Industry Odisha Bureau, Aug 26: With significant revenue growth and focus on Artificial Intelligence (AI) and automation, mid-tier/mid-size Indian Information and Technology (IT) firms are reportedly claimed to be outpacing their larger counterparts/rivals in the BFSI revenue growth.
As per media reports, “The shift in the IT landscape is driven by mid-sized firms’ ability to capitalize on opportunities amid industry headwinds by embracing advanced AI solutions and industry specific platforms.”
Citing instances, media reports have stated that, “Indian multinational IT companies like Noida-based Coforge Limited and Pune-based Persistent Systems Limited have witnessed their revenue from the BSFI segment more than double to $776 million from $261 million, and $572 million from $148 million respectively.”
Media reports, citing views of analysts and financial experts, have also stated that, “While the mid-tier Indian IT firms earn $1-5 billion in annual revenue, their BFSI revenue growth has grown at a faster pace in comparison with their larger counterparts/business rivals.”
Citing further instances, media reports have added that, “The revenue of Indian IT firms like LTM, Coforge, Mphasis, and Persistent Systems from the finance companies grew at a compounded annual growth rate of 10.46%, 19.95%, 9.33%, and 25.27%, respectively, as their revenue in absolute terms totalled $1.68 billion, $776 million, $1.2 billion, and $572 million, respectively.”
Notably, “BFSI stands for ‘Banking’, ‘Financial Services’, and ‘Insurance’. BFSI is an umbrella term that represents the combined industries of banking, financial services, and insurance which together form the financial backbone of an economy.”
