Telecommunications is the largest industry vertical in India in terms of revenue for IT service providers such as Infosys, TCS, Wipro, among others, according to Arup Roy, VP – Analyst at Gartner.
BFSI (Banking, financial services and insurance), manufacturing and Government are the other top industry verticals in India for IT service providers.
The size of the India IT services market will be $22.03 billion in 2023 as compared with $20.57 billion in 2022 and $19.20 billion in 2021, according to the latest Gartner report.
IT services firms
Infosys has generated 12.3 percent of its annual global revenue from Communications business during July-September 2022.
Tata Consultancy Services (TCS) has generated 6.7 percent of its annual global revenue from Communication & Media verticals during July-September 2022.
Wipro has generated 4.9 percent of its annual global revenue from Communications business during July-September 2022.
Infosys, TCS, Wipro, among others, do not reveal their specific revenue from the telecom verticals in India.
The latest IDC report said the value of Indian domestic IT and business services market increased 7.4 percent to $7.15 billion in the first half of 2022 compared to 6.4 percent in H1 2021.
“With investments in the cloud continuing to rise, enterprises also continue investing in data analytics and AI/ML for better decision making and IT security to improve their overall security posture,” Harish Krishnakumar, Senior Market Analyst, IT Services, IDC India, said.
Leading Indian telecom operators include Reliance Jio, Bharti Airtel, Vodafone Idea, BSNL and MTNL. Reliance Jio and Bharti Airtel are in the process of rolling out 5G network in select cities across the country targeting retail and business customers.