Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year.

Here is JPMorgan's outlook for Indian tech firms

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employ over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping USD 100 billion mostly in salaries annually, says a report.

Automation: Indian IT companies to slash 3 million jobs; 30% of low-skill force by 2022

It seems like the IT sector is staring at another major wave of layoffs. With Cognizant planning to layoff as many as 7,000 employees in the next few quarters and similar reports emerging about other IT majors like Infosys and CapGemini, close to 2 per cent of mid-senior level employees might face the axe.

Indian IT sector stares at another wave of major layoffs

The claim was made by the US think tank National Foundation for American Policy

H1-B approvals for Indian IT companies dropped by 43% between 2015-17: Report