MNC tech hubs` business grows to $ 28.3 bn in India |
India`s MNC tech centre, also known as global capability centre or the GCC had a market size of 28.3 billion dollars in 2018-19. According to a study by Nasscom, it was at 19.5 billion dollars in 2014-15. The compounded annual growth rate or CAGR is estimated to be nearly 10% which is faster than that of the IT services sector during this period. India has by far the biggest presence of GCCs in the world (the segment`s size has been estimated by multiplying the number of employees with the average cost of the employee). GCCs now employ more than 1 million people — up from 750 thousand in 2014-15. They account for a quarter of the total workforce in the country`s tech sector. There are over 1,250 MNCs with GCCs in India now, and among the latest entrants are Chinese smartphone players Oppo and Vivo, Koch Industries of the US, and Australian software company Atlassian. Most of the new GCCs in India and increasingly the older ones work in cutting edge areas like data analytics, AI, IoT, cloud and mobile.
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