AI Transformation in Indian IT Services: A Comparative Analysis of Ten Leading Firms and the Impact of Infosys Topaz (2023-2028)
Executive Summary The Indian IT services sector is undergoing a profound transformation driven by artificial intelligence (AI), with ten leading firms—TCS, Infosys, HCL Technologies, Tech Mahindra, Wipro, LTIMindtree, Cognizant, Persistent Systems, Mphasis, and Zensar Technologies—pioneering its adoption. This report analyzes their AI strategies, workforce upskilling, project scale, and financial metrics (manpower, revenue, revenue per employee) for 2010-11, 2015-16, and 2023-24, projecting AI’s revenue share and revenue per employee by 2027-28. AI usage has surged from ~5–10% of revenue in 2019-20 to 10–25% in 2023-24, with Infosys leading at ~25% via its Topaz platform. By 2028, AI is expected to contribute 25–40% of revenue, averaging ~27.5%, driven by generative AI (GenAI), cloud integration, and client demand for automation. Revenue per employee has risen from 0.109–0.224 INR crore in 2010-11 to 0.357–0.683 in 2023-24, with Persistent (0.683) and LTIMindtree (0.536) leading...