The GCC industry is also expected to hire around 2.6 million people in India by the end of 2030, the report by consultancy firm EY said.

Riding on software exports, India’s Global Capability Centre (GCC) market size is set to increase by 144% to $110 billion by 2030, from the current $45 billion, said a report on Thursday.

The GCC industry is also expected to hire around 2.6 million people in India by the end of 2030, the report by consultancy firm EY said.

By 2030, India will likely have 2,400 GCCs and that number can potentially increase to 2,550. The number of new GCC set-ups every year can jump up to 115 from the current 70 per annum, it said.

The Indian GCC industry is expected to have a headcount of over 4.5 million people by 2030, compared to the current base of about 1.9 million. According to the report, titled ‘Future of GCCs in India – A Vision 2030’, India has an excellent opportunity for GCCs and startups to work together as it accelerates the entire innovation journey.

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GCCs are captive centres of global companies that are headquartered outside India. They handle operations like R&D, back-office, customer support and IT support to enhance the productivity of their parent companies.

Arindam Sen, partner and GCC sector lead – technology, media and entertainment and telecommunications, EY India said, “GCCs are expanding their operations across different cities in India, while exploring new areas of service and hiring talent with niche skill- sets. With the increasing number of global leadership roles based in India, GCCs will continue to move up the value chain through innovation, product development and digital transformation.”

The report said India, US and China lead in terms of ease of hiring talent. But as far as cost of operations are concerned, India, Tunisia and the APAC region remains lower compared to the rest of the world. “Hence, we see multinationals across the globe looking at India as a go-to destination to set-up or expand their operations, with the US companies leading the way”, said the report.

https://www.financialexpress.com/industry/indias-gcc-market-to-hit-110-bn-by-2030-says-ey-report/3118909/