Indian IT providers see growth

service companies are growing in a high rate. Research firm Gartner reports that top ten Indian IT providers grew by 19.9% while the IT service revenue of top 10 firms grew by 5.8%, reports Silicon India.

The top five IT service firms include TCS, Infosys, Wipro, Cognizant and HCL. The software services industries worldwide revenue grew by 3.1%.

Gartner analysts, reveals Information Week, say these results reinforce that India's IT services providers are well out of downturn times and back on their growth trajectory.

Eight out of these 10 providers reported revenue of more than $1 billion, with cumulative revenue representing almost 50% of the offshore industry from India in 2010.

According to the Business Standard, among the top five India-based providers, Tata Consultancy Services gained three ranks to move up to 21st position in the global IT services ranking of service providers.

Consulting firm Cognizant experienced the strongest growth in 2010 (40.1%), and the greatest absolute dollar value increase to $1.3 billion.