The country's largest IT services firm Tata Consultancy Services (TCS) expects significant growth in the coming years across markets like Latin America, India and South Africa that have historically lagged in technology spending.

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The over USD 20-billion revenue company is also confident of expanding its play in large markets like continental Europe, Japan, Australia and New Zealand as it launches new services, products and platforms.

"...Our share even in our largest markets is still in low single digits. We are only scratching the surface yet in large markets like continental Europe, Japan and Australia New Zealand. Market penetration will be a growth driver in the coming years," TCS Global Head (Business and Technology Services) Krishnan Ramanujam said in the company's annual report for 2018-19.

He added that emerging markets like Latin America, India and South Africa -- which have historically lagged in technology spending -- will see enterprises leapfrog into the 'Business 4.0' era and start spending.

Last year, TCS had introduced its 'Business 4.0' strategy -- a thought leadership framework to help customers leverage digital technologies to address their growth and transformation agendas.

About 53 per cent of TCS' revenue came from Americas, 29.7 per cent from Europe and 5.7 per cent from India. Other geographies accounted for the remaining 11.36 per cent.

"We keep expanding our addressable market by continually launching new services, products and platforms, catering to the needs of a broadening set of stakeholders... All this gives us greater confidence and visibility in our ability to sustain our market leading revenue growth," he noted.

The Mumbai-based company's consolidated net profit stood at Rs 31,562 crore, while its revenue was at Rs 1.46 lakh crore in FY2018-19.

Apart from crossing the USD 20 billion revenue mark, TCS also became the first Indian company to achieve a market capitalisation of USD 100 billion in the last decade, and join the list of the top 100 most valuable companies in the world.

TCS COO N G Subramaniam said each time the company crossed a new milestone, it has only grown stronger, while retaining agility and entrepreneurial mindset.

"Today, we are not intimidated by scale. If anything, it has been a source of immense strength, giving us the ability to invest in many more capabilities all at once, and take on larger, more complex assignments," he said.

Subramaniam said TCS has maintained a very lean corporate structure and has been "steadily devolving executive decision-making powers to lower and lower levels".

"Diseconomies of scale arise from corporate bloat and bureaucracy that slows down decision making, and hinders responsiveness to changing market trends...Today, we have over 150 operating business units on the ground, each with its own P&L (profit and loss)," he pointed out.

TCS will hold its 24th annual general meeting on June 13 in Mumbai.