2022 edition of our thought leadership report on Engineering R&D, titled, ‘The Unabated Rise of Digital Engineering,’ provides an in-depth analysis of the Engineering R&D spend, trends, and an industry-wise breakdown of the current state, while also focusing on how SPs can capitalize on the impending opportunities and partner with enterprises to accelerate their journeys.