Mumbai: Tata Consultancy Services Ltd, India’s biggest software services exporter, will focus on markets in Eastern Europe, the Middle East, Africa and Latin America as it seeks to cut its dependence on the United States.
“With emerging market economies growing sharply, we believe this is the right time to further extend our presence and partner with customers in these geographies,” Chief Operating Officer N. Chandrasekaran said in a statement late on Thursday.
Emerging markets account for nearly 26% of the global IT services market and their share is growing at a faster annual rate than that of developed markets, TCS estimates.
TCS will expand its presence in countries such as Brazil, Russia, China and India, and enter new markets as well, Gabriel Rozman, its executive vice president for emerging markets, was cited as saying.
While the United States has traditionally accounted for the lion’s share of Indian software firms’ revenues, a strong rupee and concerns of a US recession are prompting TCS and smaller rivals Infosys, Wipro and Satyam Computer Services to tap Europe, Asia Pacific and Latin America.