$20 bn IT contracts up for renewal amid GenAI wave, global uncertainties

India's top six information technology (IT) services players, along with Nasdaq-listed Cognizant Technology, have deals worth at least $20 billion up for renewal this year, according to people familiar with the matter.

- AVIK DAS

Deals worth $14 billion were renewed in 2024.

These renewals are particularly significant as they come at a time when US-imposed tariffs and global macroeconomic uncertainties have created a cloud of uncertainties.

The deals are spread across verticals, such as banking, financial services and insurance (BFSI), retail, consumer packaged goods, and manufacturing. Most of these contracts—signed during or just after the pandemic—have a tenure of three to five years.

"There will not be many straight renewals, and many of these enterprises will try to go to the market to get some competitive bids," said Saurabh Gupta, president, research and advisory, HFS Research.