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Indian IT growth outpaces global biggies
By siliconindia
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Thursday, 27 September 2007, 19:30 IST
Mumbai: According to a study by global research and analyst firm Gartner, at least two India-centric service providers are expected to figure among the global top 10 by 2010.
As per the report, Indian IT companies are yet to measure up to IT global giants. In 2006, the total market share of the top-10 global firms (includes IBM, EDS and Accenture) was 26 percent.
The top-six Indian-centric IT services provider - Satyam, Wipro, Infosys, TCS, Cognizant and HCL Technologies (referred to as SWITCH) accounted for 1.9 percent of the total $672 billion IT services market in 2006.
In 2001, they marked for a mere 0.5 percent of the $554 billion IT services market. The average annual growth rate of the SWITCH companies was 42.4 percent in 2006 compared with a 4.3 percent growth of the market leaders during the same period.
Partha Iyengar, Vice-President, Analyst and Regional Research Director, Gartner, said, "From being relatively unknown brands a decade ago, leading India-centric providers now offer formidable competition to the global players. Large outsourcers are now re-evaluating their preferred vendor rankings to include Indian companies, especially for multi-vendor engagements. If the India-centric IT service providers continue to grow at the current pace, at least two companies will be a part of the top-10 companies globally."
Despite IBM's $48 billion IT service revenues, its dollar growth year on year was less than $1 billion. On the other hand, TCS increased its revenues by over $1.2 billion in 2006 and achieved this increase from a revenue base that was 1/18th of IBM's revenue base.