About 80% New GCCs Prioritise AI, ML Capabilities For Unprecedented Growth: Report
A report on Friday revealed that about 80 per cent of new global capability centres (GCCs) are prioritising artificial intelligence (AI) and machine learning (ML) capabilities for their unprecedented growth.
The report said that India commands over 50 per cent of the global GCC market, with an estimated 5,000 global leadership roles situated in Indian GCCs.
The study emphasised that India's unique mix of abundant tech talent, robust start-up ecosystem and continuous government support, remains the most preferred destination of choice to set up a GCC.
It also found that tech hubs like Bengaluru and Hyderabad have solidified their positions as major GCC hubs, boasting over 30 per cent and 19 per cent GCC presence, respectively. Following closely behind Delhi (15 per cent), Mumbai (12 per cent), Pune (10 per cent) and Chennai (9 per cent). GCCs have a presence in more than 15 locations apart from these 6 tier-1 hubs.
The study also discovered Gujarat International Finance Tec-City (GIFT City) in Ahmedabad as an emerging attractive destination. The regulatory environment at GIFT SEZ offers benefits such as competitive taxes, streamlined business processes, relatively lower operational costs and top-notch infrastructure.
Shedding light on the new GCC capabilities and functions the study underlined that the industry is experiencing a significant diversification in demand and capability functions, driven by a wide-ranging influx from various sectors. Beyond corporates, significant demand drivers are emerging from sectors like healthcare (21 per cent), hitech (21 per cent), BFSI (14 per cent), manufacturing (14 per cent) and retail (7 per cent).
The report indicated India's anticipation of a robust 7 per cent GDP growth in FY 2024. Despite this, global economic challenges have resulted in reduced salary increments, a funding winter for startups, cost control measures and layoffs in the product and services sector. Consequently, GCCs are emerging as an attractive option for talent migration.
