**Sonata Software Projects Significant AI Revenue Growth by FY28**
Sonata Software Ltd, which joined the ranks of local IT companies with a valuation exceeding $1 billion last year, has made a bold prediction regarding its AI revenue for FY28. The company anticipates that AI-enabled services will account for 20% of its total revenue over the next three years, showcasing its strong market presence and strategic execution. Samir Dhir, the managing director and CEO of Sonata Software, shared these insights with analysts on August 5.
In FY25, Sonata Software reported a revenue of $1.2 billion, marking a 15.5% increase, which translates to an additional $160 million. If the company maintains this growth trajectory, it could reach $1.68 billion in revenue by FY28, with approximately $330 million stemming from AI initiatives. Sonata aims for $1.5 billion in revenue by FY26, although a request for comment on its revenue goals went unanswered.
Happiest Minds Ltd, which went public five years ago, has also begun to disclose its revenue from Generative AI (GenAI). In its Q1 report for April-June 2025, the company reported $1.48 million, or 2.3% of its total revenue, from the GenAI sector, reflecting a 12% sequential growth. Happiest Minds experienced a 24.2% increase in revenue, reaching $243.6 million in the last fiscal year. Both Sonata and Happiest Minds are following the lead of industry giants like Accenture and IBM.
Accenture, the world’s largest IT outsourcing firm, began reporting GenAI revenue in Q3 FY23, initially accounting for about 1% of its quarterly revenue, which has since risen to approximately 4%. In the March-May 2025 period, Accenture secured $1.5 billion in new GenAI bookings, representing nearly 8% of its total order bookings of $19.7 billion for that quarter. The company’s revenue for the quarter reached $17.7 billion, a 6% increase from the previous quarter, with total GenAI orders now amounting to $7.1 billion.
IBM is also making strides in the GenAI space, with its chairman and CEO, Arvind Krishna, announcing that the company’s GenAI business has surpassed $7.5 billion in total bookings. IBM’s revenue for the April-March period increased by 16.75% sequentially to $17 billion.
The global AI market is projected to experience explosive growth, soaring from $189 billion in 2023 to an estimated $4.8 trillion by 2033, according to a UN Trade and Development (UNCTAD) report. This represents a remarkable 25-fold increase over the next decade, with AI’s share of the global frontier technology market expected to rise from 7% to 29%.
**FAQ**
**What is Sonata Software’s revenue projection for AI by FY28?**
Sonata Software expects AI-enabled services to contribute approximately $330 million, or 20% of its total revenue, by FY28.