The New Jersey-based IT major surpassed Infosys with worldwide revenue of $7.1 billion (₹398.63 crore). "Cognizant displaced Infosys to become the second-largest Indian IT services provider and Cognizant experienced the highest growth rate among the top five providers with an increase of 20.1 percent in 2012," said Gartner Research Director Arup Roy.
The combined worldwide revenue of the top five Indian service providers rose by over 13 percent to reach $34.5 billion in 2012 from $30.3 billion in 2011. Tata consultancy Services (TCS) tops the list with worldwide revenue of $10.9 billion in 2012, followed by Cognizant. Infosys was moved to the third position with $6.7 billion revenue. Wipro with $ 5.7 billion and HCL Technologies with $3.9 billion take up the fourth and fifth positions, respectively.
TCS is ranked 16 globally, the same position it had in 2011. Cognizant, however, has moved from 28th to 23rd position in the global ranking.
According to Gartner, the growth rate of India-based IT solution providers have been slowing down considerably particularly last year. But compared to the growth rate of IT services around the world, India-based IT services providers are doing comparatively well. This trend is seen even as the revenue base of top global service providers is comparatively much larger and diversified than Indian-based companies.
In its rating, Gartner takes into consideration companies which have an Indian-based delivery, management and operating system. That is why US-headquartered firms like Cognizant, iGate, Genpact and Syntel are also rated as Indian firms. With most of its employees based in India, Cognizant Technology Solutions (CTS) is also considered a prominent Indian IT firm.