According to a new report by global research firm, the top five Indian IT services providers have recorded a growth of 23.8 per cent in the previous year compared to 7.7 per cent growth recorded by the overall global IT services market.

The top five firms including TCS, Infosys, Wipro, HCL Technologies and Cognizant grew higher than the industry average indicates India's strong hold on the It services market. Cognizant, which is listed on Nasdaq, recorded 33.3 per cent growth in revenues during the year while TCS revenue grew by 29.4 per cent in 2011 as compared to 0.9 per cent in 2010.

HCL Technologies revenues recorded a growth of 26.2 per cent in 2011 compared to 0.3 per cent in 2010 while Infosys grew at 17.8 per cent in 2011 as compared to 0.7 per cent in 2010. The fifth, Wipro grew at 12.3 per cent during the year.

The report also showed that among the smaller IT service providers, Genpact grew 27 percent and Syntel rose 21 percent during 2011. Arup Roy, principal research analyst at Gartner said that the perception of businesses in Europe regarding off-shoring changed during the year.

He said, "Providers have historically found it more difficult to gain market share in the Western Europe IT services market than in the U. S. market, but, as a group, the top five increased market share in the region from 2.3 percent in 2010 to 2.8 percent in 2011."