EPAM Targets Revenue Growth for 2025, Aims to Expand India Workforce to 10,000 Employees

US-based digital transformation services company EPAM anticipates a return to revenue growth in 2025 and plans to expand its India workforce to around 10,000 employees by the first quarter of next year, according to Jason Peterson, EPAM’s Chief Financial Officer. The company’s India headcount currently exceeds 9,000, representing about 20% of its global workforce.

EPAM reported revenue of $1.147 billion in Q2 2024, down 2% year-over-year from $1.170 billion in Q2 2023, following a period of sequential decline. For 2024, EPAM projects total revenue in the range of $4.59 billion to $4.625 billion, with third-quarter expectations between $1.145 billion and $1.155 billion. Peterson indicated that the company is targeting a modest 2% revenue decline for 2024 before returning to growth in 2025, citing an improving macroeconomic environment and increasing client willingness to invest in new transformation projects.

EPAM has seen growth in its life sciences and healthcare vertical, which expanded 22.4% year-over-year. Emerging sectors like telecom and energy have also shown growth, contributing to a 10.6% increase in that segment. Meanwhile, consumer goods, retail, and travel remain the largest revenue contributors, making up 22% of the total, followed by financial services at 21.3%.

Regionally, EPAM’s largest revenue share comes from the Americas at 60.3%, followed by EMEA at 37.6% and APAC at 2.1%. The company is particularly focused on expanding its presence in North America and growing its delivery capabilities in India, where it views the talent pool as a key asset.

In addition to its India expansion, EPAM recently announced the acquisitions of First Derivative, a capital markets consulting firm, and NEORIS, a global technology consultancy. These moves are aimed at strengthening EPAM’s capabilities in managed services and advanced technology consulting across key regions.

Peterson also highlighted the company's investments in AI and Gen AI, aimed at helping clients improve productivity and transform their businesses through cloud migrations and platform development.

HBL