Who Is the Market Leader in IT Services?

Updated Feb. 26, 2026

Revenue growth acceleration among the top 10 IT services revenue leaders reflects execution and demand mix advantages rather than market recovery

Eight of the top 10 IT services revenue leaders in TBR’s IT Services Vendor Benchmark reported accelerated positive trailing 12-month (TTM) revenue growth year-to-year in U.S. dollars (USD) during 3Q25, indicating vendors are capturing pockets of growth opportunities despite lingering growth challenges caused by macroeconomic uncertainty, tight discretionary spending, and constrained spending in the U.S. federal sector.
 
Skills rotation, amplified by the announced business optimization program in 3Q25, will enable Accenture to meet shareholders’ short- to mid-term expectations. The reaccelerated pace of acquisitions during 3Q25 aligns with Accenture’s proven playbook but also raises expectations for the company to drive upper-midsingle-digit organic growth in FY26 and beyond, post-integration.
 
IBM Consulting accelerated revenue growth year-to-year in 3Q25 due to its emphasis on client trust, flexible and open platforms, sustained innovation, deep domain expertise and an expanded partner ecosystem. IBM Consulting will sustain its expansion in AI due to IBM’s early advances in the segment and ability to showcase results from internal AI adoption as client zero. IBM Consulting’s GenAI bookings reached more than $1.5 billion in 3Q25, and the number of engagements more than doubled year-to-year. In comparison, Accenture reported GenAI bookings of $1.8 billion in 3Q25, up from $1.5 billion in 2Q25.
 
Fujitsu’s revenue grew as the company continued to benefit from modernization and digital transformation demand in Japan. Fujitsu continually invests in Japan-based, innovative partnerships, which drive growth opportunities but limit global visibility. Fujitsu, RIKEN and NVIDIA announced a collaboration on the AI-HPC supercomputer, FugakuNEXT, expected to be operational in Kobe, Japan, by 2030. TBR expects Infosys’ growth will remain in the midsingle digits in the next two years, largely fueled by converting large and mega outsourcing deals into cash.
 

While stable revenue rankings underscore the difficulty of displacing IT services incumbents, acquisitions could cause movement among adjacent peers in the case of Capgemini and IBM in 4Q25

Accenture, NTT DATA and TCS retained their No. 1, No. 2 and No. 3 revenue contribution positions, respectively, compared to 2Q25

We do not anticipate Accenture will lose its No. 1 position in revenue anytime soon, even in the highly unlikely scenario that NTT DATA and Tata Consultancy Services (TCS) merge their operations. While Accenture is calibrating its operating model toward that of a software-like company to capture agentic AI-driven opportunities, a key strategy for TCS is increasing wallet share among lower-spending clients by building trust and offering competitive, in-demand technology solutions.

IBM and Capgemini retained their No. 4 and No. 5 revenue contribution positions, respectively

Strong relationships and collaborations with partners will strengthen IBM Consulting’s position as the link to IBM’s hybrid cloud and AI platforms. The completed acquisition of WNS will jump-start Capgemini’s intelligent operations model and provide an inorganic boost to Capgemini’s revenue, which will reach an estimated $6.9 billion in 4Q25 and surpass IBM’s revenue of $6.7 billion, according to TBR estimates.

Cognizant and Infosys retained their No. 6 and No. 7 positions, respectively, compared to 2Q25

Crossing $5 billion in quarterly revenue in 3Q25 for the first time in its history highlights Infosys’ ability to leverage the trust it has built within the ecosystem during a time when many of its peers are facing downward pressure.

IT services market outlook

Low single-digit growth persists as IT services activities shift toward efficiency, managed services and selective modernization

TBR estimates TTM revenue growth for the benchmarked IT services vendors will be 2% year-to-year in 2025, an increase over 2024 revenue growth of 0.9% year-to-year.
 
Enterprises remain cautious, prioritizing short-term ROI, phased programs and vendor accountability over large, multiyear commitments. Revenue growth acceleration is increasingly tied to AI-enabled scope expansion, core systems modernization and long-term managed services contracts rather than discretionary budgets. Enhancing managed services activities enables IT services providers to increase client stickiness, a necessary strategy to weather competitive threats.
 
Although consulting and systems integration demand have been pressured by tight discretionary spending, activity is stabilizing as clients selectively fund modernization initiatives tied to efficiency and risk mitigation. AI adoption and IT services delivery continue to support productivity and profitability improvements but will not materially accelerate top-line growth in the near term.
 
Uncertainty around measures taken by the Department of Government Efficiency negatively impacted vendors’ performance in the U.S. federal sector in 1H25. However, these measures will create growth opportunities for established IT services providers in the public sector around system efficiency improvement; technology modernization to enhance citizen services and reduce waste; and adoption of AI by government agencies. IT services providers are also experiencing revenue growth in the public sector in areas such as data and digital sovereignty and cybersecurity.

Explore deeper data and analysis

TBR’s IT Services Vendor Benchmark delivers unique insight and value through in-depth analysis in a concise, consumable format. This quarterly research program covers 30 leading vendors in the IT services segment and analyzes their go-to-market strategies; investments, alliances and acquisitions; and resource management and financial performance. An updated Excel data pivot table is also published with each edition of the benchmark.
 
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