Category: In The News

Cost Takeout Deals Put Big IT Firms at Advantage | In the News

February 22, 2023

The bigger Indian Information Technology (IT) firms are breathing easy despite the global economic slowdown threatening to moderate growth prospects in the next financial year. With rising inflation amid the Russia-Ukraine war, most enterprises are facing increasing cost pressure.

“In the large accounts, they (large IT firms) are likely to benefit from portfolio rationalization. However, in smaller clients, the smaller vendors have a modest advantage. Net, net, it will be beneficial for the larger firms,” Peter Bendor-Samuel, CEO of global consultancy firm, Everest Group told Deccan Herald.

Read more in Deccan Herald.

Indian IT Scion Rohan Murty Maps Expansion Plans for Enterprise Software Firm Soroco after Year of Explosive Growth | In the News

February 22, 2023

hen Rohan Murty started his software firm Soroco eight years ago, he began by writing code and building a platform for automating large chunks of a business online. Soon joined by cofounders Arjun Narayan and George Nychis, their fledgling company concentrated on improving the workflow of entire divisions, not just team tasks. “We’d built something where we could automate what 250 people could do,” says Murty. “We wanted to automate at scale.”

“Soroco has laid out a very strong vision for what their technology can do and the value that businesses can derive from it,” says Amardeep Modi, Vice President at research firm Everest Group. “The challenge is to execute on this vision and road map.”

Tough Times for IT Co as Digital Projects on Hold | In the News

February 20, 2023

67% of major enterprises facing reduced IT sourcing budgets; 24% cos are reducing budgets to get through slowdown

“There is still demand for digital (projects) and the smaller client firms favour working with smaller vendors. Hence, we don’t see significant challenges for the smaller firms if they are able to pivot having a cost savings and digital message. Hence, we see a market which is facing some deceleration for everyone, with the cost saving segment coming back strongly. The challenge is for every firm to pivot to the new market conditions,” Peter Bendor-Samuel, CEO of global consultancy firm, Everest Group told Bizz Buzz.

Read more in BizzBuzz

Cost Takeout Deals Put Big IT Firms at Advantage | In the News

February 19, 2023

The bigger Indian information technology (IT) firms are breathing easy despite the global economic slowdown threatening to moderate growth prospects in the next financial year. With rising inflation amid the Russia-Ukraine war, most enterprises are facing increasing cost pressure.

“We see the torrid post-pandemic market for digital slowing, but still growing. We see headwinds for modernisation, but an eagerness for digital pragmatism, where the new digital work can deliver clear and immediate results. Hence, the demand is shifting from hyper-growth to a more mature and sustainable level of growth,” Peter Bendor-Samuel of Everest Group said.

Read more in Deccan Herald

Sector-Specific Large Deals Return for Indian IT Services Companies | In the News

February 15, 2023

Top Indian IT services companies are witnessing an uptick in large and mega deals in specific sectors like banking, financial services and insurance (BFSI) as they turn to technology to optimise costs in the current uncertain economic environment.

“There will be some large deal initiatives as the current macroeconomic situation develops and clients want to optimise costs as well as provider consolidation strategies mature, similar to the pandemic where we saw a one-time increase in large deals. This is likely to be triggered by account or industry-specific issues and not a change in deal trends for the long term…We see BFSI firms often taking significant measures in a recession or financial downturn to optimise costs,” said Nitish Mittal, Partner, Europe Technology Practice, Everest Group.

Read more in Financial Express

Cost Cutting Measures Around the World Help Top Indian IT Firms Gain Ground | In the News

February 15, 2023

India’s top IT services companies are gaining ground by grabbing large and mega deals in specific sectors like banking, financial services and insurance (BFSI), reported Financial Express (FE).

“There will be some large deal initiatives as the current macroeconomic situation develops and clients want to optimise costs as well as provider consolidation strategies mature, similar to the pandemic where we saw a one-time increase in large deals. This is likely to be triggered by account or industry-specific issues and not a change in deal trends for the long term…We see BFSI firms often taking significant measures in a recession or financial downturn to optimise costs,” Nitish Mittal, Partner, Europe Technology Practice, Everest Group was quoted as saying in the report.

Read more in Business Standard

 

Why Less Is More When It Comes to the Future of E-commerce Payments | In the News

February 10, 2023

The proliferation of payment options doesn’t only make things more challenging for customers. The growth in digital wallets, and the number of payment choices out there, are making things more complex for merchants too.

“The rise in Web 3.0 and metaverse adoption will expand the number of channels and the payment methods that come along with them,” said Ronak Doshi, Partner at Everest Group. “At the same time, the rise of real-time payment schemes is poised to add more competition and players in the payment ecosystem. This will simplify the payment processes but increase the number of choices for e-commerce firms and their customers.”

Read more in PaymentsJournal

Digital Doppelgängers and Evil Twins: How Brands Can Guard against Identity Theft and Fraud in the Metaverse | In The News

February 8, 2023

Humans have a one-in-a-trillion chance of having a doppelgänger in the world—that is, someone who looks exactly like them down to their eyes, lips, and bone structure. But in an avatar-driven digital environment like the metaverse, another individual running around with your (digital) face is much more probable.

As reported by Everest Group in their “Taming the Hydra: Trust and Safety in the Metaverse” report, 55% of respondents in the US were concerned about the tracking and misuse of their personal data in the metaverse.

Read more in Fast Company.

Headcount Falls in Q3 as Tech Hiring Frenzy Gets Real | In The News

February 8, 2023

Three of the companies — Infosys, HCLTech, and L&T Technology Services — ended the December quarter with a higher net headcount, but the employee additions were at a slower rate than the previous quarters. Market leaders Tata Consultancy Services, Wipro, Tech Mahindra, and LTIMindtree all posted a fall in headcount.

“Though the demand-supply gap for talent is reducing, we expect the gap to continue in the range of 8-20% based on specific segments within tech services,” said Yugal Joshi, Partner at Everest Group.

Read more in The Economics Times.

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