Quarterly Industry Review – June 2025

• Global GDP is expected to grow by 2.8% in 2025 (decline of 0.5% from January estimates) and 3% projected in 2026 (decline of 0.3% from January estimates).
• According to IDC’s projections, global tech spending in IT services is estimated to grow by 5% in 2025 and projected to grow by 5.2% in 2026.

• Revenues declined -1.1% q-o-q, and 3.7% y-o-y in reported currency.
• Geographically, only EMEA grew, while North America and India declined.
• Sequential revenue growth for BFSI and Telecom, while other verticals declined.
• The employee base remained unchanged while attrition increased in Q4FY25. 

Segments:

• Pure-play BPM revenues declined to 0.1% compared to the last quarter, while the net margins expanded slightly.
• Pure-play ER&D revenue growth picked up (+2.8% q-o-q) with increase in net margins.

• Overall revenues for global tech companies declined by 4% q-o-q with an increase in net margins.
• Global tech services and Software companies’ revenue declined, while cloud hyperscalers’ and digital-native companies grew sequentially

• Revenues declined by 11.6% q-o-q and increased 7.5% y-o-y.