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Top 5 Indian IT Services Cos Grew 23.8%: Gartner

The top five India-based IT services providers grew 23.8% last year compared to the 7.7% growth logged by the overall global IT services market, research firm Gartner said on Monday.

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Nasdaq-listed Cognizant, which displaced Wipro to become the third-largest Indian IT services provider recently, saw the highest growth rate of 33.3% among the top five IT service providers in 2011, Gartner said in a statement.

Though Cognizant is not listed in India, 75% of its over 1.3 lakh employees are based in India.

"2011 signalled a change in the mindset of European buyers, particularly Continental Europe for offshore services," Gartner Principal Research Analyst Arup Roy said. Indian providers have historically found it more difficult to gain market share in the Western Europe IT services market than in the US market but, as a group, the top five increased market share in the region from 2.3% in 2010 to 2.8% in 2011, he added.

Top player Tata Consultancy Services (TCS) saw a 29.4% growth in revenues in 2011, over 2010, while Infosys registered a 17.8% increase in revenues, Gartner said. Wipro and HCL Technologies registered growth of 12.3% and 26.2%, respectively, it added.

On average, tier-I providers dramatically outperformed the growth rates of tier-II and tier-III providers, despite the consolidation and acquisitions among some of the smaller firms, Gartner said.

There were some standouts, however, with Genpact up 27% and Syntel up 21%. Smaller providers were charged with creating a more compelling marketing message that went beyond labour arbitrage, the research firm added. “The top five Indian service providers have continuously chipped away market share from the large multinational corporation providers. In the past five years, they have been increasingly winning large outsourcing deals with a total contract value of more than $100 million,” Roy said.

However, in recent years, these top five providers have greatly expanded their service portfolios and have been cross- selling and up-selling their applicationservices client base with offerings like infrastructure services, BPO services, cloud and analytics services, he added.