India’s IT giants to expand global outsourcing market shares
BENGALURU, INDIA — Industry insiders expect Indian tech giants Cognizant, Infosys, and Tata Consultancy Services (TCS) to expand their shares in the global outsourcing market this financial year due to leadership shifts and significant deal acquisitions.
Cognizant, under new CEO Ravi Kumar, is particularly expected to recover from previous underperformance.
Though facing leadership and organizational hurdles, TCS is projected to boost its share. Infosys, meanwhile, is likely to secure large deals, a critical factor in augmenting revenue growth.
“Historically, TCS, Infosys, and Cognizant have been able to add share in difficult times. Cognizant looks well positioned to regain share with Ravi Kumar changing the focus and moral,” said Peter Bendor- Samuel, CEO of global consultancy firm Everest Group.
According to anonymous sources, Indian IT majors are also accelerating their sales efforts concerning large deal teams to corner a more significant share of the outsourcing market.
This news comes as rating agency Crisil predicted a modest growth outcome — around 10-12% — for the Indian IT industry this FY24.
Crisil added that large-cap IT firms would unlikely achieve double-digit revenue growth this year.
Other sources told Bizz Buzz that large service providers would benefit from clients consolidating their IT operations with one vendor instead of distributing it among many tech players.
