India’s GCC market to hit $105bn by 2030: Can Hexaware capture a bigger share with SMC Squared?

India’s Global Capability Center (GCC) industry, which has evolved from cost arbitrage to a strategic digital innovation hub, is projected to hit $105 billion by 2030. The growth is being fueled by multinational corporations building advanced captive centers for AI, cloud engineering, cybersecurity, and data science. Hexaware Technologies, a mid-tier IT services and business process player, has stepped up its ambitions in this high-potential space with its acquisition of SMC Squared, a U.S.-based specialist in establishing and operating GCCs for global enterprises.

The deal, announced earlier this year, is a strategic bet by Hexaware to diversify beyond traditional IT services and position itself as a key partner for companies seeking next-generation GCCs in India. By integrating SMC Squared’s expertise in high-performance center design and governance with its own automation, AI, and cloud capabilities, Hexaware is aiming for larger digital transformation deals in high-value verticals such as healthcare, banking, and retail.

How will Hexaware’s acquisition of SMC Squared strengthen its GCC market positioning as India’s outsourcing landscape scales to $105 billion by 2030?

SMC Squared has earned recognition for its build-operate-transfer (BOT) model, which combines U.S.-based governance with Indian talent pools to create high-performing, cost-optimized GCCs. This model resonates with global firms seeking operational control, IP security, and faster scaling. Hexaware’s integration of this proven methodology provides it with a ready-made blueprint to win over clients who might otherwise engage with larger incumbents like Tata Consultancy Services (TCS), Infosys, or Cognizant.

According to industry analysts, nearly 70% of all new GCCs established by 2030 will be digital-first, with a focus on AI model training, predictive analytics, and cybersecurity operations. Hexaware already has strong automation and cloud-native engineering practices, and adding SMC Squared’s consulting-led GCC expertise could make it a serious competitor in this niche. Market observers believe this acquisition positions Hexaware to offer end-to-end GCC lifecycle services—from strategic advisory and center setup to ongoing operational optimization.

The move also aligns with a broader shift in the outsourcing market. Global enterprises are increasingly preferring hybrid BOT models that reduce dependency on third-party vendors while retaining strategic control over digital transformation initiatives. By combining SMC Squared’s governance framework with its own managed services expertise, Hexaware can pitch a compelling value proposition: operational autonomy for clients, but with the speed and scalability of an experienced IT services player.

Strategic relevance in India’s rapidly evolving GCC landscape

India’s GCC market has matured significantly in the last decade, transforming from cost-saving back-office hubs into strategic innovation centers. BFSI and healthcare, two sectors where Hexaware has strong domain depth, are projected to see the highest GCC-driven investments by 2030. SMC Squared’s portfolio of U.S.-based healthcare and retail clients provides Hexaware with immediate cross-selling opportunities in automation, digital engineering, and AI-driven customer experience.

Additionally, Hexaware’s relatively smaller size compared to top-tier IT firms could be an advantage in winning mid-sized GCC deals where agility and personalized governance are valued over scale. Analysts tracking the GCC ecosystem suggest that mid-tier players with consultative, high-touch models will benefit disproportionately as global enterprises experiment with smaller, innovation-focused centers before scaling.

What this means for Hexaware’s future growth trajectory

If Hexaware can execute this integration effectively, it could significantly boost its positioning in the $105 billion GCC opportunity. Analysts believe that by 2027, Hexaware could target a 5–7% market share in digital-first GCC services, translating into hundreds of millions in incremental revenue. Its ability to cross-leverage automation and AI tools across SMC Squared’s BOT clients will be critical to capturing high-margin contracts.

However, competition will remain fierce, with large incumbents continuing to dominate mega-deals and emerging startups offering niche GCC advisory services. The success of this acquisition will depend on how quickly Hexaware scales SMC Squared’s operational model across industries and builds credibility with global CFOs and CTOs looking for strategic partners in India.

Looking ahead, Hexaware’s move suggests it is evolving from a traditional IT outsourcing player into a GCC transformation partner. As digital-first enterprises continue to reimagine captive centers as innovation hubs rather than back offices, this strategic pivot could redefine Hexaware’s growth story in the coming decade.