Total Number Of GCCs Touched 1,700 In FY24

Bengaluru: Technology captives of foreign companies, popularly termed as GCCs (Global Capability Centres) are going strong every year as more global companies are setting up centres in India for tapping the rich technology talent.

According to the latest Nasscom-Zinnov India GCC landscape report, total number of global capability centres (GCCs) set up in India has increased to 1,700 in the fiscal year 2024 ending March, generating $64.6 billion in export revenue. In total, these GCCs have employed over 1.9 million people, the report said.

During the previous fiscal year (FY23), the number of GCCs stood at 1,580, employing around 1.66 million workforce. Also, export revenue was at $46 billion, which saw nearly 40% increase in FY24.

“The impact of GCCs on India’s economic fabric is profound and far-reaching. India now accounts for 17 per cent of the global Technology Capability Centers footprint, the largest share in the world. It’s a testament to India’s emergence as the GCC capital of the world,” the report said.

The report mentioned that about 2,975 GCC units were there in India with many companies having multiple units in the country. Such presence makes India having the largest share of GCC units in the world.

Indian GCCs are focussed more on the emerging technology space. “Over 185+ GCCs have set up dedicated AI/ML COEs (centre of excellence) and are building myriad use cases across customer experience, risk assessment, demand forecasting, model deployment, and coding assistants. More mature GCCs are further developing expertise in full-stack development, AI, IoT, and cybersecurity to create advanced solutions for both global and emerging markets,” the report said.

ER&D GCCs, contributed $36.4 billion in revenue, and have grown 1.3 times faster than theoverall GCC growth rate, indicating a shift towards higher-value work.“Nearly a quarter of global engineering roles are now based in India, with industries likeAerospace, Defense, and Semiconductor focusing on next-generation technologies.Additionally, Semiconductor firms and tech multinationals are increasingly establishingproduct teams in India, fostering innovation,” the report noted.

On the growth of GCCs in India, Sindhu Gangadharan, Chairperson, Nasscom said, “GCCs have rapidly evolved from beingoperational hubs to becoming true engines of innovation and strategic growth. Their maturity indigital capabilities, engineering excellence, and advanced technology solutions is trulyremarkable. As they advance along the maturity curve, they are increasingly positioned to leadglobal agendas, secure critical managerial roles, and shape decision-making processes, settingthe stage for India to become a global leader in digital transformation and sustainable businesspractices.”

On the outlook, the report said the GCC market in India is estimated to grow to $99-105 billion, with the number of GCCsreaching 2,100-2,200 and headcount rising to 2.5-2.8 million by 2030.