Quarterly Industry Review – December 2022

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Analysis of the Technology industry performance during the quarter ending September 2022. This analysis is based on the quarterly financial results declared by the top listed Technology companies. The report covers a brief analysis on the performance of Indian technology companies, pure-play BPM companies, pure-play ER&D companies, Global tech companies and Start-ups

Key Findings

Global Economy and Technology Spending

The IMF has revised GDP predictions downward to 2.7% in 2023, while projections for 2022 remain unchanged at 3.2% (same as July 2022 estimates).
According to Gartner’s projections, global technology spend1growth is expected to witness a y-o-y growth of 5.6% in 2022, a decline compared with their previous projections of 7.5% (as of July 2022).

Indian Technology Industry Performance

In comparison to the previous quarter, revenues increased by 1.9%. In reported currency terms, revenue increased by 10% y-o-y. In constant currency terms, an additional increase of 2% to 4% was observed.
In terms of regions, North America saw a sequential increase of +0.9% q-o-q, while EMEA and the rest of the world saw sequential declines of 0.5% and 2.1% q-o-q, respectively.
Revenues for most verticals grew sequentially, However, Telecom showed a decline.

Indian Pureplay BPM & ER&D Trends

Pure-play BPM revenues increased by 4.9% q-o-q reflecting deal strength and higher margins.
Attrition in the BPM industry has begun to level down, even though it is still higher than the average range of the preceding five years.

Global Technology Companies Trends

Revenues for the selected set of global companies declined by 5.8% q-o-q.
Global Employee additions increased by 1.4% q-o-q and 14.6% y-o-y.

Start-up Trends

Strong growth in revenues – 50% y-o-y and 10% q-o-q
In 2021, 10+ IPO’s from new age start-ups but given the reversal in market sentiments, there have only been 2 IPOs in 2022 so far.

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