Hyderabad city is today known for its IT and IT Enabled Services, Pharmaceuticals and Entertainment industries. Many call centers, Business process outsourcing(BPO) firms, dealing with IT and other technological services were set up in the 1990s making it one of the major regions for call center setups in India. Ramoji Film City, the largest film studio in the world is located on the outskirts of the city.

The development of a township with state-of-the-art facilities called HITEC City, prompted several IT and ITES companies to setup operations in the city. An aggressive promotion of growth in this area has led civic boosters to call the city "Cyberabad". Hyderabad has also been referred to as the second Silicon Valley of India next to Bangalore. IT exports from the city are expected to exceed Rs 12,500 crores ($ 2.5 billion) in the 2005-06 fiscal year. There have been extensive investments in digital infrastructure within the city promoting the setting up of several campuses by a vast array of companies within the city. This list includes several multinational corporations having established centres in the city. The major areas where such campuses have been setup include Madhapur and Gachibowli.

Hyderabad has been the front runner in terms of attracting huge investments from Fortune 500 Companies. Hyderabad is poised to become a global city after the city has clinched Semiconductor Fab deals from Intellect Inc, Semindia. Hyderabad has been selected as the location for India's first Fab City, a silicon chip manufacturing facility, being setup with an investment of $3 billion by the AMD-SemIndia consortium.