TCS, Wipro, HCL Ranked Among World's Top Ten Engineering Services Companies
Indian companies featured prominently in a list of the world's top engineering services companies in 2016 with HCL leading the pack at fifth position, according to a report by global research firm HfS Research. Tata Consultancy Services (TCS) and Wipro - which are among India's largest IT services exporters - ranked seventh and eighth in the list respectively. Other prominent Indian tech firms that featured on the top 20 list were Tech Mahindra (at the 16th spot) and Infosys (18th).
The study ranked public and private companies around the world based on the revenue brought in from Engineering Services Outsourcing (ESO) - which is the outsourcing of activities involving nonphysical acts of engineering such as the preparation, design, and consulting work that supports engineering.While HCL drew $1.23 billion in sales from ESO in 2016, TCS drew an estimated $1.1 billion and Wipro about $1.05 billion. Tech Mahindra and Infosys each earned less than a billion dollars in revenue from ESO, the report noted.
According to IT industry body Nasscom, the engineering services segment has been the fastest-growing in Indian IT services for the last three years.
The HfS report added that as engineering services move from mechanical to digital, India will play a central role as an engineering outsourcing destination.European companies continued to dominate the market with French firms Altran and Alten claiming the top two spots in the list, while Austria-based AVL came in third. With a 43 per cent market share, Europe remains the top engineering, research, and development (ER&D) services outsourcing destination, the report noted.
