GCCs in India to touch $105B revenue by 2030, says report
The report by Nasscom-Zinnov says India has become GCC capital of the world and this segment will employ around 2.8 million people by 2030.
The global capability centres (GCC) of India’s technology sector is projected to reach a market size of $99-105 billion employing 2.5-2.8 million people from the level of $64.6 billion revenue generated for FY24, according to a report.
Indian technology industry body Nasscom, in association with Zinnov, in its report on GCCs said, these centres can unlock new growth by monetising "India to India" services, leveraging local market insights, and expanding their domestic footprint.
The GCCs in India now employ over 1.9 million people.
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“GCCs have rapidly evolved from being operational hubs to becoming true engines of innovation and strategic growth. Their maturity in digital capabilities, engineering excellence, and advanced technology solutions is truly remarkable,” said Sindhu Gangadharan, Chairperson, Nasscom.
She further noted as GCCs advance along the maturity curve, they are increasingly positioned to lead global agendas, secure critical managerial roles, and shape decision-making processes, setting the stage for India to become a global leader in digital transformation and sustainable business practices.
According to the report, between FY2019 and FY2024, more than 400 new GCCs and 1,100 new centers have been established in India, bringing the total number of GCCs to over 1,700.
Over 90% of the GCCs operate as multi-functional centers, supporting technology, operations, and product engineering. The report noted that India is the “GCC Capital of the World” with the largest base of 17% of global technology capability centres.
“The new digital tech narrative, including Gen AI, automation, and productivity charters, is being largely driven through the Centers of Excellence model. What's truly exciting is how India has become a microcosm of global organisations. Every business unit and function now has some representation here, making our GCCs the nerve centers of global tech advancement,” Pari Natarajan, CEO, Zinnov, said.
Natarjan expects that by 2030, around 70% of Fortune 500 companies will be expanding their presence in India.
The report also highlighted how the initial wave of GCC growth was driven by large enterprises, more mid-market enterprises and unicorns are also setting up GCCs in India. Around 40 global unicorns have an India GCC presence as of 2024.
Although the Indian GCC landscape has become more diverse, the Americas continue their dominance with over 1,000+ GCC units.
In India, over 220 GCC units are housed in emerging locations (Tier-II and Tier-III cities). Ahmedabad, Kochi, Thiruvananthapuram, and Coimbatore are building critical mass.
Edited by Megha Reddy