COMPANIES & PRODUCTS

Infosys
 Table of Contents

01 Overview Revenue of Tata Consultancy Services Limited worldwide 2005-2024 21

Revenue for Wipro FY 2015-2024 22
IT services global spending forecast 2008-2024 03
Revenue of the IT consulting & implementation industry worldwide 2018-2029 04
04 Special Focus: Artificial Intelligence
Managed services market size forecast worldwide 2023-2032 05
IT spending in India 2013-2024, by segment 06 AI market size worldwide from 2020-2030 (in billion U.S. dollars) 24

Contribution of Indian IT-BPM industry to GDP of India FY 2009-2025 07 Corporate investment in AI worldwide 2013-2023, by investment activity 25

Revenue of IT and BPM industry in India FY 2016-2024 08 AI investment in India 2013-2023 26

Number of AI startups in India 2024, by funding stage 27

02 Financials Funding for AI startups in India 2019-2024 28

Total funding of generative AI startups in India 2021-H1 2024 29
Revenue of Infosys worldwide FY 2014-2024 10
Deep tech AI and ML use cases in India 2023, by type 30
Revenue share of Infosys FY 2018-2024, by region 11
Revenue share of Infosys FY 2019-2024, by segment 12
Net profit of Infosys worldwide FY 2014-2024 13
Operating margin of Infosys FY 2014-2024 14
Infosys number of employees FY 2010-2024 15

03 Competitors
Leading IT services companies worldwide 2024, by brand value 17
Leading IT services and consulting companies in India 2024, based on net sales 18
Revenue of Accenture plc worldwide from 2009 to 2023 19
IBM global revenue 2011-2023, by region 20

1
CHAPTER 01

Overview
 Information technology (IT) services spending forecast worldwide from
2008 to 2024 (in billion U.S. dollars)
IT services global spending forecast 2008-2024

1,800

1,600

1,400
Spending in billion U.S. dollars

1,200

1,000

800

600

400

200

0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

3 Description: In 2023, spending on IT services amounted to around 1.5 trillion U.S. dollars worldwide. And in 2024 spending came up to 1.61 trillion U.S. dollars. Read more
Note(s): Worldwide; 2008 to 2024
Source(s): Gartner
 Revenue of the IT consulting & implementation market worldwide from
2018 to 2029 (in billion U.S. dollars)
Revenue of the IT consulting & implementation industry worldwide 2018-2029

100
92.95
90.12
90 86.52
83.05
78.89
80 74.89
Revenue in billion U.S. Dollars

70.08
70
63.29
60 57.02
53.94 54.34
51.5
50

40

30

20

10

0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

4 Description: The global revenue in the 'IT Consulting & Implementation' segment of the IT services market was forecast to continuously increase between 2024 and 2029 by in total 18.1 billion U.S. dollars (+24.17 percent). After the ninth
consecutive increasing year, the indicator is estimated to reach 92.95 billion U.S. dollars and therefore a new peak in 2029. Read more
Note(s): Worldwide; 2018 to 2029
Source(s): Statista; Statista Technology Market Insights
 Size of the managed service market worldwide in 2023 with forecast to
2032 (in billion U.S. dollars)
Managed services market size forecast worldwide 2023-2032

900
834.7
800
735.7
700
Market size in billion U.S. dollars

657.5
595.7
600
532.4
496
500
449.5
396.2
400
344.4
312.1
300 278.9

200

100

0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

5 Description: The global managed services market was valued at nearly 279 billion U.S. dollars in 2022. The largest market is North America, while the fastest growing market is Asia Pacific. Overall, the global managed services market is
expected to exceed 500 billion U.S. dollars in 2028. Read more
Note(s): Worldwide; 2022
Source(s): Market.us
 IT spending in India from 2013 to 2023, with an estimate for 2024, by
segment (in billion U.S. dollars)
IT spending in India 2013-2024, by segment

Data Center Systems Software Devices IT Services Communication Services

140

120
Spending in billion U.S. dollars

100

80

60

40

20

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024*

6 Description: In 2023, the spending in the information technology sector across India was above 112.55 billion U.S. dollars. It was projected that in 2024, the IT spending of India would reach more than 124.6 billion dollars. The IT-BPM industry
contributed about 7.5 percent to the GDP of the nation. The industry also generated a revenue close to 227 billion dollars in financial year 2022. Communication services and the devices have been the dominant segments of the IT industry. The IT
and ITeS firms of [...] Read more
Note(s): India; 2013 to 2023; *forecasted values Data from previous reports has also been used. Values have been rounded for clarity. Read more
Source(s): Gartner
 Share of Information technology/business process management sector in
the GDP of India from financial year 2009 to 2023 with estimate of 2025
Contribution of Indian IT-BPM industry to GDP of India FY 2009-2025

12%

10%
10% 9.5% 9.3%

8% 8.1% 7.9% 8%
8% 7.7% 7.8% 7.7%
7.5% 7.4% 7.5%

6.4%
Share of GDP

6.1%
6% 5.8%

4%

2%

0%
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2025*

7 Description: Being one of the largest offshoring destinations for different IT companies across the world, the business process management market in India is of considerable importance. The information technology/business process management (IT-BPM) sector had
contributed a share of about 7.5 percent to the GDP of the country in fiscal year 2023. And it was estimated by 2025, the share would increase to 10 percent. BPM is more like a discipline than a process that incorporates methods to [...] Read more
Note(s): India; FY 2009 to FY 2023; *estimated value India's financial year begins in April and ends in March. For example, FY 2016 started in April 2015 and ended in March 2016. Previous reports have been accessed for historical data. Read more
Source(s): India Brand Equity Foundation
 Revenue of the information technology and business process management industry in
India from financial year 2016 to 2023, with estimates until 2024 (in billion U.S. dollars)
Revenue of IT and BPM industry in India FY 2016-2024

300

254
250 245
227
Revenue in billion U.S. dollars

191 196
200
177
167
154
150 143

100

50

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024*

8 Description: The total revenue generated by the IT and BPM industry in India reached 245 billion U.S. dollars in 2023. The general upward trend during the presented period was mainly generated by the massive wave of outsourcing from foreign
companies. Read more
Note(s): India; FY 2016 to FY 2023; including domestic, export market, excluding hardware; *estimated value India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020. Read more
Source(s): MeitY (India); NASSCOM (India)
CHAPTER 02

Financials
 Revenue of Infosys Limited worldwide from financial year 2014 to 2024
(in billion U.S. dollars)
Revenue of Infosys worldwide FY 2014-2024

20
18.21 18.56
18
16.31
16
Revenue in billion U.S. dollars

14 13.56
12.78
11.8
12
10.94
10.21
10 9.5
8.71
8.25
8

0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

10 Description: In fiscal year 2024, the global revenue of Infosys Limited amounted to about 18.6 billion U.S. dollars, which was a slight increase in comparison to the 18.2 billion dollars last year. This makes Infosys one of the biggest IT services
and consulting companies in India. Read more
Note(s): Worldwide, India; FY 2014 to FY 2024
Source(s): Infosys
 Annual revenue share of Infosys from financial year 2018 to 2024, by
geographic area
Revenue share of Infosys FY 2018-2024, by region

North America Europe India Rest of the World

120%

100%

80%
Revenue share

60%

40%

20%

0%
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

11 Description: In financial year 2024, Infosys generated the most revenue in North America, with the continent contributing over 60 percent to the company's revenue. Infosys is an Indian information technology company. Infosys provides
information technology and outsourcing services as well as business consulting to its customers. Read more
Note(s): Worldwide, India; FY 2017 to FY 2024
Source(s): Infosys
 Annual revenue share of Infosys Limited from financial year 2019 to 2024,
by business segment
Revenue share of Infosys FY 2019-2024, by segment

Financial services Retail Communications

Energy, Utilities, Resources and Services Manufacturing Hi-Tech
Life Sciences Other

120%

100%

80%
Revenue share

60%

40%

20%

0%
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

12 Description: In financial year 2024, the financial services segment contributed the most revenue with a share of 27.4 percent. It was followed by the retail sector at 14.7 percent. Infosys is an Indian information technology company. Infosys
provides information technology and outsourcing services as well as business consulting to its customers. Read more
Note(s): Worldwide, India; FY 2019 to FY 2024
Source(s): Infosys
 Net profit of Infosys Limited worldwide from financial year 2014 to 2024
(in billion U.S. dollars)
Net profit of Infosys worldwide FY 2014-2024

3.5
3.17
2.97 2.98
3.0
2.62
Net profit in billion U.S. dollars

2.49
2.5 2.34
2.14 2.2
2.01 2.05
2.0
1.75

1.5

1.0

0.5

0.0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

13 Description: In fiscal year 2024, the net profit of Infosys Limited amounted to about 3.2 billion U.S. dollars. It was a slight increase in comparison with the previous year. During the presented period, a general increase could be observed with
minor fluctuation. Read more
Note(s): Worldwide, India; FY 2014 to FY 2024
Source(s): Infosys
 Operating margin of Infosys Limited worldwide from financial year 2014
to 2024
Operating margin of Infosys FY 2014-2024

30%

25.9%
25% 24.7% 24.5%
25% 24% 24.3%
22.8% 23%
21.3% 21.1% 20.7%
20%
Operating margin

15%

10%

5%

0%
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

14 Description: In fiscal year 2024, the operating margin of Infosys Limited amounted to 20.7 percent. It was a decrease for the third consecutive years. Infosys provides software development as well as maintenance and other services to
companies in many different domains, including insurance and finance. Read more
Note(s): Worldwide, India; FY 2014 to FY 2024
Source(s): Infosys
 Number of people employed by Infosys from financial year 2010 to 2024
Infosys number of employees FY 2010-2024

400,000

350,000 343,234
314,015 317,240
300,000
259,619
Number of employees

250,000 242,371
228,123
204,107
200,000 194,044 200,364
176,187
160,405
149,994 156,688
150,000 130,820
113,796
100,000

50,000

0
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

15 Description: In financial year 2024, the number of people working at Infosys was around 317 thousand. It was the first decrease during the presented period. For more than two decades, the number of employees of Infosys was steadily increasing.
Infosys Limited Based in Bangalore, Karnataka, India, Infosys is a multinational IT services and consulting company. Having an annual revenue of 18.6 billion U.S. dollars in fiscal year 2023, Infosys is India’s second largest software companies, trailing
only [...] Read more
Note(s): Worldwide; FY 2010 to FY 2024
Source(s): Infosys
CHAPTER 03

Competitors
 Ranking of IT services companies worldwide in 2024, by brand value (in
billion U.S. dollars)
Leading IT services companies worldwide 2024, by brand value

Brand value in billion U.S. dollars

2024 2023 2022 2021

0 5 10 15 20 25 30 35 40 45
26
Accenture 36.19
39.87
40.5
14.9
TCS 16.79
17.19
19.17
8.4
Infosys 12.78
13.01
14.21
IBM (IT 16.1
10.58
11.58
services) 12.1
6.75
Capgemini 8.17
9.76
10.21
5.1
NTT Data 5.76
8.92
8.93
8
Cognizant 8.74
8.63
8.64
5.5
HCL 6.1
6.54
7.57
4.3
Wipro 6.36
6.23
5.76
Fujitsu (IT 3.95
4.29
services) 4.33

17 Description: Accenture, with brand value of around 40.5 billion U.S. dollars, was the world’s most valuable IT services provider in 2024. IBM ranked fourth, with a brand value worth almost 12.1 billion U.S. dollars, while Capgemini ranked fifth.
Read more
Note(s): Worldwide; 2024
Source(s): Brand Finance
 Leading IT services and consulting companies in India as of June 2024,
based on net sales (in billion Indian rupees)
Leading IT services and consulting companies in India 2024, based on net sales

Net sales in billion Indian rupees

0 500 1,000 1,500 2,000 2,500

Tata Consultancy Services 2,023.59

Infosys 1,289.33

Wipro 667.92

HCL Technologies 481.18

Tech Mahindra 420.99

LTIMindtree 342.53

MphasiS 90.93

Presistent Systems 65.14

Coforge 48.49
Oracle Financial Services
47.85
Software

18 Description: Tata Consultancy Services was the leading information technology services and consulting company in India based on net sales with more than two trillion Indian rupees as of June 2024. TCS is an Indian multinational information
technology company with headquarters in Mumbai. Infosys was the second leading information technology company in the country the same year. Read more
Note(s): India; as of June 2024
Source(s): Moneycontrol
 Revenue of Accenture plc worldwide from 2009 to 2023 (in billion U.S.
dollars)
Revenue of Accenture plc worldwide from 2009 to 2023

70
64.11
61.59
60

50.53
Revenue in billion U.S. dollars

50
43.22 44.33
40.99
40
36.18
34.25
31.88 32.41
29.78 30.39
30 27.35
23.17 23.09

20

10

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

19 Description: In 2023, Accenture generated a record revenue of approximately 64 billion U.S. dollars, an increase of roughly 2.5 billion U.S. dollars compared to the previous year. The revenue of Accenture plc worldwide increased steadily from
2009 to 2021. In 2021, Dublin-based consulting firm Accenture generated approximately 44.5 billion U.S. dollars in revenue, up from 44.3 billion the previous year. Read more
Note(s): Worldwide; 2009 to 2023; For the fiscal years ending August 31
Source(s): Accenture
 IBM revenue worldwide from 2011 to 2023, by region (in billion U.S.
dollars)
IBM global revenue 2011-2023, by region

Americas Europe, Middle East, and Africa Asia Pacific

120

100
Revenue in billion U.S. dollars

25.27 25.94
22.92
80 20.22
16.87 17.31 17.1 17.11 16.43
60 33.95 31.78 31.63 30.7 11.52 11.7
26.07 24.77 24.4 25.49 11.29 11.61
24.44
40 17.95 18.49
16.77 17.45

20 44.94 44.56 43.25 41.41 38.49 37.51 37.64 36.99 36.27

27.12 28.3 31.06 31.67

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

20 Description: The Americas region is IBM’s greatest source of revenue with over 31 billion U.S. dollars generated in the region - around 50 percent of the company’s overall revenue. IBM's global revenue declined in the decade following 2011, with
the company struggling to adapt to shifting industry trends. IBM’s investments in the futureAlong with many other companies in the tech industry, IBM is in a period of transition from a legacy business in the technology sector to adapting its product
offerings [...] Read more
Note(s): Worldwide; 2011 to 2023
Source(s): IBM
 Revenue of Tata Consultancy Services Limited worldwide from 2005/06 to
2023/24 (in trillion Indian rupees)
Revenue of Tata Consultancy Services Limited worldwide 2005-2024

3.0

2.5 2.41
2.25
Revenue in trillion Indian rupees

2.0 1.92

1.64
1.57
1.46
1.5
1.18 1.23
1.09
1.0 0.95
0.82
0.63
0.49
0.5 0.37
0.28 0.3
0.19 0.23

0.0
2005/ 2006/ 2007/ 2008/ 2010/ 2011/ 2012/ 2013/ 2014/ 2015/ 2016/ 2017/ 2018/ 2019/ 2020/ 2021/ 2022/ 2023/
06 07 08 09 11 12 13 14 15 16 17 18 19 20 21 22 23 24

21 Description: The revenue of Tata Consultancy Services worldwide increased steadily during the financial years 2005/06 to 2023/24. For the fiscal year ending March 31, 2023, Tata Consultancy Services Limited generated a revenue of
approximately 2.4 trillion Indian rupees (or roughly 28.8 billion U.S. dollars). Read more
Note(s): Worldwide; 2005 to 2024; Fiscal year ends March 31
Source(s): Tata Consultancy Services
 Revenue for Wipro Limited from financial year 2015 to 2024 (in billion
Indian rupees)
Revenue for Wipro FY 2015-2024

1,000
909.35 897.94
900
795.29
800
Revenue in billion Indian rupees

700
613.4 622.43
589.06
600 554.18 546.36
516.31
500 473.18

400

300

200

100

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

22 Description: Wipro Limited had revenue of over 898 billion Indian rupees in the financial year 2024. It was the first time the revenue decreased in comparison with the previous year during the presented period. More than 98 percent of the
revenue was generated from existing customers. Wipro is one of the biggest IT services and consulting companies in India, ranked the third as of 2024, behind TCS and Infosys. Read more
Note(s): India; FY 2015 to FY 2024; consolidated figures.
Source(s): Wipro
CHAPTER 04

Special Focus: Artificial

Intelligence
 Artificial intelligence (AI) market size worldwide from 2020 to 2030 (in
billion U.S. dollars)
AI market size worldwide from 2020-2030 (in billion U.S. dollars)

900
826.73
800

700 667.74

600
In billion U.S. dollars

529.23
500
415.61
400
320.14
300
243.72
202.59
200 184.04
124.79 135.93
93.27
100

0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

24 Description: The market for artificial intelligence grew beyond 184 billion U.S. dollars in 2024, a considerable jump of nearly 50 billion compared to 2023. This staggering growth is expected to continue with the market racing past 826 billion U.S.
dollars in 2030.AI demands data Data management remains the most difficult task of AI-related infrastructure. This challenge takes many forms for AI companies. Some require more specific data, while others have difficulty maintaining and
organizing the data [...] Read more
Note(s):
Source(s): Statista
 Global corporate investment in artificial intelligence (AI) worldwide from
2013 to 2023, by investment activity (in billion U.S. dollars)
Corporate investment in AI worldwide 2013-2023, by investment activity

Private Investment Merger/Acquisition Minority Stake Public Offering

400

350
Total investments in billion U.S. dollars

300

250

200

150

100

50

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

25 Description: As of 2023, the majority of the global corporate investment in artificial intelligence (AI) worldwide was related to private investment activities. Mergers and acquisitions punctually dominated global investments in this technology in
2021, with a record of about 173.4 billion U.S. dollars, and minority stake activities in 2020, with approximately 86.4 billion U.S. dollars. Otherwise, private investment has been the main global corporate investment activity in AI since 2013.
Read more
Note(s): Worldwide; 2023; Data from online platform
Source(s): Quid; Stanford University
 Artificial intelligence investment in India from 2013 to 2023 (in billion U.S.
dollars)
AI investment in India 2013-2023

3.5
3.24
3.14
3.0
Investment in billion U.S. dollars

2.5

2.0

1.5 1.35 1.39

1.0

0.5

0.0
2013 to 2020 2021 2022 2023

26 Description: In 2023, the investment in artificial intelligence (AI) in India reached 1.4 billion U.S. dollars. It made India one of the top 10 leading countries in terms of AI investment, behind South Korea and ahead of Singapore, during the
same period. Read more
Note(s): India; 2013 to 2023
Source(s): Stanford University
 Number of AI startups in India as of April 2024, by funding stage
Number of AI startups in India 2024, by funding stage

Number of startups
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Funded 1,624

Series A+ 294

Series B+ 113

Series C+ 53

Series D+ 29

Total 6,194

27 Description: As of April 2024, there were close to 6.2 thousand artificial intelligence (AI) startups in India. Out of these, 29 startups reached the series D or higher funding stage. The funding in India for AI startups peaked in 2022, at around
5.2 billion U.S. dollars. Read more
Note(s): India; as of April 2024
Source(s): Tracxn Technologies
 Total funding for AI startups in India from 2019 to 2024 (in billion U.S.
dollars)
Funding for AI startups in India 2019-2024

5.2
5
Funding in billion U.S. dollars

4
4

2.1
2
1.4
1.1
1

0.31

0
2019 2020 2021 2022 2023 2024*

28 Description: Between January and April 2024, the funding for artificial intelligence (AI) startups in India was around 314 million U.S. dollars. During the presented period, the funding peaked in 2022, at around 5.2 billion U.S. dollars. 2023 saw
a significant decrease in funding, dropping to around 1.1 billion dollars. Read more
Note(s): India; 2019 to 2024; *up to April 2024. One Indian rupee is equal to 0.011 euros and 0.012 dollars (as of July 2024). Read more
Source(s): Tracxn Technologies
 Cumulative funding of generative artificial intelligence startups in India
from 2021 to first half of 2024 (in million U.S. dollars)
Total funding of generative AI startups in India 2021-H1 2024

800 760

700 678
Funding of startups in million U.S. dollars

600 566

500

400

300

200
157

100

0
2021 2022 2023 H1 2024

29 Description: As of the first half of 2024, the funding for generative artificial intelligence (AI) startups in India was at 760 million U.S. dollars. There was a huge increase from 2021 to 2022. However, there were no Indian foundational models
yet in the period presented. Read more
Note(s): India; 2021 to H1 2024
Source(s): NASSCOM (India); Tracxn Technologies
 Deep tech AI and ML use cases in India in 2023, by type
Deep tech AI and ML use cases in India 2023, by type

25%

20%
20% 19%
Share of deep tech AI and ML use cases

18%
16%
15%

10%
8%

5%
5% 4% 4% 4%

1% 1%
0%
is s is is is s s is s t
n n n ce n en
ys tio ly
s ys ys tio tio ys an io
al ra a al al c la al n ra
t
em
an pe a n an an a s an nt
e
pe ag
er s t l ns an e i n
o s en tia Tr
a r
ag a o a
om g ne l a T m IT m
st t in s i Ta s p Im e nt
u ke Bu eo t iv e
C ar c
G di Ev
M e
Pr

30 Description: In 2023, 20 percent of the deep tech artificial intelligence or machine learning use cases in India were for customer analysis. It was followed by use cases for marketing operations at 19 percent. Deep tech, also known as hard
tech, is a type of organization, typically a startup, that aims to provide technological solutions based on significant scientific or engineering challenges. Read more
Note(s): India; 2023; 201 Indian B2B SaaS companies; 507 deep tech use cases
Source(s): EY; NASSCOM (India)
 Sources

Accenture
Brand Finance
EY
Gartner
IBM
India Brand Equity Foundation
Infosys
Market.us
MeitY (India)
Moneycontrol
NASSCOM (India)
Quid
Stanford University
Statista
Statista Technology Market Insights
Tata Consultancy Services
Tracxn Technologies
Wipro

31