While traditional IT services companies face a slowdown, a ramp-up in the number of global capability centres (GCC) is serving India well. These offshore units, established by multinational companies, are taking on critical technology-driven tasks and creating exciting opportunities for tech talent.
What Are GCCs?
GCC, or global capability centers, are offshore units set up by multinational corporations. They handle a wide range of technology-related functions, from software development to data analytics. According to the 2024 Economic Survey, India may soon host 2,100 companies operating GCCs—a remarkable 31% increase since 2023.
These centers are poised to double their revenue in India, reaching a staggering $90 billion by 2028. The number of people employed by GCCs is also expected to more than double to 3.4 million in 2028 from around 1.6 million in 2023.
The GCC Advantage
As IT services companies struggle with a slowdown, GCCs are stepping up. They’re becoming a lifeline for fresh tech talent, offering employment opportunities even when traditional recruiters are scaling back.
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GCC already contributes over 1% to India’s GDP, and this share is expected to grow. Their impact extends beyond just job numbers; they’re driving economic growth.
While most tech talent in GCCs (58%) currently works in banking, financial services, and insurance (BFSI), these centers are diversifying. We can expect more roles in cutting-edge areas like artificial intelligence (AI), machine learning (ML), and cybersecurity.
The Challenge: Skilling the Workforce
To meet the demand for advanced tech skills, the existing workforce needs reskilling. Fields like AI, big data analytics, and cybersecurity require continuous learning.
India faces a significant skill gap rooted in its schooling system. Practical skills are often lacking, which hinders employability. Colleges must bridge this gap to prepare graduates for real-world competition.
While IT services may remain muted, the rise of GCCs promises a brighter future for tech enthusiasts and engineers alike!
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