According to a Nasscom-Zinnov study, India's global center market will grow to $105 Billion by 2030.
According to a report released by the IT industry association Nasscom on Wednesday, India's Global Capability Centres (GCCs), which were valued at $64.6 billion during fiscal 2024 will likely grow to between $99 and 105 billion dollars by 2030.
India's GCCs are no longer low-cost outsourcing centers, but local offices that support their parent companies in multiple areas, such as daily operations, finance and research and development.
This has led to more multinationals opening local offices, and a rise in hiring. The trend is expected to continue to grow exponentially over the next few years.
Chevron, a US energy company and Sanofi, a French pharmaceutical company have committed $1.4 billion to establish or expand their GCCs.
According to the report, by 2030 there will be 2,100-2200 companies in India with GCCs, and they will employ between 2.5 million and 2.8 million workers.
In India, there are currently around 1,700 firms with 1.9 millions employees.
Namita Adavi is a partner in the India GCC consulting practice at Zinnov. She said that the growth was driven by India's scale and quality talent pool.
It has created a "flywheel effect" in terms of talent being produced.
Adavi believes that the growth will come from various sectors, including retail, healthcare, and pharmaceuticals. The country's largest sectors are currently software and internet and banking, financial services and insurance (BFSI).
The report stated that leadership roles in India will also increase to over 30,000 by 2023 from the current 6,500. Reporting by Haripriya Suresh, Editing by Janane Vekatraman
(source: Reuters)
