India to host over 620 new GCCs of Forbes 2000 companies by 2030: Report

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India will house over 620 new Global Capability Centres (GCCs) by 2030, which is over 32 percent of the Forbes 2000 enterprises, according to the ANSR Q3 GCC report.

ANSR helps companies build, manage, and scale GCCs.

The report said India has over 450 Forbes Global 2000, with around 825 centers, and employs close to 13 lakh professionals. The report highlights that not only large corporations but also mid-market players and smaller enterprises are setting up bases in India.

A GCC is a dedicated offshore unit established by a company in a foreign country to in-source IT and other related business functions.

“45 percent of Forbes Global 2000 GCCs have expanded their presence across multiple cities with multi-center operations,” ANSR said in a release.

Bengaluru remains the dominant GCC hub, hosting over 285 Forbes Global 2000 companies and employing more than 5.6 lakh professionals. Hyderabad follows closely, with over 110 Forbes Global 2000 companies, employing more than 1.9 lakh professionals, emerging as a key location due to its rich talent pool, state-of-the-art infrastructure, and business-friendly government policies.

Non-metro cities like Ahmedabad, Vishakhapatnam, Trivandrum, Kolkata, Bhubaneshwar, and Coimbatore find their name in the list of emerging cities, preferred for GCCs.

As of 2024, about 256 GCCs in India– that account for about 60 percent of the total captive share in the country are of North American origin, and over 125 GCCs are from Europe.

The BFSI sector dominates GCCs in India, followed by manufacturing and retail. There is also a strong focus on digital technologies, with 85 percent of GCCs engaged in digital commerce initiatives.

Newly set-up GCCs are prioritising advanced digital capabilities, with 90 percent focusing on AI/ML and data analytics, indicating a strong shift toward innovation-driven operations.

GCC Leasing

Over 8.2 million sq. ft. of space was leased by GCCs in Q3 2024, representing 44 percent of the overall office leasing in India, according to the report.

Unsurprisingly, Bengaluru led the pack, leasing 62 percent of the total space captured by GCCs in India. Hyderabad followed as the distant second choice with 15 percent share.

Companies like Walmart, Sanofi, NatWest Group, Flutter Entertainment, and Delta were key players in leasing activity.

“India's skilled workforce and expertise in emerging technologies like AI, data analytics, and cybersecurity make it a preferred destination for GCCs,” Vikram Ahuja, Co-founder ANSR, and CEO Talent500, was quoted as saying in the release.