There may be hardly anyone for whom the word ‘Information Technology’ may sound new. The reason to say this, India’s IT market is the third largest among the emerging economies, which will grow by 5.9 percent to $71.3 billion by next year. Generally Information Technology is referred to as design, development, implementation, management of computer systems which is both hardware and software. The two major components of IT industry consist of IT services and Business Process Outsourcing (BPO).In 1998 IT sectors contribution to India’s GDP was 1.2% which has increased to 7.5% in 2012. IT services sectors are likely to project the fastest growth among the various segments. TCS, Infosys, Cognizant, Wipro and HCL Technologies are the top IT companies in India.