BFSI, manufacturing, and healthcare GCCs emerge as new growth engines in India
The global capability centres (GCCs) segment in India has now expanded beyond technology companies as firms from BFSI, engineering, manufacturing, and healthcare sectors are growing faster.
The global capability centres (GCCs) segment in India is witnessing a definite shift. While demand for office space from the technology sector has stabilised, leasing activity from BFSI, engineering, manufacturing, and healthcare GCCs is on the upswing.
Colliers, a global property consultancy and investment advisory firm, in its report “GCCs in India: Building the future of global enterprises,” highlights that although the technology sector continues to dominate demand, GCC leasing is increasingly becoming broad-based, with global companies across sectors expanding their operations in India, making the market more diverse than ever.
According to the report, since 2021, technology GCCs have leased 36.6 million square feet (MSF) of office space, accounting for 37% of the overall GCC demand. In contrast, the share of BFSI GCCs has risen from 15% in 2021 to 27% in 2025. Engineering and manufacturing GCCs have also expanded steadily, growing from 11% to 17% during the same period.
In 2021, technology GCCs leased 7.3 MSF, which is projected to touch 10 MSF in 2025. BFSI GCCs, which accounted for 2 MSF in 2021, are expected to expand significantly to 7.5 MSF in 2025. The engineering and manufacturing segment is also witnessing strong growth, with leasing set to increase from 1.4 MSF in 2021 to 4.7 MSF in 2025.
This growing demand from BFSI, engineering and manufacturing GCCs is due to their diverse requirements, and India is the destination for fulfilling these services, primarily driven by the availability of a skilled talent pool. The BFSI segment is driven by requirements such as risk management, compliance, digital banking, and fintech. Engineering and manufacturing GCCs are expanding R&D, product engineering and design capabilities. Healthcare, meanwhile, is focused on the intersection of technology and R&D.
Over the years, India has emerged as a key destination for the presence of a sizable talent pool, which combines expertise in technology depth and domain expertise. These are not just technocrats but also have a deep understanding of the industry.
As Colliers notes, “GCCs are increasingly preferring the country as a strategic hub for high-value operations.” In fact, the share of GCCs in office space leasing is expected to reach 40% in 2025.
These developments are a welcome sign for India’s technology industry as they signify how the GCC segment is not only going wider but also building depth. Currently, India is home to more than 1,700, generating around $65 billion in revenue. By 2030, this base is projected to touch around 2,400 GCCs, with revenues crossing $100 billion.
Edited by Megha Reddy