The structural change towards more software-as-a-service (SaaS) and cloud-based solutions is fueling growth in India and the United Kingdom (UK) as its primary two rapidly expanding markets for the top software service provider Tata Consultancy Services (TCS), its senior executive told sources.

SaaS has rapidly grown in the past four years, with more than 60% of new agreements, which has doubled during this period, stated Vivekanand Ramgopal, president – BFSI products and platforms at TCS.

Leading IT firms are currently assisting enterprise clients in the modernization of outdated software systems using GenAI. A significant portion of the demand is originating from banking, financial services, and insurance (BFSI), which is experiencing initial indications of demand increase in key areas for the $254 billion outsourcing sector.

As the biggest IT leader, TCS aims to establish a solid presence in capital markets and insurance, particularly in India's underserved and expanding health sector.

“I’d like to grow more in life insurance in India and be the market leader in health insurance, which is just getting started,” Ramgopal said with the confidence coming from the growth in huge transaction volumes in India for its customers.

“Volumes at the stock exchanges and that our customers at the broker systems have more than doubled in the last 2-3 years,” Ramgopal added highlighting that TCS software will help it grow further.

Describing it as a blend of affluence and health, TCS will additionally emphasize safeguarding investments through its capital market solution. "The largest expansion will occur in India." India and the UK rank as the top two and will experience the greatest growth. “We are also considering the UK and Ireland for general insurance,” Ramgopal stated. In addition, Canada, Australia, and Mexico are additional areas of growth.