Upbeat IT CEOs expecting tech spends to rise in 2024
K Krithivasan, CEO & MD of India's largest software firm Tata Consultancy Services (TCS), told ET that it «definitely sees green shoots in the market» and that growth will come from a mix of deal renewals and vendor consolidation, with some transformation projects rounding off the order bouquet.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit«I would say that I am more optimistic about 2024 and we believe it will be a better year than last year… There may not be a huge $100 billion or $5 billion plus transformation deal and transformation budgets could be small but I don't think that they will dry out completely,» said Krithivasan.
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Mohit Joshi, CEO and MD of Tech Mahindra also concurred and said that 2024 should be a better year than last year, which «was quite difficult.» «The bigger economy is doing well. The overhang or the fear of recession in the largest market, America seems to be lifted. There's obviously a huge focus on technology across industry,» Joshi said.
He added that it may not see a gigantic boom like 2021 but it will be marginally better. «These things are cyclical… the industry as a whole and certainly for Tech Mahindra, there's a lot that we have to offer in technology and services and these are the areas where clients are still investing heavily,» he said.
Growth Momentum
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