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BNP Paribas India Releases July ’24 India IT Services Report, Insights from Kumar Rakesh


BNP Paribas India Releases July ’24 India IT Services Report, Insights from Kumar Rakesh


BNP Paribas India has released the India IT Services Report – July’24 wherein Mr. Kumar Rakesh, Analyst – IT & Auto has shared his views in detail.

Appended herewith are some of the key takeaways of the report:

What’s the big deal? – June edition:

Through this series, we track global IT Services deal wins and progress in GenAI every month. We also track key management changes and M&A. We think investors will find this series useful to gain insights on deal win momentum and strategic changes at key IT Services companies globally.

  • Deal wins trend: Deal wins continue to see improvement, driven by recovery in CPG & Retail: Deal wins by IT Services companies sustained the recovery witnessed in May. The 3M rolling sum of deal signings continued to improve. In June, Accenture reported the highest number of deal wins (5), followed by Wipro (3). Wipro’s USD500m deal with a US-based communications service provider and HCL Tech’s deal with apoBank were the deal highlights for June 2024.
  • Generative AI (GenAI): Multiple platforms launches and partnerships: Platforms launched during the month were from TCS (platform to compare GenAI models and tools across cloud services), Infosys (platform to deliver AI-amplified marketing services, solutions, and platforms), and Persistent Systems (platform to accelerate the creation and deployment of GenAI applications). Also, Cognizant launched the first set of healthcare large language model (LLM) solutions, as part of its GenAI partnership with Google Cloud. HCL Tech, Wipro, IBM, HPE and Globant announced various partnerships to offer GenAI related services to their customers.
  • M&A and management changes: Cognizant’s acquisition in the ER&D sector was a key M&A activity in June. EPAM, Accenture and Capgemini made one acquisition each, while Atos divested Worldgrid. Accenture reported multiple leadership appointments, all promoted internally. Wipro hired Bruno Schenk from Eviden Switzerland (an Atos business), as the Country Head and Managing Director for Switzerland. This was a departure from the primarily internal appointments seen at Wipro since the appointment of Srinivas Pallia as CEO.

See inside pages for details on deals, GenAI work, acquisitions, and management churn


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