India Emerges as a Global Hotspot for Capability Centers
The GCC market in India is expected to grow at a CAGR of 20% from 2024 to 2027, driven by increasing demand for digital transformation, data analytics, and innovation. Technology-centric GCCs have been particularly prominent, representing 40% of total leasing activity and occupying over 56 million sq ft of office space since 2021. Other sectors, such as banking, financial services, insurance (BFSI), engineering, and manufacturing, have also shown significant interest in establishing GCCs in India.
In 2024, India will continue solidifying its position as a premier destination for Global Capability Centers (GCCs), attracting multinational corporations and smaller enterprises. The country's unique blend of cost-effectiveness, skilled talent, and stable business environment makes it an ideal location for companies seeking to establish or expand their GCC operations.
Recent trends indicate a surge in mid-sized GCCs, employing between 1,000 and 2,000 personnel, setting up operations in India. This follows the lead of larger corporations, which have already established a strong presence, with some employing up to 15,000 people. These GCCs handle a range of functions, from customer support and data analysis to advanced research and development projects.
Interestingly, 75% of GCCs in India are focused on delivering high-value services, such as engineering, research, and development. Additionally, 60% of GCCs have established innovation labs to drive digital transformation and innovation. The average salary for GCC professionals in India is 20% higher than the national average, making it an attractive destination for talent.
Industry experts note that smaller businesses increasingly adopt the GCC model to scale operations, enhance productivity, and remain competitive. These newer GCCs are often multifunctional from the outset, leveraging lessons from established models to focus on higher value-added tasks. The GCC landscape in India has evolved significantly since the late 1990s, and today, advancements in technology, data-driven customer insights, and innovative leadership are attracting a new wave of GCCs to India.
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