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India GCC Trends – Quarterly Analysis Q4CY2023

India has firmly established itself as the go-to-destination for Global Capability Centres (GCCs), attracting an increasing number of global companies seeking to leverage the country’s unparalleled advantages. 2023 started on a tumultuous note and that led to a dip in GCC growth during the first half of 2023. Yet we witnessed a resurgence in Q3CY2023.

The latest Q4CY2023 data revealed a slight slowdown in GCC growth compared to Q3CY2023, but despite that, there is a continued interest from global companies continues, which underscores the long-term confidence that business have in India.

The Q4 update on nasscom-Zinnov GCC trends assesses the developments during Q4 of 2023, with a focus of semiconductor industry. Through case studies of well-established and mature GCCs in the segment, this edition emphasizes on India’s much coveted mature ecosystem, and GCCs being indispensable parts of HQ.

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Key Findings

01

  • In Q4CY2023, India saw establishment of 10 new GCCs, a slight decline from 19 in Q3CY2023.
02

  • The nasscom-Zinnov GCC Intensity Index rating is “Medium” for Q4CY2023 for this quarter basis on multiple parameters such as such as no. of new GCCs, expansion of existing GCCs, industry verticals, functions, tiers, locations, HQ location, work profile, etc.
03

  • Approximately 60% of the new GCCs established in India have all three functional areas - namely ER&D, IT, and BPM, in Q4CY2023.
04

  • In Q4CY2023, ~ 30% of the new GCCs established in India were from the Semiconductor vertical. US-headquartered MNCs accounted for ~50% of the new GCCs.
05

  • Artificial Intelligence, Machine Learning, Advanced Analytics, Cybersecurity, ADAS solutions, in-vehicle infotainment, AI hardware solutions, powertrain, foundational IP solutions were some of the major focus areas for the new GCCs as well as the new centers for existing GCCs in Q4CY2023.

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