Top 10 India-Based IT Services Companies for 2022 (3 of 4)

Steven Zolman
Feb. 10,2022 | IT Services


Welcome back to our 4-part series on IT Services Contracts, where we continue to explore the growing need to review your IT Services contracts and plans for 2022.

There is a lot of market activity in the early months of this year with IT Services Companies. There are four major reasons for spike in activity, and one of them is the disproportionate number of renewals we see in March, due in large part to the fiscal year ends of:

  • TCS
  • Infosys
  • Wipro

For this reason and more, we invite you to read our related article on this topic:

The industry forces outlined in this article may open new opportunities for customers to explore market alternatives, giving India-based IT Services companies room to expand, which is fueling our expectation of higher-than-normal growth for this segment of companies.

Please also check out our other related article:

In today’s blog, we will outline our choices for the Top 10 India-Based IT Services companies for 2022, including our pick for who we think is #1 and why.

In addition to this blog, please stay tuned for our newly released, original Whitepaper that outlines our Top 25 Recommendations on How to Negotiate Best-in-Class IT Services Contracts in 2022 (available for download tomorrow).

  • Top 25 Recommendations on How to Negotiate Best-in-Class IT Services Contracts in 2022.

Executive Summary:

In addition to 53 India-based IT Services companies we assessed, we also gave special consideration to firms that:

  • Were Established in India
  • Have a majority of Employees in India
  • Produce the majority of Work from India
  • Have founders and/or CEOs who are of Indian descent
  • Share similar work cultures as Indian firms

This is why we included firms like Cognizant, even though they are actually based in the US.

We utilize a proprietary methodology in our analysis called “Federated Market Intelligence” (FMI). We build our FMI with layers of information and analysis including direct client feedback, our own empirical experiences and data points, market and supplier research, independent third-party analysis, and live field interactions among several other layers. We selected the “Top 10” firms based on our analysis of our own FMI plus several other factors, including the frequency with which we encounter these suppliers in our client accounts (both as incumbents, but also as insurgents), their coverage and service models, the alignment of their offerings to client need, the intensity of their will to win, and their service attitude and approach to do the right things for their customers. We further sourced data from a variety of channels including technology and peer review sites, many of which are included in our recent blog:

Obviously, only 10 suppliers can make our Top 10 list and strong arguments could be made for certain companies that should have made it. To answer the inevitable question, if we had to pick an 11th firm to include in our Top 10 analytic, it likely would have been Persistent, who was very close to making our Top 10, so we will give them an honorable mention here.

It’s also arguable that other firms (such as Redington) that we didn’t evaluate at all for the purposes of this blog, should have been included, and perhaps even made our Top 10 list, but based on our selection criteria, a number of deserving firms were not considered for a variety of reasons, not least of which was offerings, coverage area, and representation across our client base. We are happy to hear your thoughts on who you think should be included in this analysis and also, who you think should have made it on our Top 10 list that didn’t.

Finally, we also know that there are some fans of Mindtree and L&T out there who may be puzzled why neither firm is included on our list, however both firms are included in the overall analysis of LTI (Larsen & Toubro Infotech).

Supplier Rankings:

So, without further ado, here is our rankings of the Top 10 India-based IT Service Companies as we have assessed them in the market, largely based on the collective feedback from our clients, our own empirical experiences, and that of the market research that was conducted.

We do not collaborate with suppliers to gather any information, conduct any research, evaluate any analysis, or create any content, so our conclusions remain completely objective, evidence-based, empirical, and not manipulated in any way to reach any desired outcome. Any reader who has worked with us on a strategic sourcing project and/or for supplier performance management will recognize our proprietary methodology on how we turn opinion-based analysis into empirical data. We should also say that we do not accept supplier funding in any of our research and analysis unlike many of the industry analyst firms who rely on supplier contributions to fund their market research, which is precisely why Gartner, Forrester, and IDC did *NOT* make the Top 5 list in our recent blog:

On to our rankings! We included this handy summary to give you an at-a-glance comparison to our Top 10 selections and included some salient points to summarize our analysis. We should mention that our pricing rank (last column) is based on a proprietary algorithm we use to assess value which is called the Economic Value of IT (ITe), and includes components of cost, risk, enablement, quality, and agility, among other factors, so we are not simply comparing hourly rates at a given skillset.  

#1 Mphasis


#2 Wipro


#3 Cognizant

cognizant 3


#4 LTI


#5 Tech Mahindra

tech mahindra

#6 Zensar


#7 Hexaware


#8 TCS


#9 Infosys


#10 HCL



So, how do you think we did? Are these Top 10 India-based IT Services Companies the ones you expected? Are there any on our list you think shouldn’t be on our list? Do you have any direct experiences with any of them you would like to share? Are there any other providers not on our list that you think should have made it to our Top 10? We are always interested to hear from you based on your actual field experiences, so sound off!

In case you missed the previous parts of our 4-part series on IT Services Contracts, please review:

Thanks for joining us for Part 3 of this 4-part series about IT Services Contracts, reviewing our picks for the Top 10 India-Based IT Services Companies for 2022.

Stay tuned tomorrow for:

  • Part 4 - our newest original Whitepaper:
    • Top 25 Recommendations on How to Negotiate Best-in-Class IT Services Contracts in 2022

Please let us know if you have any feedback, as our content is always designed to respond to current market challenges, and to address the changing needs of our clients.

May you and yours continue to have a safe, healthy, and happy 2022.

And may your career continue to flourish as your company continues to thrive.

All the best!

About NET(net)

Founded in 2002, NET(net) is the world’s leading IT Investment Optimization firm, helping clients find, get and keep more economic and strategic value. With over 2,500 clients around the world in nearly all industries and geographies, and with the experience of over 25,000 field engagements with over 250 technology suppliers in XaaS, Cloud, Hardware, Software, Services, Healthcare, Outsourcing, Infrastructure, Telecommunications, and other areas of IT spend, resulting in incremental client captured value in excess of $250 billion since 2002. NET(net) has the expertise you need, the experience you want, and the performance you demand. Contact us today at, visit us online at, or call us at +1-866-2-NET-net to see if we can help you capture more value in your IT investments, agreements, and relationships.

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