Top IT firms grow global share in post-covid world

India's top two IT services firms expanded their global market share in the years since the covid outbreak, marking a spot of relief in a world upended by artificial intelligence (AI).

- Jas Bardia

Tata Consultancy Services Ltd (TCS) and Infosys Ltd sharply outpaced the global IT services industry in the four years beginning 2020, as they worked with hyperscalers and adapted to the post-pandemic world. While the global IT industry expanded 14% between 2020 and 2024 to touch $1.04 trillion, the two companies grew at more than double this rate, according to Pierre Audoin Consultants, a Paris-headquartered IT advisory firm. TCS and Infosys grew at 32% and 45% respectively to end the 12 months through March 2024 with $29.1 billion and $18.6 billion in revenue, gaining market share.

Their growth came at the expense of foreign companies like DXC Technology, International Business Machines Corp and Fujitsu, each of which lost market share due to internal restructuring and currency depreciation. Accenture and Infosys were the biggest beneficiaries in these four years, according to PAC.

Dublin-headquartered Accenture's market share jumped 120 basis points to 5.7% at the end of 2024, whereas Infosys grew faster than each of the country's four largest IT service providers in these four years.