GenAI deals rise for Indian IT firms, but far behind Accenture

DOMESTIC IT FIRMS have likely witnessed a slight increase in the number of generative artificial intelligence (GenAI) deals in the March quarter, analysts said. However, they remain far behind in securing significant contracts in the space compared to global giants like Accenture.

- PADMINI DHRUVARAJ

Cognizant, Tata Consultancy Services (TCS) and Infosys were among the top IT companies with increased number of GenAI deals in Q4, analysts said.

However, the total number of deals remains subdued in Q4 due to constrained discretionary demand as enterprises continue to be cautious about the macroeconomic outlook,a recent report by BNP Paribas Exane Research said.

In March, Nasdaq-listed Cognizant bagged eight deals, followed by TCS with seven and Infosys five.

March also witnessed heightened activity with companies announcing major collaborations and set up platforms for GenAI. Notable developments include HCLTech and TCS receiving Amazon Web Services' GenAI competency partner status, and Cognizant collaborating with Microsoft to integrate GenAI in healthcare administration.

However, despite these efforts, Indian IT companies are still far from securing large GenAI deals that could significantly impact their revenue.