IT companies tech fared in bagging new deals

Many Indian IT companies such as TCS (Tata Consultancy Services), Wipro, Infosys, etc. have analyzed that the current demand is of digital transformation. Many businesses will adopt new technologies like cloud computing, cyber-security, etc. Indian IT companies are bringing up new projects and contracts. There have been many new deals for HCL, Infosys, and TCS. Here is a small article discussing the global trends of IT companies.

We all know that there has been a disturbance in all types of works due to COVID-19. It has changed all the working trends of companies in the IT sector.

The decrease in IT contracts

However, the value of world-wide IT contracts decreased by 70 percent in the last few months. Global data shows that IT contracts are shrinking. There were only 7 percent of contracts that were valued above $100 million in the last three or four months. Last year the global IT companies spent around $14.4 billion. This year the value is $4 billion only. Many businesses want to preserve cash in this pandemic.

Deals of various companies

There was a huge dip of 22.5 percent in the value of new deals of TCS. Also, HCL officials did not disclose the values of its deals. They have said that the company has 11 new contracts. This number is three less than the count of last quarter.

For Infosys, the biggest deal recently has been the Vanguard deal. It is worth $1.5 billion. Wipro had only 2 deals in the same period. The officials of these companies see very good growth in the pipeline.

All the IT companies believe that the cloud and other types of technologies would be in great demand in the coming years. However, most IT companies have also suspended hiring.