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Deal wins, largely driven by banking, financial services and insurance verticals, by IT services companies saw a recovery in May, reported BNP Paribas India.
Commenting on the deal win trend, Kumar Rakesh, Analyst – IT & Auto at BNP Paribas said, ‘‘Deal wins certainly saw a recovery in May, largely driven by the BFSI segment. Overall we see deal wins by tech firms started showing some signs of recovery in the last month.

“For instance, in the June quarter, Infosys is likely to see revenue contributions starting from some of the mega deals it signed last year. In May, it also reported the highest monthly number of deal wins, followed by ACN and Capgemini. Infosys’ deal with Telstra (TME) and HPE’s deal with Commercial bank of Dubai (BFSI) were the deal highlights for May 2024, according to Rakesh.

BNP Paribas also noticed that more partnerships and activities took place around GenAI in the month of May.

‘’In the Generative AI front, we noticed more partnerships and activities. Firms announced collaborations and set up different platforms for GenAI. For instance, TCS is setting up a first-of-its-kind human-centric AI center of excellence in France,’‘ said Mr. Rakesh.

Also, Infosys became the first IT Services company to receive ISO 42001:2023 Certification for Artificial Intelligence Management System. Plus, the month saw HCL Tech integrating its GenAI platform HCLTech AI Force with Google Gemini.