Desi IT companies double market share to 28% in 10 years

Bengaluru: India-headquartered IT services companies have doubled revenue market share from 13.9% in 2010-2011 to 28% in the 2021 fiscal, while the share of foreign-headquartered companies (Accenture, IBM, DXC, Atos, Capgemini and Cognizant) shrunk from 86% to 72% during the period. The cumulative revenue of the foreign-headquartered companies in the last decade grew to $151.6 billion from $148.8 billion, while revenues of India-headquartered firms rose to $59.3 billion from $24.1 billion.

The data is from HDFC Securities, which looked at the leading global players. Within the foreign-headquartered group, there were widely divergent performances. While IBM and DXC saw steep declines in their revenues and revenue shares, Accenture and Cognizant did very well. In the India-headquartered group,

, HCL and more than doubled their revenue shares, while ’s share went up to 6.1% from 3.5%.

Indian IT firms have been gaining market share for decades now. They were quick to adapt to the tectonic shift from mainframes through client server to mobile applications and the cloud native era.

They pioneered the global delivery model, and have massively grown their Fortune 1000 client base.

TCS had 48 clients at the end of the last fiscal who brought in an annual revenue of more than $100 million each, up from just 8 in 2010-11. Infosys now has 28 such clients, up from 11 a decade ago.

HDFC Securities deputy VP (research-institutional equities) Apurva Prasad said, while the last 10 years have seen several growth waves, broadly these have been driven by market expansion in Europe (continental), mining large accounts, execution excellence supported by strong delivery capabilities, and project management framework.