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New entrants and expansion of existing GCCs in Q4 CY2023
New entrants and expansion of existing GCCs in Q4 CY2023

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India has been the go-to destination for GCCs for long now. The success of attracting multiple global companies to India can be attributed to several factors such as skilled and diverse talent pool, supportive policy environment, cost competitiveness etc.

The year 2023 started on a tumultuous note, with recessionary warnings, interest rate hikes, geopolitical tensions, inflation etc., hampering global expansion plans. As the year progressed, Q4CY2023 data revealed a slight slowdown in growth compared to Q3CY2023. During Q4CY2023, 10 new centres were established across various Tier 1 and one Tier 2 city as well.

 

New GCCs set up in Q4CY2023

About 60% of the new GCCs in Q4CY2023 included all three functional areas – ER&D, IT, and BPM. ~50% of new GCCs set up in CY2023 are US headquartered. In addition, semiconductors accounted for ~30% of the new GCCs established in CY2023. This is followed by Software and Internet and Industrial verticals.

 

GCC 10

 

Some prominent names for new GCCs that opened in Q4 include Hitachi Energy, Sandoz, DocuSign, SignatureIP, Atmus etc. Out of the 10 new GCCs, 9 are in Tier 1 cities of Bengaluru, Hyderabad, Chennai and Pune, and one in Tier 2 city of Bhubaneshwar.

 

Expansion of existing GCCs in Q4CY2023

5 existing GCCs expanded their presence in India in Q4Y2023, 3 of them in Tier 1 cities of Hyderabad and Pune and the remaining two in Coimbatore and Kolkata. Automotive and Professional services verticals accounted for 40% each of the centre expansion. Some prominent names which expanded presence include Mahle, Toyoda Gosei, KPMG, FedEx, and Advantech.

 

GCC 11

 

India has consistently emerged as the key destination for global companies to drive innovation, access skilled talent, groom future leaders, and build world class products.

 

To know more about the GCCs in Q4CY2023, download the report from the following links –

Nasscom Community https://community.nasscom.in/communities/nasscom-insights/india-gcc-trends-quarterly-analysis-q4cy2023

Nasscom Websitehttps://nasscom.in/knowledge-center/publications/india-gcc-trends-quarterly-analysis-q4cy2023


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Vandhna Babu
Principal Analyst - Research

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