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India's mid-tier IT firms gain share from industry goliaths

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BENGALURU : Mid-tier firms in India's $254 billion information technology sector took market share from industry goliaths in recent quarters as clients curtailed discretionary spending amid inflationary pressures and economic uncertainty, analysts said.

Figurines with computers and smartphones are seen in front of LTIMindtree logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

The practice has paid off in an environment of slowing demand in prominent markets such as North America and Europe. This should set the mid-tier IT firms up well as they try to win more budget-conscious clients in an economic backdrop where U.S. interest rates are expected to stay"higher for longer". Industry body Nasscom estimated overall revenue growth more than halved to 3.8 per cent last financial year.

"We are able to hold our own and win against the larger piers as clients are looking for competency and not scale," Dugar told Reuters.

 

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