The year has, however, been most challenging to global software majors Infosys and Wipro, which have gone through a change in top management and facing the heat of competition from global peers, including TCS and US-based non-resident Indians (NRIs) funded Cognizant Technology Solutions Corporation.

First time in many years, Infosys halved its annual revenue forecast to five percent in July in April. Also, its strategic shift to 3.0 version is yet to make impact on its marquee clients for cutting big deals.

It bought the Zurich-based consulting firm Lodestone for $349 million (1,932 crore) September 11 for strategic fit.

Sailing in the same boat, Wipro too went through a management rejig and in the process took time to get its act for clinching new deals and driving volume growth.

In a strategic move in November, the company decided to hive off its non-IT business into a separate entity from next fiscal (2013-14).

In contrast, TCS has been able to maintain double digit growth on annualized basis with better pricing and flexible billing. It also became the first IT major to cross the $10-billion revenue milestone early this year.

The industry as a whole managed to grow in double digit this fiscal (2012-13) so far though less than 16 percent last fiscal (2011-12), unlike the global financial crisis in 2009-10 when the sector's export growth rate slumped to single digit (six percent).

"We feel the worst is behind us and hope for a turn-around of the global economy in 2013 to fuel higher growth in the industry, as technology is increasingly becoming an integral part of every industry," said Mittal.

Industry highlights in 2012:

--Global and local factors affect industry growth rate as IT budgets pared

--Industry to maintain double digit growth despite slowdown

--Domestic market to grow better than export markets due to steady demand

--Infosys & Wipro most affected while TCS & Cognizant breathe easy

--TCS first IT firm to cross $10-billion revenue mark