New Delhi, Sept. 1 -- India's engineering research and development (ER&D) services revenue is projected to cross USD 100 billion by 2030, driven by growing use of artificial intelligence across product development, testing and engineering processes, according to Nasscom.

India's ER&D services industry is estimated to have generated revenue of USD 63 billion in FY26. At the global level, ER&D spending is projected to reach USD 2.48-2.50 trillion by 2030, growing at an annual rate of 8-9 per cent between 2024 and 2030, Nasscom said in a release on its study on Physical AI.

Rajesh Nambiar, President, Nasscom, said India's future growth in the sector will depend on combining its existing engineering capabilities with artificial intelligence...