Freelance & Outsourcing Industry: Difference between revisions

Freelance & Outsourcing Industry (view source)

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 ===== By Segment =====
+* Combined Market ACV falls under $11B for the first time since 2Q21
+* Managed Services registered all-time high, surpassed $10B in ACV for first time.
+* Restructuring ACV up 28% Y/Y while New Scope ACV was down 20% Y/Y
+* During the second quarter, 10 mega-deals (managed services contracts with annual value of more than $100 million) were signed. The 10 contracts were worth a combined $1.7 billion of ACV, up 35 percent from the combined value of the 10 megadeals signed in the second quarter last year. In all, 703 managed services contracts were inked in the second quarter, up 6 percent from the prior year.
+* 70%+ of enterprises say reducing cost is key to their strategies. Extensions and renewals accelerated due to strong focus on cost optimization.
+* Since peaking in 1Q22, XaaS ACV has fallen sequentially each quarter since
+“Cost optimization has led to more deal restructuring in managed services than we’ve ever seen,” Hall said. “It’s also worth noting that BFSI, the largest market vertical, dropped 10 percent year-to-date, driven by weakness in BPO in the Americas.
+“On the cloud side, the slowdown we’ve been seeing in China’s hyperscaler market is now spreading to the big three in the U.S. It was the first time we’ve seen a down market for cloud services in a first half. Overall, the drop in cloud spending was steeper than we anticipated.”
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