Rising Demand For IT Outsourcing
India is one of the most preferred IT outsourcing destinations for companies in the US and Europe. HCL Technologies is India's fourth-largest software exporter by sales, and gets more than half its revenue from the US. The company expects US clients' technology spending on outsourcing to gather pace as the US economy improves, although sales from the US continue to be below average in the current quarter.
The company said that new orders from the US are mostly discretionary or non-essential in nature and translate to projects that are for a limited period of time. In contrast, revenue generated from Europe is mostly from on-going cost-saving projects which are of a longer duration. Revenue growth in the US continues to be driven by increased spending from clients in the healthcare and pharma businesses, and regulatory changes in financial services. Uncertainty still prevails on the future of spending in telecommunications.
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