Quarterly Industry Review – March 2025

Analysis of the Technology industry performance during the quarter ending December 2024. 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.

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Key Findings

Global GDP is expected to grow by 3.3% in 2025 (increase of 0.1% from October estimates) and 3.3% projected in 2026 (same as of October estimates).
According to IDC’s projections, global tech spending in IT services is estimated to grow by 4.7% in 2024 and projected to grow by 5.1% in 2025.

Revenues grew 0.4% q-o-q, and 4.9% y-o-y in reported currency.
Geographically, India and North America grew q-o-q while EMEA. Sequential revenue growth for Healthcare and Retail, BFSI vertical remained stable while Energy & Utilities, Transportation, Travel and hospitality, Telecom and Manufacturing vertical declined.
The employee base remained stable while attrition increased in Q3FY25.
Segments:
- Pure-play BPM revenues continued to grow at +3.4% q-o-q, with expansion in net margins.
- Pure-play ER&D revenue growth moderated (+1% q-o-q) with contraction in net margins.

Overall revenues for global tech companies increased by +4.4% q-o-q with an increase in net margins.
- Global tech services companies’ revenue grew by 7.6% q-o-q, while cloud hyperscalers saw a 4.8% increase. Software companies maintained resilient growth at 5.7%, and digital-native companies revenue grew 5.6%. sequentially.

Revenues increased by 11.6% q-o-q and 21.4% y-o-y

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