According to Gartner, India’s top five IT service providers registered a growth of 13.3 per cent growth to reach $34.3 billion. These companies exceeded the industry growth of 2 per cent in 2012.
Gartner points out that most of the leading IT service providers are based in India, even though there are exceptions, such as Genpact, Cognizant, Syntel and iGate, which are headquartered in the United States.
According to the research firm, Cognizant outpaced Infosys to become the second largest Indian IT services provider, while Tata Consultancy Services witnessed encouraging growth in 2012. The company is placed close to the top 10 worldwide IT service providers in terms of market share. The research firm says that in comparison to Indian IT service providers, the top 10 global IT service providers have larger base revenues and are more diversified.
For Indian IT service providers, revenue contribution from project-based and staff augmentation deals has continued to decline. However, the outsourcing service line component has steadily increased for these players in 2012.
