AI-Led Projects To Make Up 20% Of Indian Tech Revenues By 2030: Report

Artificial intelligence is set to become the biggest growth driver for India’s IT services and software export industry, with AI-led projects projected to account for up to 20% of Indian tech firm revenues by 2030, according  to a new report released by investment banking and financial services firm Equirus.

Rather than posing a threat to the tech sector, AI is unlocking productivity gains, reshaping delivery models, and accelerating mergers and acquisitions.

According to the report, three clusters will drive the next wave of M&A:

AI Enabled Delivery: Tech services firms will increasingly acquire companies with proprietary IP, automation frameworks, and AI-first delivery models, strengthening their competitiveness in global markets.

AI-Enabled Platforms: Software platforms that embed AI into product architecture early will see higher revenue momentum and strong investor interest, Equirus said, leading to increased acquisition activity.

AI Skill Advancement: With AI talent becoming critical, large IT firms are seeking acquisitions in AI training, certification, and workforce-upskilling companies, in India and overseas.

The report also noted that India’s GCC market has more than doubled over the last five years, driven by talent depth and cost efficiency.

“We forecast GCCs to surpass $100 billion by FY2030, as companies move high value work from outsourcing to in-house centres. Three key growth drivers underpin this story — government policy support, expansion into Tier-2/3 cities & vast availability of quality talent in India,” said Sandeep Gogia, managing director and sector lead – tech and digital, Equirus Capital.

AI adoption is playing a key role in improving unit economics, with platforms such as Zomato, Paytm, and Rategain experiencing 200–400 bps margin expansion from AI-driven operations automation. Governance improvements are also driving meaningful valuation re-rating for companies like Zomato and PB Fintech, said the Equirus report.