India's global centre market to grow to $105 billion by 2030, says Nasscom-Zinnov report
By Haripriya Suresh
BENGALURU, Sept 11 (Reuters) -The market size of India's global capability centres (GCCs) is likely to grow to $99 billion-$105 billion by 2030 from $64.6 billion in fiscal 2024, according to a report by IT industry body Nasscom and consulting firm Zinnov released on Wednesday.
India's GCCs have evolved from low-cost outsourcing hubs to local offices of global companies supporting their parent organisations in multiple functions, including daily operations, finance, research and development.
This has encouraged more multinational companies to set up local offices and boost hiring, a trend that is expected to grow exponentially in the coming years.
U.S energy firm Chevron CVX.N and French pharma company Sanofi SASY.PA recently committed around $1.4 billion cumulatively to set up or expand their GCCs.
The report estimates the number of companies with GCCs in India to grow to around 2,100-2,200 by 2030, employing 2.5 million to 2.8 million people.
Currently, that number stands at around 1,700 companies with 1.9 million people in their employ in India.
The growth has been driven by the scale and quality of the talent pool, given India's status as one of the oldest offshoring ecosystems globally, said Namita Adavi, partner of the India GCC Consulting Practice at Zinnov.
This has "created a flywheel effect in terms of the talent that is being churned out."
Adavi expects the growth to come from sectors such as retail, healthcare and pharma, among others. Currently, software and internet, and the banking, financial services, and insurance (BFSI) segments have the biggest presence in the country.
Leadership roles based in India are also expected to balloon to more than 30,000 by 2023, from the current 6,500, the report said.
Reporting by Haripriya Suresh; Editing by Janane Venkatraman
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