Hyderabad has emerged as a top contender for startups in India, second to Bengaluru, which has been the preferred destination for the country’s technology industry for years.
According to a report by Anarock Property Consultants, office space in Hyderabad has witnessed a surge in absorption in the IT and allied sectors. In the first half of the financial year 2022-23, Hyderabad outperformed Bengaluru in adding new office space, with 8.2 million square feet added, accounting for 34% of the total new office supply across the top seven cities.
India’s largest tech-enabled marketplace for flexible office space received approximately 20% more leads for coworking space in Hyderabad than in Bangalore for the year 2022. According to various experts, the increased affordability and robust infrastructure are factors that boost growth in Hyderabad.
Hyderabad is currently the second-largest hub for IT companies in India after Bangalore. The IT and ITeS sector has seen a steady increase in Telangana, with a CAGR of 11.32% from FY 2013-2014 to FY2021. The city has a well-developed infrastructure with specially-constructed software parks and an uninterrupted power supply supporting incoming companies.
In 2021, India witnessed a significant surge in its tech startup industry, adding 2,250 startups and 42 unicorns in a single year, surpassing the US and China to become the world’s third-largest startup ecosystem.
Hyderabad is soon becoming the destination for India’s tech industry. According to a report by Savills, a UK-based real estate services company, Hyderabad is becoming the economic powerhouse of India due to its robust ecosystem in IT, pharma, life sciences, and real estate.
The report predicts that revenues from the life sciences sector in the state will reach $40-50 billion by 2030, which is 3-4 times the current levels.
In addition, Hyderabad’s electric vehicle ecosystem is expected to see $3-4 billion in investments and employ over 100,000 people by 2030.
The creation of a world-class Telangana Mobility Valley (TMV) is seen as a big step in this direction. The proactive government policies such as the ICT Policy 2.0, Telangana Electric Vehicle and Energy Storage Solution Policy, Space-Tech framework, state-wide optical fiber network, and Growth in Dispersion (GRID) policy, have played a vital role in Hyderabad’s growth story.
Hyderabad, also serves as a home to the headquarters of major tech giants such as Microsoft, Facebook, and Google. The city is also host to the largest warehouse of a global e-commerce company capable of stocking two million products.
In conclusion, with its rapidly growing IT and startup ecosystem, along with its favourable business environment and affordable cost of living, Hyderabad is poised to become the next IT hub of India. With new office space in Hyderabad increasing month by month, it is not far-fetched to say that Hyderabad could potentially surpass Bangalore as the preferred destination for the technology industry in the country. The city’s bright future is a testament to its unwavering commitment to creating a thriving ecosystem for businesses and entrepreneurs. #hydnews #hydkhabar #newsforhyderabad
(Author: Piyush Kumar from Qdesq)
