India's largest IT company prepares for growth in the US market.

Indian IT company Tata Consultancy Services forecasts an increase in technology spending in North America

Tata Consultancy Services (TCS), the largest software exporter from India, anticipates that its clients in North America will increase their technology spending driven by demand in the banking and financial sectors. According to Reuters, the company's revenues in the North American market, which is its largest market, have been declining for the fifth consecutive quarter, despite improvements in the banking and financial sectors since June 2023.

Last month, Walmart Inc, Amazon.com, and some rapidly growing e-commerce sites reported record sales during Black Friday and Cyber Monday. Online spending in the US also rose nearly 9% to $241.4 billion during the last holiday season. 'We heard about successful holiday sales (in the US) that should boost consumer confidence, and production has some labor-related issues. If these three sectors, along with the banking sector, grow, we will see improvements,' said TCS Chief Financial Officer Samir Seksaria in an interview with Reuters.

These comments support the opinion of CEO Krithivasan that the new US administration may reduce political uncertainty and enhance clients' confidence in spending money on discretionary projects.

A growing number of global companies are expanding their offices in India and increasing their workforce by adding functions such as engineering, cybersecurity, accounting, and finance. It is estimated that by 2030, the size of the Indian free software market will reach $105 billion.