At time when the outsourcing giants acros the globe are managing hard to share 7.7 percent growth, top five India-based IT services providers grew 23.8 percent in 2011. According to Gartner report, " Market Share Analysis: India-Based IT Services Providers, Worldwide, 2011," Cognizant displaced Wipro to become the third-largest Indian IT services provider, experiencing the highest growth rate of 33.3 percent.
Arup Roy, principal research analyst at Gartner, was qouted-“2011 signaled a change in the mind-set of European buyers, particularly Continental Europe for offshore services.” The report also showcases that Indian providers have found it more difficult to gain market share in the Western Europe IT services market in comparison to the American market.
“The top five Indian service providers have continuously chipped away market share from the large multinational corporation providers,” Mr. Roy said. “In the past five years, they have been increasingly winning large outsourcing deals with a total contract value of more than $100 million. Their target customer segment still remains the Fortune 1000 companies, which is their ‘sweet spot.’ However, in recent years, these top five providers have greatly expanded their service portfolios 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.” [Gartner Press Release]