No.1 computer services provider IBM said India remains one of its fastest growing markets and it expects to maintain double-digit revenue growth in the region despite growing domestic competition, a company official said on Tuesday.
“We are looking at maintaining the double-digit (revenue) growth we are continuing to see on an average basis,” Sandip Patel, managing partner of IBM’s global business services in India and South Asia, said at the Reuters India Investment Summit.
Armonk, New York-headquartered IBM’s revenue from India, where it has been present since 1992, grew 43% to about $1 billion in 2007. But growth has been slowing in the past few quarters.
Revenue grew 43% in the first quarter of the 2008 financial year, then slowed to 36% in the second quarter and about 24% in the third quarter ended September 30.
The growth potential offered by India, Asia’s third largest economy, has led to increased competition from Indian IT companies, said Patel. India’s export-driven software services firms like Infosys Technologies and Satyam Computer Services are also vying for a bigger piece of the domestic market, as demand from their key US and European markets slows.
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