What was EPAM's revenue growth rate in the APAC region in Q4 2020 in constant-currency terms
 for EPAM to play in the broad application development and cloud integration services market, which leading analysts are projecting to be resurging in the post-pandemic environment.
In comparison -- in combination of custom software development, cloud-native integration work, technology consulting and training services, and which represents a total over $700 billion in 2021 alone or about 60% of the total global IT services market. While thinking about this in context of near-term demand for EPAM and the lagging effect of the pandemic on our customers, we still anticipate some continued disruption in a few of our customers and markets and probably longer-term damage for certain industries. However, today, when 2020 is already in the past and while we are obviously still not being out of post-pandemic time zone and specific geopolitical risks, we do believe that 2021 will be a year of return to 20-plus-percent growth organically. With that, let me hand the call over to Jason to provide more specifics in our 2020 results and our annual business outlook, which we are resuming for fiscal 2021.
Jason Peterson -- Chief Financial Officer
Thank you, Ark and good morning, everyone. We are pleased with our 2020 fiscal year performance, especially given the dynamic environment. Our results demonstrate the durability of our portfolio, adaptability of our people and highlight EPAM's ability to meet the needs of clients even during challenging times. In the fourth quarter, EPAM generated revenue of $723.5 million, a year-over-year increase of 14.3% on a reported basis and 13.7% in constant-currency terms, reflecting a positive foreign exchange impact of approximately 60 basis points.
Revenue came in higher than previously guided due to our ability to expand our delivery capacity in response to a stronger-than-anticipated demand environment. Revenues also benefited somewhat from the beforementioned foreign exchange contribution. Our industry vertical performance in Q4 produced very strong sequential improvement, driven by a higher level of growth from both new work and existing clients and revenue from new customer relationships established over the last 12 months. Looking at year-over-year performance across this group.
Life Sciences & Healthcare grew 24%. Growth in the quarter was driven by data and analytics, platform development to support new business models and client investments to improve R&D efficiency. Business information and media delivered 16.2% growth in the quarter. Financial services grew 16.1% with growth coming from traditional banking, insurance and, to a lesser degree, wealth management.
Software and hi-tech grew 14.3% in the quarter. Travel and Consumer returned to growth and increased 5.4% yaer over year. In Q4, we saw strong growth from our consumer clients, along with solid and improving performance within retail as clients made investments in response to the dramatic changes in their operating environments. Finally, our emerging vertical delivered 13.1% growth, driven by clients in telecommunications, automotive and materials.
From a geographic perspective, North America, our largest region, representing 59.9% of our Q4 revenues, grew 14% yaer over year or 13.7% in constant currency. Europe, representing 32% of our Q4 revenues, grew 11.8% yaer over year or 7.5% in constant currency. CIS, representing 5.2% of our Q4 revenues, grew 22.9% yaer over year and 45.2% in constant currency. Similar to Q3, growth in the CIS region was driven primarily by clients in financial services and materials.
And finally, APAC grew 39.4% yaer over year or 35.7% in constant-currency terms and now represents 2.9% of our revenues. APAC growth in the quarter was primarily driven by clients in financial services. In the fourth quarter, year-over-year growth in our top 20 clients was 16.6%, and growth outside our top 20 clients was 12.8%. And moving down the income statement.
As mentioned last quarter, we continue to run the business with a cost base that is lower than previous levels. While the lower cost base is driven by operational e
 for EPAM to play in the broad application development and cloud integration services market, which leading analysts are projecting to be resurging in the post-pandemic environment.
In comparison -- in combination of custom software development, cloud-native integration work, technology consulting and training services, and which represents a total over $700 billion in 2021 alone or about 60% of the total global IT services market. While thinking about this in context of near-term demand for EPAM and the lagging effect of the pandemic on our customers, we still anticipate some continued disruption in a few of our customers and markets and probably longer-term damage for certain industries. However, today, when 2020 is already in the past and while we are obviously still not being out of post-pandemic time zone and specific geopolitical risks, we do believe that 2021 will be a year of return to 20-plus-percent growth organically. With that, let me hand the call over to Jason to provide more specifics in our 2020 results and our annual business outlook, which we are resuming for fiscal 2021.
Jason Peterson -- Chief Financial Officer
Thank you, Ark and good morning, everyone. We are pleased with our 2020 fiscal year performance, especially given the dynamic environment. Our results demonstrate the durability of our portfolio, adaptability of our people and highlight EPAM's ability to meet the needs of clients even during challenging times. In the fourth quarter, EPAM generated revenue of $723.5 million, a year-over-year increase of 14.3% on a reported basis and 13.7% in constant-currency terms, reflecting a positive foreign exchange impact of approximately 60 basis points.
Revenue came in higher than previously guided due to our ability to expand our delivery capacity in response to a stronger-than-anticipated demand environment. Revenues also benefited somewhat from the beforementioned foreign exchange contribution. Our industry vertical performance in Q4 produced very strong sequential improvement, driven by a higher level of growth from both new work and existing clients and revenue from new customer relationships established over the last 12 months. Looking at year-over-year performance across this group.
 Life Sciences & Healthcare grew 24%. Growth in the quarter was driven by data and analytics, platform development to support new business models and client investments to improve R&D efficiency. Business information and media delivered 16.2% growth in the quarter. Financial services grew 16.1% with growth coming from traditional banking, insurance and, to a lesser degree, wealth management.
Software and hi-tech grew 14.3% in the quarter. Travel and Consumer returned to growth and increased 5.4% yaer over year. In Q4, we saw strong growth from our consumer clients, along with solid and improving performance within retail as clients made investments in response to the dramatic changes in their operating environments. Finally, our emerging vertical delivered 13.1% growth, driven by clients in telecommunications, automotive and materials.
From a geographic perspective, North America, our largest region, representing 59.9% of our Q4 revenues, grew 14% yaer over year or 13.7% in constant currency. Europe, representing 32% of our Q4 revenues, grew 11.8% yaer over year or 7.5% in constant currency. CIS, representing 5.2% of our Q4 revenues, grew 22.9% yaer over year and 45.2% in constant currency. Similar to Q3, growth in the CIS region was driven primarily by clients in financial services and materials.
And finally, APAC grew 39.4% yaer over year or 35.7% in constant-currency terms and now represents 2.9% of our revenues. APAC growth in the quarter was primarily driven by clients in financial services. In the fourth quarter, year-over-year growth in our top 20 clients was 16.6%, and growth outside our top 20 clients was 12.8%. And moving down the income statement.
As mentioned last quarter, we continue to run the business with a cost base that is lower than previous levels. While the lower cost base is driven by operational e