Top five India-based IT services providers - TCS, Infosys, Cognizant, Wipro and HCL Technologies - grew by 23.8 per cent in 2011, compared with 7.7 per cent growth posted by global peers.
In 2011, total revenue of these companies was $29,836 million compared with $24,095 million in 2010.
"The top five Indian service providers have continuously chipped away market share from the large multinational service providers. In the past five years, they have been increasingly winning large outsourcing deals with a total contract value of more than $100 million," Gartner principal research analyst Arup Roy said.
Nasdaq-listed Cognizant, which displaced Wipro to become the third-largest Indian IT services provider recently, recorded the highest growth rate of 33.3 per cent amongst the top five IT service providers in 2011, according to a study by global research firm Gartner.
Cognizant is not listed in India, but about 75 per cent of its over 1.3 lakh employees are based in India, it said.
TCS, the country's largest software exporter grew 29.4 per cent, while second ranked Infosys grew 17.8 per cent and Wipro had grown with the smallest percentage margin of 12.3 per cent during 2011. HCL Technologies posted a healthy growth with 26.2 per cent during the year.