BFSI overtakes tech in GCC leasing for the first time; hits record 44% share in Q2 2025

New Delhi [India], August 12 : Reflecting a structural shift in India's Global Capability Centers (GCC) landscape, the Banking, Financial Services, and Insurance (BFSI) sector emerged as the leading contributor to GCC leasing activity in April-June 2025, accounting for 44 per cent its highest-ever quarterly share surpassing the technology sector's 17 per cent.

Data analysis of global commercial real estate consultancy firm CBRE shows that the BFSI sector overtook technology for the first time in the second quarter (Q2) of 2025.

The surge was driven almost equally by financial services & investment firms (49 per cent) and global banks (48 per cent) expanding their India footprint.

This marks a sharp rise from BFSI's modest 8 per cent share in 2022, as global firms are tapping India's skilled talent pool, cost advantages, and policy support amid rapid digitisation of financial services.

GCCs, also known as Global In-house Centres (GICs) or Captive Centres, are fully owned and integrated hubs established by multinational corporations in talent-rich locations to build value and intellectual property.

They leverage global talent pools and technological advancements to enhance organisational capabilities and drive business transformation.

With over 1700 GCCs in 2023-24, which is expected to rise to over 2200 by 2030, India has become a prominent destination for the MNCs to set up their centres.

Major business centres such as Pune, Mumbai, Chennai, and Delhi-NCR have emerged as BFSI GCC hotspots, the CBRE added.

Interestingly, in contrast, technology's share has fallen from 44 per cent in 2022 to 24 per cent in 2024, with quarterly performance showing volatility. Engineering & Manufacturing also saw a steep drop, from 25 per cent in Q1 2024 to just 6 per cent in Q2 2025.

Commenting on the observation, Anshuman Magazine, Chairman & CEO for India, South-East Asia, Middle East & Africa at CBRE, said, "Global Capability Centres (GCCs) in India have transformed into sophisticated and multi-functional strategic hubs. While the technology sector remains a primary driver of this growth, leasing is becoming increasingly broad-based as global banking and financial services firms expand their presence."

"The convergence of India's young and skilled IT workforce, inherent cost-effectiveness, and a supportive policy environment, coupled with the rapid digitisation of the banking and financial sectors, positions India as an attractive and strategic destination for these global corporations," he added.

He further added that the leasing by BFSI GCCs is poised to grow rapidly in the coming years.

According to the estimates, in Financial Year 2024, GCCs generated approximately USD 64.6 billion in export revenue: a 40 per cent increase from USD 46 billion in FY23.

GCCs have evolved from cost-saving units to strategic hubs driving innovation, operational efficiency, and business growth. GCCs are strategically located in countries like India, offering access to diverse talent pools, robust ecosystems, and favourable business environments.

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