EPAM Systems, the U.S.-based digital transformation and product engineering firm, anticipates a return to revenue growth in 2025, according to CFO Jason Peterson. With its current India workforce over 9,000, EPAM plans to expand to about 10,000 employees by early next year.
In Q2 2024, EPAM’s revenue reached $1.147 billion, down 2% from Q2 2023’s $1.17 billion due to sequential declines. Full-year revenue guidance is set between $4.59 billion and $4.625 billion, with Q3 expectations ranging from $1.145 billion to $1.155 billion.
Peterson noted, “We had solid financial results in Q2, but still faced year-over-year declines. We’re seeing some stability, though achieving sequential growth may remain challenging. There’s been a slowdown in discretionary spending, but we’re hopeful for client investments in new transformation programs.” He added that EPAM expects a 2% annual revenue drop in 2024 but sees growth returning in 2025, with analysts projecting a mid-single-digit increase.
The company’s Consumer Goods, Retail & Travel sector led with a 22% share, followed by financial services at 21.3%. Its life sciences and healthcare vertical showed strong performance, growing 22.4% year-over-year. Emerging sectors, including telecom and energy, grew 10.6%.
Approximately 20% of EPAM’s 52,650 employees are based in India. “India offers both a valuable talent pool and a strong market,” Peterson said, highlighting the company’s rapid headcount growth in India this year, while also emphasizing opportunities in North America and the expanding European market.
With significant growth in India’s delivery capabilities and collaborations with Global Capability Centers (GCCs), EPAM remains optimistic about continued revenue growth in the region. EPAM Systems is a global leader in software engineering and digital transformation services, renowned for delivering innovative technology solutions to clients across various industries, including finance, healthcare, retail, and travel.
Founded in 1993 and headquartered in Newtown, Pennsylvania, EPAM combines its deep industry expertise with a commitment to agile development and cutting-edge technologies, enabling organizations to adapt and thrive in an ever-evolving digital landscape. The company offers a comprehensive suite of services, including product development, design, consulting, and managed services, tailored to meet the unique needs of its clients.
With a strong emphasis on collaboration and customer-centricity, EPAM fosters long-term partnerships that drive business success and enhance operational efficiency. As a recognized thought leader in the tech space, EPAM is dedicated to continuous innovation, leveraging advanced technologies such as artificial intelligence, machine learning, and cloud computing to help businesses navigate their digital journeys and achieve sustainable growth.
