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Freelance & Outsourcing Industry: Difference between revisions
Freelance & Outsourcing Industry (view source)
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“Clients continue to restructure their IT landscape to adopt to multi-cloud environments and hybrid work arrangements, and are beginning to experiment with enterprise-grade GenAI use cases. We expect the applications market to continue to expand in 2024.”</blockquote> | “Clients continue to restructure their IT landscape to adopt to multi-cloud environments and hybrid work arrangements, and are beginning to experiment with enterprise-grade GenAI use cases. We expect the applications market to continue to expand in 2024.”</blockquote> | ||
=== Q4 2023 === | |||
[[File:Screenshot 2024-01-22 111020.png|center|thumb|511x511px|https://isg-one.com/docs/default-source/default-document-library/4q23-isg-index-presentation.pdf?sfvrsn=18f6d431_4]] | |||
Data from the ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of $5 million or more, show fourth-quarter ACV for the combined global market (both managed services and cloud-based as-a-service) was $23.4 billion, down 3 percent versus the prior year. Although it was the fifth straight quarter the combined market has declined year over year, the rate of decline continues to slow and the market may be poised for an upswing in 2024, ISG said.<ref>https://ir.isg-one.com/news-market-information/press-releases/news-details/2024/Global-Spending-on-IT-Business-Services-Down-in-Q4-Amid-Signs-of-a-Rebound-ISG-Index/default.aspx</ref><blockquote>“We’re seeing a sequential improvement over the last two quarters, indicating the market may have bottomed out and is ready to rise,” said Steve Hall, president of ISG. “Conditions are right for a turnaround. Inflation is cooling rapidly and central banks are planning interest rate cuts. That should create a more friendly environment for enterprise spending and capital deployment in 2024.”</blockquote><blockquote>“As AI technology matures and new use cases are identified, it will have a massive impact on the IT and business services and software industries. AI is the next great leap forward.”</blockquote> | |||
{| class="wikitable" | |||
!<ref>https://ir.isg-one.com/news-market-information/press-releases/news-details/2024/Global-Spending-on-IT-Business-Services-Down-in-Q4-Amid-Signs-of-a-Rebound-ISG-Index/default.aspx</ref> | |||
! colspan="3" |Q4 2023 | |||
! colspan="2" |2023 | |||
|- | |||
! | |||
!ACV (B) | |||
!Q/Q | |||
!Y/Y | |||
!ACV (B) | |||
!Y/Y | |||
|- | |||
|'''Combined Market''' | |||
|'''23.4''' | |||
|'''1.30%''' | |||
|'''-3%''' | |||
|'''94.3''' | |||
|'''-6.0%''' | |||
|- | |||
|'''Managed Services''' | |||
|'''10''' | |||
|'''-3.85%''' | |||
|'''1%''' | |||
|'''40.7''' | |||
|'''5.0%''' | |||
|- | |||
| - ITO | |||
|7.7 | |||
| -6.10% | |||
|12% | |||
|30.4 | |||
|13.0% | |||
|- | |||
| - BPO | |||
|2.3 | |||
|9.52% | |||
| -25% | |||
|10.3 | |||
| -14.0% | |||
|- | |||
|'''XaaS''' | |||
|'''13.4''' | |||
|'''4.69%''' | |||
|'''-6%''' | |||
|'''53.6''' | |||
|'''-12.5%''' | |||
|- | |||
| - IaaS | |||
|9.4 | |||
|4.44% | |||
| -10% | |||
|38.1 | |||
| -16.0% | |||
|- | |||
| - SaaS | |||
|4 | |||
|5.26% | |||
|4% | |||
|15.5 | |||
| -3.0% | |||
|} | |||
==== '''2024 Forecast''' ==== | |||
ISG is forecasting 4.25 percent growth for managed services and 15 percent revenue growth for XaaS in 2024.<blockquote>“We expect spending for application modernization and business transformation projects led by GenAI to continue at high levels in 2024. Public cloud spending should accelerate as optimizations phase out. We also expect small discretionary deals to recover, as well as financial services industry spending to rebound,” Hall said.</blockquote> | |||
=== <big>Deloitte Survey</big> === | === <big>Deloitte Survey</big> === | ||