ESG Consulting Services
A data strategy outlines how an organization will manage and leverage its data assets to achieve its business objectives. It involves defining the data architecture, governance, management, and analytics practices used to ensure that data is accurate, accessible, and secure.
“I can’t stress this enough: data or the lack of the right data strategy is the number one bottleneck to scaling or doing anything with AI,” said Nitish Mittal, Partner at Everest Group. “When clients come to us with what they think is an AI problem, it is almost always a data problem. AI depends on viable data to prosper. That’s why it’s important to think about the data first.”
A personal computer in Russia was used to breach Metro’s computer network this year after the transit agency repeatedly was warned that cybersecurity deficiencies left its systems open to information theft and national security threats, according to a report released Wednesday.
Indian IT majors are expected to see significant pressure on their pricing in fiscal 2023-24 due to an environment marked with slow technology spends, said analysts.
Pricing power has shifted from the providers to the buyers, said Peter Bendor-Samuel, CEO of Everest Group. “We are starting to see significant pressure to lower pricing as the vendor consolidation with larger deals is dominating the market and looks to do so for the foreseeable future,” he added.
DALLAS, May 2, 2023—Everest Group—the global research firm focused on strategic IT, business services, engineering services and sourcing—today announced the winners of the 2023 PEAK Matrix Service Provider of the Year™ Awards for IT Services. The awards, now in their eighth year, recognize IT service providers who have demonstrated superior capabilities and service strategies in the PEAK Matrix® reports issued by Everest Group in the previous year.
Topping the Top 20 IT Service Providers list for 2023 are Accenture, TCS, Capgemini, Wipro and HCLTech, in that order. Accenture retains its position at the top of the leaderboard for the seventh straight year. TCS has been in the top five since Everest Group launched the rankings in 2016 and rose in the rankings this year to take the No. 2 position. Capgemini and Wipro each rose three positions in the rankings over last year. HCLTech remains among the Top 5 providers, although it slipped a notch from the No. 4 slot it held last year.
“The Top 20 IT Service Providers list identifies the best of the best—IT service providers with strong, broad-based capabilities and successful services strategies that align well with the evolving enterprise IT demand,” said Chirajeet Sengupta, partner at Everest Group. “Throughout the year, Everest Group evaluates service providers’ market success, their business strategies and how they are investing in the future. By taking all of that into account, these PEAK Matrix IT Service Provider of the Year awards recognize the IT service providers that truly set themselves apart.”
Overall, eight service providers improved their rankings, five slipped and three maintained their position in the Top 20. LTIMindtree (No. 10), EY (No. 18), Orange Business Services (No. 19), and EPAM (No. 20) are newcomers to the leaderboard this year. UST Global and EXL exited the list in 2023. Star Performers of the Year, recognized for achieving the greatest positive relative year-on-year movement on the PEAK Matrix assessment, are LTIMindtree, Tata Consultancy Services (TCS), Capgemini and HCLTech.
***All winners are listed in the report, “2023 PEAK Matrix Service Provider of the Year Awards for IT Services,” available for complimentary download here.***
Everest Group’s 2023 PEAK Matrix Service Provider of the Year Awards for IT Services also honor the Top ITS Challengers. This list recognizes the top 10 IT service providers with annual revenue of less than US$2 billion. The Top 3 ITS Challengers in the 2023 awards are Mphasis, Virtusa and Zensar. Zensar additionally is recognized as the Top ITS Challenger Star Performer for achieving the greatest cumulative upward mobility within the Top ITS Challengers list.
“Although smaller in size, these challengers are credible alternatives to the leading players in the industry in certain niches,” said Abhishek Singh, partner at Everest Group. “Challengers have successful service strategies that focus on specific solution segments, geographies or industries that align well with enterprise needs.”
Other Award Highlights:
Everest Group publishes the PEAK Matrix Service Provider of the Year Awards to recognize consistent top performers across PEAK Matrix assessments. In 2022, Everest Group published 34 PEAK Matrix reports, evaluating a total of 138 service providers in these nine segments of the IT services market:
Everest Group acknowledges Leaders and Star Performers in each of these nine industry segments. Leaders are determined by the number of leader positions an organization holds in the PEAK Matrix reports published across each category. Similarly, Star Performers recognize those organizations who achieve the greatest cumulative upward mobility from the previous year in the PEAK Matrix reports for each industry segment. A complete list of segment winners is included in the complimentary report.
About the PEAK Matrix™
The Everest Group PEAK Matrix® is a proprietary framework for assessing the relative market success and overall capability of service providers based on Performance, Experiences, Ability and Knowledge. Each service provider is comparatively assessed on two dimensions: market success and delivery capabilities. Market success is measured by revenue, number of clients and year-over-year growth. Delivery capability is measured by scale of operations, scope, technology and innovation, delivery footprint and buyer satisfaction. The resulting matrix categorizes service providers as Leaders, Major Contenders, and Aspirants. Companies that demonstrate strong upward movement in successive reports are recognized as Star Performers.
About Everest Group
Everest Group is a leading research firm helping business leaders make confident decisions. We guide clients through today’s market challenges and strengthen their strategies by applying contextualized problem-solving to their unique situations. This drives maximized operational and financial performance and transformative experiences. Our deep expertise and tenacious research focused on technology, business processes, and engineering through the lenses of talent, sustainability, and sourcing delivers precise and action-oriented guidance. Find further details and in-depth content at http://www.everestgrp.com.
Midcap IT firms, which were growing at around 25-45% year-on-year during the last few quarters due to the move towards digitization and cloud during the pandemic, are likely to face constraints this fiscal year. Some may also lag behind the already slowing big IT majors, analysts said.
On the falling valuation of stocks of some midcaps, Peter Bendor-Samuel, CEO of Everest Group, said, “We may see one or more of them merge or change ownership as valuations drop and private equity becomes more active.” Peter added, “The industry is going through a deceleration as discretionary spending is being cut as the post-pandemic boom finishes and firms enter a more mature phase of digital transformation.”
Everest Group is a proud sponsor of SIG’s 2023 Procurement Technology Summit, taking place from April 16 – 19, 2023, at the Omni Amelia Island Resort in Amelia Island, FL.
Everest Group Partners Jimit Arora and Amy Fong will be presenting at the event in a topic-based roundtable discussion titled, Controlling the Sprawl: A Template for Managing Your IT Tail.
Questions to consider during this roundtable discussion include:
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