Zinnov’s latest analysis reveals that the overall global Engineering R&D spend stayed resilient through 2020 and will touch a massive USD 1.9 Tn by 2023. Of this, nearly 50% will be spent on Digital Engineering over the next three years, underscoring the relevance and criticality of rapid adoption of digital technologies across verticals. In fact, spend on Digital Engineering-led initiatives will provide impetus for future growth amidst COVID-19 headwinds.
From a geographical perspective, North American enterprises account for the largest share of global ER&D spending and will grow at a CAGR (Compound Annual Growth Rate) of 13% to account for half the global ER&D spending by 2023. Interestingly, APAC (Asia Pacific) is set to unseat Western Europe for the second place over the next three years.
- What does this mean for Technology Service Providers (SPs)?
- What are the opportunities that will open up for SPs in the wake of this massive spending?
- How have enterprises across verticals channelized their Digital Engineering spend?
- What is the kind of work that enterprises are relying on their SP partners for?
- What are the large deal opportunities that SPs can capitalize on?
This latest Zinnov study answers these questions and more, to empower leaders and key decision-makers to plan and strategize their long-term growth plans.
To access the full study, write to us at firstname.lastname@example.org.
Speak with our consultants