IT services companies typically experience increased activity during the initial months of each year. A significant proportion of deals signed and renewed during March alone can be attributed to major corporations like Microsoft, who just completed their fiscal years and finished signing them all up again.
- #DXC
- #Fujitsu
- #Infosys
- #Kyndryl
- #LTI (Larsen & Toubro Infotech)
- #Mindtree
- #Mphasis
- #NTT Data
- #TCS
- #TechMahindra
- #Wipro
Clients' digital transformation requirements remain at the core of business decisions, as evidenced by the following:
- Save yourself money and prepare your company for an unpredictable year by updating its (automated) systems with AI/ML applications that could benefit both sides.
- Connect legacy systems and equip employees with data they need to adapt quickly to changing business demands in response to pandemic outbreaks.
- You may provide organic industry-oriented or professional applications requiring advanced applications, improved mobile accessibility, and increased access.
- These plans typically gain steam during and following an annual planning process, increasing activity during Q1 and culminating in March.
IBM's spinout of Kyndryl as a managed service has proven an unexpected market accelerator due to its spiraling attrition of clients and revenues, debt load, and tight margins. Furthermore, Kyndryl's disruptive nature inevitably forces price increases at times when customers can least afford them; you can read about more in our blog post, Why March Is an Ideal Month to Restructure IT Services Deals.
Nine (9) out of the Top Ten Firms Were Renewed. To bring our 2023 ratings up-to-date, our analysts updated their analyses regarding firms featured both in 2023 results as well as 2023 rankings; these firms include.
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Cognizant:
Cognizant, an international technology and IT services company founded in 1994 with headquarters in Teaneck, New Jersey, is dedicated to digital, technology, consultancy, and operational services for clients worldwide. Cognizant operates across more than 40 countries worldwide and boasts a strong presence in North America and Europe. Their wide array of IT solutions consists of digital transformation, IT infrastructure management, and application management - providing flexibility and control in today's environment.
Financial, healthcare, and manufacturing are industries in which this firm excels, as are innovation and high-quality service delivery to clients. Cognizant offers IT services and digital and technology consultancy, boasting an exceptional record in digital transformation services and innovation. Cognizant is one of the industry's largest service companies, with an expansive clientele list.
HCL Technologies:
Established in 1976 and headquartered in Noida (India), HCL Technologies provides global digital, IT and technology services. HCL Technologies (HCL) is an established global IT services company with operations spanning 40 countries in Asia Pacific, Europe, and North America. Offering IT infrastructure management, digital transformation services such as application management & development, as well as business process management, HCL offers various IT-related solutions such as infrastructure monitoring & control.
HCL holds strong industry positions across banking, financial services, retail, and healthcare. HCL's innovative technological approach and commitment to offering its clients quality service are widely respected. HCL also provides engineering, R&D, and product innovation services. It has become known for its creative technological approach, thus making HCL one of the largest and most diverse IT service companies globally.
Hexaware:
Hexaware, an Indian multinational IT services and consulting firm headquartered in Mumbai, specializes in information technology (IT). Established in 1990, Hexaware now provides global digital, technology, and IT services. Hexaware is an international IT services and business process management provider with operations throughout Europe, Asia Pacific, and the Americas. Offering digital transformation, applications development/administration management, and infrastructure monitoring/management are just some of the key offerings from Hexaware. Hexaware holds solid financial services, healthcare, and manufacturing positions.
Renowned for its innovative technological approach and dedication to providing top-tier client support, Hexaware is known to excel. Hexaware offers engineering, R&D, cloud computing, data analytics, and IT services. Renowned for their commitment to sustainability and social responsibility and widely considered one of the premier IT service companies within their field, Hexaware boasts an expansive customer base, making them one of the best IT service companies available today.
Infosys:
Infosys, an Indian multinational IT services and consulting firm headquartered in Bangalore (India), was established 1981 as an Indian multinational. Since that time, it has provided digital, technology, and IT solutions worldwide. Infosys was founded in India but now boasts operations across more than 50 countries throughout Europe, Asia Pacific, and the Americas. Infosys offers IT services and business processes, including digital transformation services, applications development/management, and infrastructure management/monitoring.
Infosys boasts strong industry expertise across finance, healthcare, and manufacturing. Their innovative technological approach and dedication to exceptional services are well-known among their clientele. Infosys provides more than IT services; its portfolio also encompasses engineering, research & development (R&D), cloud computing & data analytics solutions. As one of the world's biggest IT service companies with a broad client base ranging from enterprises and governments alike. Recognized for its commitment to sustainability & corporate social responsibility; widely considered a leader within its sector.
LTI:
Established in 1997, LTI is a multinational Indian information technology services and consulting firm with its main headquarters in Mumbai. They are offering digital, technology, and IT solutions worldwide. LTI has an expansive presence both inside India as well as globally. LTI operates across over 30 European, Asia Pacific, and American countries. LTI provides IT and business process services, including digital transformation services like software development management infrastructure consulting and offering digital transformation programs and consulting.
LTI boasts strong industry presences in finance, healthcare, and manufacturing industries. Their innovative technological approach and commitment to providing top-quality client service are widely acknowledged. At the same time, they also specialize in engineering R&D cloud computing data analytics in addition to IT. LTI is well known for its commitment to sustainability and social responsibility, as well as its impressive market presence with an expansive and diverse customer base - making LTI one of the premier IT service companies in their field.
Mphasis:
An Indian multinational IT services and consulting firm located in Bangalore (India), Mphasis provides information technology solutions. they specialize in digital, IT, and technology services worldwide. Mphasis is an international IT services and business processes provider with operations spanning 50 countries worldwide, such as India, Asia Pacific, and the Americas. Mphasis offers digital transformation, applications development/management, and infrastructure management to clientele across these geographies.
Mphasis boasts a strong industry presence across financial services, manufacturing, retail, and healthcare. Their innovative technological approach and dedication to providing clients with superior service have become widely-renowned hallmarks. Mphasis stands out among IT services companies by offering engineering, R&D, cloud computing, and data analytics. Mphasis stands as one of the industry's premier service companies due to its expertise and wide array of offerings; in particular, its commitment to sustainability and social responsibility makes Mphasis one of the leaders in its sector.
Tata Consultancy Services (TCS):
Founded in 1968 and headquartered in Mumbai, it is an Indian multinational IT services and consulting provider that offers digital, technology, and IT solutions. TCS is an established global IT services and business processes company operating across 50 countries across Asia Pacific, Europe, and North America. TCS' services span digital transformation, software development managed it services for small business management, infrastructure consulting, and consulting. TCS boasts a strong financial services, healthcare, and manufacturing industry presence.
Their innovative technological approach and commitment to high-quality client services are well known, along with engineering R&D cloud computing data analytics as part of IT services they offer - one of the world's biggest IT service companies with a diverse clientele ranging from financial institutions and manufacturing firms through healthcare to retail ecommerce platforms & banking institutions & manufacturers & more. TCS stands out as a pioneer within its IT industry due to its environmental responsibility efforts & dedication that are seen throughout industry sectors such as financial services, where innovations in technologies like R & DR & D cloud computing data analytics play a big part. In terms of sustainability, TCS stands head and shoulders above its peers.
Tech Mahindra:
Based in Mumbai and established in 1986, Tech Mahindra provides technology and IT solutions. They are offering digital, technology, and IT services worldwide. Tech Mahindra is an international company operating across 50+ countries across Asia Pacific and North America, including digital transformation services, IT infrastructure management, and application management solutions.
Tech Mahindra boasts impressive industry presences in telecom and financial services as well as healthcare, manufacturing, and manufacturing. Their innovative technological approach and commitment to offering premium client experiences have become widely-lauded trademarks of success for them. Tech Mahindra offers engineering, R&D, automation, and technology consulting services as part of its diverse offerings. Recognized worldwide for its commitment to sustainability and corporate social responsibility initiatives, Tech Mahindra is an iconic name within the IT industry.
Wipro:
Based out of Bangalore in India since 1945, this Indian multinational IT services and consulting company now operates across Europe, North America, and Asia Pacific, with operations spanning over 50 countries. Wipro provides an expansive portfolio of IT services and business processes, such as digital transformation, software development, management infrastructure management services, and consulting for financial services, manufacturing retail healthcare verticals, and other key verticals.
It has established a strong industry presence across these key verticals. Wipro's innovative technological approach and dedication to providing its clients with high-quality service are legendary. Additionally, Wipro boasts businesses in lighting, consumer products, and IT service delivery - and one of the industry's most diverse client bases. Wipro also stands out for its commitment to sustainability and corporate responsibility; it is widely considered a pioneer of IT industry leaders.
DXC Technology:
DXC Technology, a global IT company established through the merger between Computer Sciences Corporation and Hewlett Packard Enterprise's Enterprise Services in 2027, serves clients worldwide with technology consulting. Based in Tysons in Virginia and with a presence across North America, Europe, and Asia Pacific, its headquarters can be found at Tysons Corner, with numerous offices located throughout healthcare, financial services, energy & public sectors industries offering cloud computing, application development & infrastructure management as services backed up with an impressive alliance network that delivers real value back to clients.
Fujitsu:
Established in Japan in 1935, this multinational technology provider offers computer hardware and software. They are operating throughout Europe, North America, and Asia. Fujitsu provides various services and products, such as servers, storage solutions, computers, network services, and cloud computing; Fujitsu also provides IT-related services, including system integration and consulting. Fujitsu is widely recognized for its technological expertise and commitment to offering innovative, top-quality services and products. Fujitsu operates various businesses outside technology, including document processing, environmental services, and more - earning itself the status as one of the world's premier technology firms.
Kyndryl:
Mes Kyndryl is a spinoff managed services company of International Business Machines established to specialize in cloud services and automation technologies, drawing upon assets and abilities from IBM Managed Services, Cloud & Cognitive Software, as well as other businesses to form one entity with focus areas of cloud services and automation technologies. Kyndryl provides various cloud services - public, hybrid, and private cloud platforms as well as multiple deployment support - with its primary mission being to help its customers transform their businesses by using automation technologies like those offered by Kyndryl and cloud deployment technology platforms like AWS/MS Azure to automate processes more easily and deploy multiple deployments more rapidly. Kyndryl operates across Europe, Asia Pacific, and the Americas, with offices established across these regions.
Microland:
An Indian IT services company established in 1989 with headquarters in Bengaluru. We offer digital transformation solutions such as infrastructure management, cloud computing, digital workplace solutions, and cyber security for enterprise clients worldwide. Microland boasts offices worldwide, including India, the United States, the UK, and the Middle East - making for an innovative IT approach and providing premium client experience services.
Mindtree:
Mindtree was established in Bengaluru, India, as a global technology and digital transformation service provider in 1999. They are offering infrastructure management and application management, among other IT solutions. Mindtree now operates across North America, Europe, and Asia Pacific from offices across these continents, with clients including retailers, manufacturers, banks, financial services firms, and healthcare. Mindtree prides itself on innovation while simultaneously offering clients quality service through commitment. Their client list ranges from multinational organizations as well as small businesses.
Read More: What Is The Difference Between Staff Augmentation And Managed Services?
NTT data:
NTT Data was founded in Tokyo in 1988 and has provided IT and Business Process Services worldwide since then. NTT Data boasts an expansive international partnership network of partnerships and subsidiaries throughout Asia, Europe, and America with services, including system integration consulting and application development outsourcing. Healthcare manufacturing public sectors as well as being internationally known. Renowned for innovative service approaches and quality client experiences, NTT Data stands out amongst its competition as a well-established IT services company worldwide.
One Firm Was Removed From The 2023 Analysis:
Despite their difficult years, Zensar was included in 2023 ratings, experiencing revenue and workforce reductions, leading them to experience a 57% market cap decline versus last year. We removed Zensar this year as they have not actively compete favorably for new deals or managed it services for small businesses been competitive enough in bids against others for deals that had come their way.
Although some IT Consulting firms, most notably Accenture, also provide IT (Outsourcing), we did not include them here due to a different classification strategy, as we will publish another piece specifically on consulting firms (Summer of IT consulting Love blog post coming soon.). Remember, though: Accenture would likely rank midway on our list had it been evaluated using identical criteria as other suppliers; therefore, this classification decision cannot be seen as an error.
Intentional Exclusions:
- Accenture
- Bearing Point
- Capgemini
- Deloitte
- The EY
- KPMG
- PwC
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Executive summary:
At Federated Market Intelligence (FMI), we employ a proprietary ranking method for suppliers in our Federated Market Intelligence. This system comprises multiple layers of data and information, such as client feedback and our research, independent third-party market and supplier analyses by third parties, and live field interaction. Once results have been tallied up, they are weighted accordingly using historical examples and predictive modeling based on clients' priorities for the coming year.
These firms were selected based on our analysis of FMI and several other considerations, such as their frequency in client accounts as incumbents or insurgents, coverage and services models, alignment to client needs, intensity to win competitions, and willingness to do right by clients. Data for our research came from various sources such as peer-review sites and technology websites - many of these will appear here on our blog.
Ranking of IT Service Companies 2023:
Our rankings for the Top IT Service Companies of 2023 are determined based on our combined experience, client feedback, and market research results.
Our conclusions are completely objective and empirical since we do not work with suppliers to collect information, do research, assess analyses, or produce content; this means they cannot influence or change our evaluations or change them in any way. Anyone familiar with strategic sourcing projects and supplier performance management through us has likely witnessed our unique method for turning opinions-based analyses into empirical data - hence why Gartner Forrester or IDC did not make our Top 5 list.
Honorable mentions: These firms did not place in our top 10, nor did anyone score first overall, but when you consider your workload, they may all prove suitable choices.
- Cognizant
- Infosys
- Kyndryl
- TCS
- Tech Mahindra
The Top Ten IT Service Providers in the World:
- LTI had previously been ranked 4th when only considering India-specific IT Services firms; thus, slipping to 10th overall when measured against similar firms is a little setback. They scored well for DEI and customer service, pricing, and overall satisfaction ratings from customers; unfortunately, their employees gave low scores when assessing satisfaction scores in our study.
- HCL had previously ranked 10th among all Indian IT Services Companies; moving up one spot this year and competing against international firms is evidence of its progress. Though not first place overall in our categories, HCL achieved impressive performances across many of them and still earned high customer ratings through NPS scores; nonetheless, its NPS still needs to be higher.
- MindtreeThough not on our list, Mindtree received excellent customer service and quality ratings and their highest possible pricing rating.
- DXC faces unique heritage-related difficulties. Of all firms considered, its NPS score ranks lowest; customer service and pricing also score lower for it than other firms considered, yet DXC ranks first overall when considering corporate culture, team culture, professional development opportunities for employees, CEO approval criteria for leadership culture as well as overall culture excellence.
- Although not in first place, Hexaware still showed strong performances across nearly all categories and only narrowly missed making the Top 5. DEI proved especially challenging.
- Wipro stands out in every area except one: pricing. Wipro's cost has long been an issue; however, their rate-per-hour system only measures productivity losses rather than potential benefits to our economy. Hence, the economic value equation must also include productivity drag factors to calculate pricing effectiveness and value.
- NTT did not place first in any category, yet placed among the Top Five for every other one except pricing. Their IT products may be valuable yet costly. Still, their higher cost premium may only partially justify themselves as market options exist.
- Microland, one of our newly featured companies, had an outstanding showing - ranking highest for product quality, CEO scores, and employee satisfaction scores. They have proven themselves to be an industry leader. 3. Microland made waves when first appearing on our list with outstanding product quality scores for product quality, CEO scores, and employee satisfaction rankings, all standing at or exceeding 90% satisfaction. 4. Microland excels on our list with their excellent performance. They rank first overall for product quality scores, CEO scores, and employee satisfaction measures. 5.
- Mphasis was our top IT Services Firm, "India Based" winner from 2023. This year, it continued its strong performance by ranking amongst our Top 10 IT Services Companies with increased competition, again appearing ahead in customer recommendations rankings and being named our Customer Satisfaction Winner for 2023.
- Fujitsu stands out as an unparalleled leader in our 2023 rankings, scoring highly across every aspect of business except professional development. However, employees rated its compensation and benefits packages more highly than any other firm.
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How are we performing, what were your expectations, and is there anything we should add or change for our Top 10 list? Can you share any direct experience you had with any of the IT service management software companies featured here and other suggestions not currently listed? Please share any field experience that comes to light with us, as we value learning from readers like yourself.
We look forward to receiving your input. Please let us know how we can improve our service - content updates to reflect market challenges and customers' changing needs are provided regularly. We wish all our clients and their families a Happy, Safe, and Healthy 2023; may your career flourish alongside your business' success.
