With more Global Capability Centre (GCC) installations in the State capital than in Bengaluru in the first half of 2023, the city has once again cemented its position as the top location for businesses to open new locations or expand current ones. During this time, more than 40 international businesses opened or increased their Acceleration Centres, Centres of Excellence (CoEs), Centres of Innovation, and R&D Centres in hyderabad, according to Dallas-based research and analytical company Everest Group.
The increase in technology-related occupations in the city also reflects this trend. In terms of the total number of technology employment in India, Hyderabad's share increased from 33% to 44% between 2021 and 2022. According to a blog post by Everest Group, the demand for non-tech services is increasing at the same time, indicating positive investor confidence.

It stated that the city has demonstrated impressive growth and resilience over the past two years, recording one of the highest growth rates for global service delivery in the nation. It further stated that regular interactions between top corporate executives and IT and industries Minister KT Rama Rao demonstrate the commitment to fostering a favorable business environment. The Minister's visit to the US in May produced a number of announcements about new center installations and expansions, including those from Charles Schwab Corporation, Mondee Holdings, Storable, Rite Software, Tekgence, and Zapcom.

Difference between hyderabad and Bengaluru 
It was stated that there were several variables that separated Bengaluru, sometimes referred to as India's Silicon Valley, from Hyderabad. Hyderabad's rise as a leading global services destination may be attributed to its strong government backing, modern infrastructure for offering sophisticated technical services, and top-notch talent. As a city that appears to be feeling the effects of the economic crisis, Bengaluru's environment is rather muted in comparison to Hyderabad's vibrant vibe. According to the site, the projected growth paths of the two cities reveal a dramatic contrast.

Hyderabad has long been a favorite among pharmaceutical companies, but its attraction has since spread to other industries. The city has also drawn a number of Fortune 500 behemoths from the manufacturing, professional services, retail, aerospace, and pharmaceutical industries throughout the years. hyderabad is diverse in many ways than just its industry. In actuality, a variety of services are provided to customers from various GCCs located in the city to all over the world.

FedEx is setting up an innovation center for supply chain optimization, Lloyds banking Group is using the space to provide cyber security services, and Goldman Sachs is growing its delivery footprint for business innovation and engineering services by hiring over 2000 full-time equivalent employees (FTEs). In addition, it stated that a number of other companies, including Apollo Tyres, DAZN, Ocugen, Pi Square, and Warner Bros. Discovery, are using the site for a range of services.

Hyderabad is also emphasizing on delivery of future technologies. A wide range of advanced services such as animation, Artificial Intelligence (AI), cloud computing, Internet of Things (IoT), Machine Learning (ML), Natural language Processing (NLP), Robotic Process Automation (RPA), visual effects (VFX), Augmented Reality (AR), and Virtual Reality (VR) are also being delivered by companies in the city.

Hyderabad's trend is becoming better with each subsequent quarter. The blog goes on to claim that in addition to having top-notch talent and first-rate facilities, the city has gained a reputation as a centre for education, home to internationally renowned universities like ISB, IIIT, and BITS Pilani.

More significantly, hyderabad provides a more reasonably priced lifestyle without sacrificing quality, in contrast to Bengaluru's exorbitant cost of living and notorious traffic congestion.

Hyderabad's skill and infrastructure have had a greater effect thanks to the government's constant support. The state government has put in place a number of programmes to promote growth and make the economic climate in the city more favourable.
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SIBY JEYYA

11/10/2023 08:45 AM