India to add over 300 new GCCs in two years, market to grow to $60 billion: Report

The Indian GCC ecosystem has become a sandbox for global companies driving organisation-wide transformation initiatives, said the biennial GCC report released by IT industry body Nasscom and tech research firm Zinnov in Bengaluru on Thursday.

The “GCC 4.0 – India redefining the globalization blueprint” report also said the market size is anticipated to jump over 33% to $60 billion in the next two years.

“From decentraliastion and diversification of portfolios to becoming innovation hubs, Indian GCCs are assuming a strategic role in fostering product innovation, driving technological advancements, and spearheading digital transformation initiatives for headquarters,” the report added.

The companies are capitalising on India’s abundant engineering talent pool with expertise in technologies like artificial intelligence, blockchain and internet of things (IoT), it said.

Also read | India’s GCCs – evolving from captives to capability centres

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“GCCs have helped India’s tech industry remain resilient amid the current upheaval in the global market. The ecosystem not only fortifies India’s tech industry but also facilitates profound collaborations with startups, academia, and external partners to harness cutting-edge technologies and fuel innovation,” said Debjani Ghosh, president, Nasscom in a release.The statement also said India is driving an increasing number of general management roles. Global roles from India are projected to rise to an estimated 20,000 positions by 2030.

In 2022, there were over 5,000 global roles present in India, 18% of whom were women leaders. It is also anticipated that by 2030, this ratio will see an upward tick and women leaders will comprise approximately 30% of global roles.

“With more than 400 new GCCs expected to be set up over the next few years, the maturity of the ecosystem – across global business services, shared services centres, and pure-play engineering research and development (R&D) centres – will actively move into being transformation hubs by leveraging the well-established India playbook,” said Pari Natarajan, chief executive at Zinnov.

Also read | Indian GCCs to add 3.64 million jobs over next 12 months