Cognizant Faces Challenges in the IT Services Industry

 

Cognizant, a major IT services company listed on the Nasdaq and competing with giants like Accenture, TCS, and Infosys, has announced that it expects its revenues to decline in 2023. This news highlights the challenges facing the IT services industry, which generates most of its revenues from the US.

Cognizant's margins, at 14.6%, are some of the lowest in the IT industry, comparable to Tech Mahindra. The company's newly appointed CEO, Ravi Kumar S, faces a difficult task in reviving the company, which is listed in the US but has most of its operations in India.

This announcement comes amid a wave of change in the IT services industry, with many companies re-evaluating their business models and strategies. With the rise of automation and digital technologies, traditional IT services providers are facing increased competition from new, specialized players.

At the same time, companies are also facing challenges related to changing geopolitical and economic factors, such as trade tensions and the impact of the COVID-19 pandemic. These factors have forced many companies to reconsider their operations and look for new ways to stay competitive.  




Read More at article ;  https://theworkersrights.com/cognizant-jobcuts-and-cut-in-office-space-too-3500-affected/