Global Capability Centers (GCCs) are offering salaries up to 20% higher than IT services companies, according to TeamLease Digital’s latest report, "Digital Skills & Salary Primer for FY 2025." The report highlights significant investments in AI, machine learning, cybersecurity, and data management planned for the fiscal year 2025.
Despite the industry's rapid expansion, a persistent gender pay gap of 10-17% remains in tech roles, with some positions showing disparities as high as 22-30%.
The sector is on track to reach $350 billion in revenue by 2025, driven by a surge in investments in emerging technologies like AI, machine learning, and blockchain, which totalled over $9 billion in 2023 alone.
This growth presents vast opportunities for skilled professionals while underscoring the urgent need to address the gender pay gap and foster a more equitable workplace.
Neeti Sharma, CEO of TeamLease Digital, emphasised the importance of addressing this issue: "While the Indian tech sector is experiencing unprecedented growth, it's crucial to ensure a fair and equitable workplace for all. Addressing the gender pay gap is a critical step towards creating a more inclusive and diverse industry."
Key findings from the report include:
- Cloud investment is expected to grow by 25-30% over the next five years.
- 70% of companies in telecom, media and entertainment, BFSI, and energy and utilities sectors are allocating more than 20% of their technology budgets to digital advancements.
- Product Management and Data Science roles command the highest salaries across most cities in India.
- Top critical and popular tech job roles include Data Science, Data Analytics, Cybersecurity, Cloud Computing, DevOps, and Data Engineering.
The report also predicts that India will welcome 800 new GCCs in the next 5-6 years, highlighting the country's growing prominence as a global tech hub. Currently, India hosts over 1,600 GCCs employing approximately 1.66 million professionals.
Despite the industry's growth, the report identifies a significant skills gap. Only 2.5% of engineers in India possess AI skills, and merely 5.5% are qualified with basic programming abilities. In response, 86% of Indian businesses are actively reskilling their IT workers.
"By H1CY25, approximately 85% of high-tech companies and over 70% of firms in telecom, media, entertainment, BFSI, and energy sectors will dedicate substantial portions of their technology budgets to digital advancements," Sharma added. "This strategic alignment positions India not just as a participant but as a leader in the global technology arena."
The report also highlights that women's representation in the tech workforce is set to rise from 25% to 35% in GCCs by 2027.