The top 5 Indian IT services providers grew 23.8 percent in 2011 while global growth for the IT services market grew at a slower 7.7 percent growth, notes Gartner.
On Monday, the research firm released its report stating revenue for the top 5 Indian IT services players--Tata Consultancy Services (TCS); Infosys; Cognizant; Wipro; and HCL Technologies--reached US$29.8 billion in 2011, from US$24 billion in 2010. The global market share of these players grew from 3.1 percent in 2010 to 3.5 percent in 2011.
Arup Roy, principal research analyst at Gartner, said in the statement: "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 US$100 million."
He added that 2011 marked a change of mindsets among European customers, particularly continental Europe, for offshore services. "Indian providers have historically found it more difficult to gain market share in the Western Europe IT services market than in the U.S. market, but, as a group, the top five increased market share in the region from 2.3 percent in 2010 to 2.8 percent in 2011."
The analyst also noted that while these Indian companies main customer segment is still the Fortune 1000 companies, they have expanded their services portfolios in recent years and have been cross-selling and up-selling their application services client base with offerings such as infrastructure services, business process outsourcing (BPO) services, cloud and analytics services.
In 2011, TCS maintained its lead as the top Indian IT services provider with US$9 billion revenue, a 29.4 percent jump from US$7 billion in 2010, and was ranked 16 in the global IT services provider ranking. Last month, the company announced that it was the first Indian IT firm to cross the US$10 billion revenue milestone.
The second-largest Indian IT services provider, Infosys, maintained its No. 26 global ranking with US$6.3 billion in revenues--an increase of 17.8 percent from US$5.3 billion in 2010.
Cognizant overtook Wipro in revenues to become the third-largest among Indian IT services players. Ranked No. 27 globally, Cognizant took in US$5.9 billion in revenues at a 33.3 percent year-on-year growth from US$4.4 billion in 2010. At No. 31 in global ranking, Wipro's revenue was US$5.3 billion, an increase of 12.3 percent from US$4.8 in 2010. HCL Technologies was No. 46 in global ranking with a revenue of US$3.3 billion, growing 26.2 percent from US$2.6 billion in 2010.