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Enterprises Adoption of Employee Experience Management (EXM) Platforms Will Surge 35-40% Through 2025—Everest Group

November 18, 2022

EXM platforms help employers retain and attract employees by addressing the pain points in the employee life cycle; current Everest Group PEAK Matrix Leaders include Qualtrics and Medallia.

DALLAS, November 18, 2022 — Even with global economic headwinds, enterprises remain desperate to retain employees and recruit new talent. It is against this backdrop that the Employee Experience Management (EXM) platforms market is expected to experience a compound annual growth rate of 35-50% through 2025, according to Everest Group. EXM buyers of all sizes cite the rise of new and alternative working models, keeping attrition rates under control, and understanding real-time employee sentiments as major triggers for adopting EXM platforms.

The Great Resignation, the demand for hybrid work environments, and the shortage of talent have disrupted the conventional way of work and the traditional workplace. For enterprises facing this challenge, the ability to monitor and improve employee experience along each step of the employee lifecycle has become more crucial than ever before. The adoption of Employee Experience Management (EXM) platforms can make this task easier.

According to Everest Group research, buyers of EXM platforms cite the following as the top five benefits of the technology:

Better understanding of the workforce, especially the key challenges that each employee faces and understanding their sentiments
Inclusion of employees in formulating the organization’s people strategy. Particularly helpful is employee feedback gathered in pulse surveys on specific topics.
Improved employee engagement and productivity. The ability to anonymize feedback makes employees feel heard and empowered, thus stimulating higher productivity and increased rate of participating in future surveys.
Reduction in attrition, primarily by playing a role in elevating employee satisfaction, engagement and visibility.
Faster decision making. EXM platforms capture and process employee insights into real-time dashboards, giving leaders the right information at the right place and time.

These findings and more are detailed in Everest Group’s “Employee Experience Management (EXM) Platforms – State of the Market Report 2023.” The report provides an introduction to EXM platforms and a market overview, including buyer adoption trends, key investment themes, the service provider landscape and the outlook for 2023.

“Enterprises are realizing that EXM is an important element of their overall business growth strategy, not just one of many tasks assigned to the Human Resources team,” said Lokesh Goyal, practice director at Everest Group. “To win the talent war, enterprises need to revamp their employee listening programs and be acutely attuned to employee needs such as mental health, well-being, safety, flexibility, and work-life balance and this should be a continuous process rather than being limited to annual surveys. The EXM platforms market is surging because this technology provides employers with a way to support multiple channels of capturing real-time feedback from their total talent pool and making decisions that improve experience, culture and productivity.”

Additional market highlights

The Banking, Financial Services and Insurance (BFSI) industry has the highest market share of adoption (16%), followed by the hi-tech industry (15%).
EXM platforms are largely adopted by midsize (45-50%) and large buyers (35-40%) as most of them have already embarked on their HR transformation journey and capturing employee feedback is a critical aspect of it.
In 2021, North America constitutes the largest market share (68%) and the majority of the current supply base is consolidated in the North American region as well.
Qualtrics and Medallia rank as Everest Group PEAK Matrix® Leaders for 2022.
Current market leaders (in terms of market share by number of EXM clients in 2021) include Qualtrics, Culture Amp, InMoment, Perceptyx and Workday.
The top five reasons cited by buyers for choosing a particular provider are: flexibility in pricing; value-added services; ease of use, implementation and integration; differentiated platform functionalities; and responsiveness and customer support.

***Download a complimentary abstract of the report.***

About Everest Group
Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing. Our research also covers the technologies that power those processes and functions and the related talent trends and strategies. Our clients include leading global companies, service and technology providers, and investors. Clients use our services to guide their journeys to maximize operational and financial performance, transform experiences, and realize high-impact business outcomes. Details and in-depth content are available at www.everestgrp.com.

Task Mining Software Market Posts 85%-95% Growth Rate, Remains One of the Fastest Growing Markets in the Intelligent Automation Space—Everest Group

November 16, 2022

Task mining market will see increased adoption, product enhancements, use case expansion, M&A activities, and a wide range of creative partnerships.

DALLAS, November 16, 2022 — Although task mining software solutions are in the early stages of enterprise adoption, the market is growing at an exponential pace—recording 85% to 95% compound annual growth between 2020 and 2021. Everest Group projects 75% to 85% growth in the coming year as rapid adoption continues.

Everest Group defines task mining as a technology that can capture user actions and metadata—such as keystrokes, mouse clicks, activity screenshots, and other system-level activities—across multiple desktops to discover and provide insights into the tasks and activities involved in a process. Adoption of task mining solutions can not only help enterprises achieve cost savings and operational efficiencies by optimizing and automating tasks, but also enhances employee experience through better resource allocation. This has led to task mining being one of the fastest-growing markets in the Intelligent Automation (IA) space.

Task mining can be applied in nearly any industry and offers a range of business, operational and cost benefits to enterprises. Among the most common applications are:

Enabling micro-level process views by capturing all last-mile activities and tasks
Generating workforce insights, such as team productivity and most productive teams by task
Identifying automation opportunities, by leveraging machine learning models and workforce insights on performance, productivity, and frequency
Facilitating the creation of initial automation workflows for the opportunities identified.
Creating process discovery documents that can be leveraged internally to develop process understanding as well as robotic process automation (RPA) scripts.

Scaling automation initiatives and increasing employee productivity are the most important factors driving task mining adoption. Other major drivers include optimizing operations and decreasing costs. The top two strengths of task mining solutions cited by enterprise buyers are ease of product use (79%) and workforce intelligence (50%).

These findings and more are detailed in Everest Group’s recently published report, “Visualizing Business Operations at the Micro Level – Task Mining State of the Market Report 2022.” This research provides a detailed view of the task mining market by analyzing it across market size and adoption trends, solution characteristics, product capabilities and trends, provider landscape, and outlook for 2022-23.

“Early adopters of task mining solutions already rate their solutions quite high for impact on cost and operational efficiency and for ease of use,” said Amardeep Modi, vice president at Everest Group. “Plus, solution providers are continuing to advance the capabilities and use cases of the software and complementary services to help enterprises achieve greater business value. We will certainly see accelerated adoption of task mining solutions in the near term. In addition, we’ll see quite a bit of dynamic movement within the ecosystem, with mergers and acquisitions as well as partnerships of all kinds involving technology providers, implementation partners, resellers, large service providers, and complementary technology companies.”

Additional Market Highlights

North America is the largest adopter by region (57%); Europe (31%) and Asia Pacific (11%) follow in share of market.
Banking, Financial Services and Insurance (BFSI) (39%), hi-tech and telecom (16%), and healthcare and pharma (13%) are the leading adopters by industry.
Finance & Accounting (F&A) (29%) and industry-specific processes, particularly in BFSI (23%), telecom (6%) and healthcare (5%), drive the majority of task mining deployment and growth.
Large enterprises (with revenues exceeding US$5 billion) are the largest adopters (62%).

***Download a complimentary abstract of the Task Mining State of the Market Report.***

Everest Group Unveils Its 2022 List of Top 50 Engineering Services Providers

November 15, 2022

Capgemini, HCL Technologies and Alten top the leaderboard of ES service providers as ER&D outsourcing bounces back with double-digit growth in 2021.

DALLAS, November 15, 2022 — Everest Group today released the fourth annual edition of the Everest Group Engineering Services Top 50™, a ranking of the world’s largest third-party providers of engineering services (ES). The ranking is based on revenues and year-on-year growth.

Topping the 2022 list of ES providers are these 10 leaders:

Capgemini
HCL Technologies
Alten
Cognizant
Akkodis
Accenture
AFRY (ÅF Pöyry)
Wipro
Tata Consultancy Services
EPAM

*** Download a complimentary copy of the 2022 Everest Group ES Top 50 list and analysis ***

Engineering services include all activities (spanning software, embedded, mechanical and manufacturing engineering functions) that support the design, development, testing and management of products, both hardware and software.

After contracting slightly (-1.7%) in 2020, the global Engineering, Research & Development (ER&D) industry grew 10.3% in 2021. The companies in the Everest Group Engineering Services Top 50 collectively represented 86% of this market, accounting for more than US$55 billion of outsourced spending in 2021.

“Engineering services outsourcing bounced back strongly in 2021,” said Akshat Vaid, vice president at Everest Group. “This can largely be attributed to an amalgamation of multiple factors, including a continued push towards digital engineering; revival of certain industry verticals, such as aerospace/defense and automotive; and investments into themes such as platform engineering, 5G, sustainability, metaverse, and COVID-led initiatives to optimize manufacturing operations with technology, among others. From the service provider perspective, the growth in ES outsourcing has added more fuel to the war for skilled, deployable talent with deep domain understanding, resulting in unmanageable attrition and increased talent costs. Service providers also continued to scale capabilities and delivery footprint through M&A endeavors, with more than half of the companies featured in the Top 50 list engaging in M&A.”

Other highlights:

The Top 5 ES companies based on revenue alone are Capgemini, HCL Technologies, Akkodis, Alten and Cognizant.
The Top 5 fastest growing ES companies were Globant, Encora, Persistent, EPAM and Alten.
Europe continues to hold a major share (42%) of the providers in the Top 50 list, followed by Asia Pacific at 32% and North America at 24%.
In 2021, more than 50% of the firms listed in the ES Top 50 report engaged in merger and acquisition activities. Providers continued to acquire companies to increase scale, boost capabilities and gain access to markets and talent. These activities have driven ES service providers’ valuations to record highs.
Broad-based providers’ share of ES Top 50 revenue continues to increase at the expense of pure-play providers, as broad-based providers use growth in ES to offset the low headroom for growth in IT and business process services. Broad-based providers’ share accelerated from 49% in 2020 to 67% in 2021.

The Everest Group Engineering Services Top 50 is based on both revenues and year-on-year growth. Revenues comprise 75% of the composite score used for ranking. Growth comprises 25% and has two sub-parameters: absolute growth (measured as change in ES revenue in US$ million and accounting for 12.5% of the composite score) and percentage growth (measured as percentage change in ES revenue and accounting for the final 12.5% of the composite score).

In the Fight for Talent, It’s Employee Experience for the Win—Everest Group

November 9, 2022

Driven by talent war, Great Resignation, and demand for hybrid working models, enterprise HR experts rank ‘enhanced employee experience’ as a key priority.

DALLAS, November 9, 2022 — Multi-process human resource outsourcing (MPHRO) deals are on the rise again in 2022 as enterprises seek end-to-end services that include talent acquisition and development and that keep employee experience at the core. Accordingly, MPHRO providers are continuing to make investments in next-generation technologies, automation and analytics, and are also adding an experience layer to their products to provide a seamless, integrated experience to users. Everest Group projects that this focus on employee experience, reskilling and digital transformation will drive a 7-9% growth in the MPHRO market by 2026.

According to Everest Group research, 42% of MPHRO buyers cite “enhanced employee experience” as a key priority for the HR function. The only priority ranking higher (53%) is “digitizing HR processes through next-generation technologies such as automation.”

These findings and more are detailed in Everest Group’s “MPHRO State of the Market Report 2022—Entwining Employee Experience and MPHRO in the New Normal.” The report explores key demand trends, solution characteristics, the service provider landscape and the outlook for 2023.

“Enterprises are facing a perfect storm when it comes to their HR operations,” said Priyanka Mitra, practice director at Everest Group. “On the heels of the pandemic and the Great Resignation, organizations are battling for talent, trying to upskill and reskill existing employees, undergoing digital and cultural transformations to retain talent and offer the hybrid working models that employees want, and adopting next-generation solutions to stay ahead of competitors. MPHRO providers can be highly valued advisors and partners in addressing these challenges. We’re already seeing a rise in the number of providers that offer end-to-end services and an integrated platform comprising core HR, talent management, workforce management, service delivery, and employee experience solutions.”

Notable MPHRO Trends in 2022:

The MPHRO market was valued at approximately US$5.4 billion in 2021. An increased focus on experience, reskilling and digital transformation along with complex compliance and cost takeout will drive the market to approximately US$7.5 billion by 2026.
North America and EMEA (Europe, Middle East and Asia) dominate the HRO markets as greater than 70% of the new deals emerge from those signing regions. Increased activities in Asia Pacific and Latin America regions are being observed.
The share of deals in the retail sector bounced back. Manufacturing, hi-tech and IT, and healthcare are other industries having a sizable number of new deals.
There has been a marked increase in the inclusion of more processes in the MPHRO deal as buyers seek end-to-end solutions. Digital HR services have experienced more demand owing to ongoing digital efforts by clients.

***Download a complimentary abstract of the report.***

Everest Group Advocates New Paradigm for IT—’Systems of Growth’—A Platform-based Model Centered on Revenue Enablement

November 1, 2022

DALLAS, November 1, 2022 — The role of an IT team is no longer as “simple” as keeping the infrastructure running efficiently; today, IT organizations also are charged with driving business growth, change and innovation and meeting sustainability targets. To be able to innovate and differentiate at enterprise speed and scale, IT organizations must adopt Systems of Growth thinking, according to Everest Group.

What is Systems of Growth thinking?

Systems of Growth thinking is when both enterprise and IT leadership view the role and scope of the IT organization as a vehicle to fuel, manage and/or respond to disruption at enterprise scale and speed. An IT organization that adopts Systems of Growth thinking strives not only for operational efficiency, but also to contribute directly to business growth. Within a System of Growth, IT doesn’t just run applications; it manages platforms. An IT System of Growth doesn’t merely “own” the infrastructure, it orchestrates it. An IT System of Growth focuses on being a revenue enabler rather than a cost center.

“As organizations across industries claim to be technology firms, CIO and IT leaders are getting a seat at the table to shape the organization’s growth strategy,” said Ronak Doshi, partner at Everest Group. “A platform-based operating model that measures the platform for its growth and experience outcomes is at the center of the Systems of Growth thinking.”

“Traditional enterprise budgeting methods look at IT spend as a percentage of revenue to account for upkeep and maintenance of systems, and this leads to a constant struggle to find budgets for change initiatives,” said Nitish Mittal, partner at Everest Group. “An organization with a Systems of Growth mindset looks at IT spend as a lead indicator for future growth, and its IT funding model is based on growth and experience return on investments.”

“IT organizations struggle with legacy applications and siloed systems,” said Chirajeet Sengupta, partner at Everest Group. “Systems of Growth thinking helps them break enterprise siloes and use the power of hybrid cloud infrastructure, the enterprise data lake and AI/ML to orchestrate platforms that drive revenue expansion.”

Why is a Systems of Growth mindset critical today?

With increasing disruptions to traditional business models and the rapid adoption of exponential technologies such as Web 3.0, the metaverse and 5G, enterprises need a new technology strategy to compete in the market. Systems of Growth strategies are vehicles to fuel, manage and/or respond to disruption at enterprise scale and speed.

To remain competitive, enterprises using Systems of Growth thinking will:

Track and respond to the technological disruption that is happening both inside and outside their defined industry boundaries. (Most disruption elements permeate industry boundaries.)
Balance their “change versus run” priorities.
Enable collaboration with a broad set of ecosystem participants, which could be internal and/or external to the enterprise. In fact, most use cases will be inter-enterprise and/or inter-industry implementations, with a few contained intra-enterprise use cases serving as the exception.
Adopt a platform-based operating model to orchestrate technology and the ecosystem. This model is designed with software at the center and services wrapped around it to deliver each transaction.

Systems of Growth thinking will result in product, channel and business model innovation appropriately shaped by the nature, scale and complexity of disruptions.

In its Digital Services State of the Market Report for 2022, “Systems of Growth – Building a Platform-based Operating Model to Innovate and Differentiate at Enteprise Speed and Scale,” Everest Group investigates the reasons why enterprises should adopt a Systems of Growth strategy, which involves investments in data, platforms, customer journeys, process maps and ecosystems.

***Download a complimentary abstract of the 2022 Digital Services State of the Market Report***

Web 3.0 is the Next Trillion-Dollar Industry According to Banking, Financial Services Leaders—Everest Group

October 31, 2022

Report describes current BFSI uses cases, transformative potential, and challenges of the Web 3.0 industry, Metaverse, and Decentralized Finance; seven steps to prepare for the future of financial services.

DALLAS, October 31, 2022 — The future of financial services will be reshaped by exponential technologies such as Web 3.0, metaverse and decentralized finance (DeFi), and the evolution has already begun, according to Everest Group. Enterprises and service providers are anticipating these technologies will drive product innovation as well as new channel strategies and business models, fueling what could potentially be a trillion-dollar market opportunity.

Web 3.0 is a next-generation exponential technology based on blockchain and the third generation of internet in which users can exchange money and information in a secured, trusted, and open model with lower intermediary operations. It is also a critical building block to enhance and monetize various use cases of the metaverse, an immersive online world in which people use avatars to shop, work, socialize and play. DeFi is an evolving business model that leverages emerging technologies to build a connected yet decentralized financial system that offers services that are more accessible, resilient and transparent than centralized, middlemen-focused processes.

Leading enterprises are increasingly investing in Web 3.0 technologies and metaverse platforms. Additionally, customers are increasingly demanding revamped payments, sophisticated financial products, ease of access to credit, and smooth onboarding and advisory services.

“BFSI leaders recognize that these technologies—Web 3.0, metaverse and decentralized finance—are going to reshape their industry by transforming the way they interact and engage with customers,” said Ronak Doshi, partner at Everest Group. “And yet they are also cautious about role of intermediaries and decentralization as well as the speed with which policy makers can accommodate new business models with revamped regulatory approaches. Accordingly, we believe that this shift will be evolutionary rather revolutionary, driven by customer demands and pragmatic product innovation. The journey has begun, with many current applications and innovative proofs-of-concept underway.”

Everest Group provides numerous use cases of Web 3.0, metaverse and DeFi in the banking, financial services and insurance segments in its Market Report, “Future of Financial Services – Web 3.0, Metaverse, and Decentralized Finance.” This report highlights recent investments that big market participants have made in BFSI, how technology and service providers and enterprises can differentiate themselves in the market, Web 3.0 and metaverse use cases that BFSI firms can explore, and regulatory and security challenges in Web 3.0 adoption.

Everest Group advises enterprises to pay close attention to developments in this area and to engage in these strategic steps:

Understand the opportunities and threats that the Web 3.0 industry entails. Educate and engage retail and institutional investors on the benefits and pitfalls as they will soon seek advisory services around the potential of Web 3.0 and its allied technologies.
Focus on enabling the proliferation of new products that combine virtual reality (VR), non-fungible tokens (NFTs), and the human being’s desires for social connection.
Enhance technical and operational capabilities around cloud, blockchain, API and cybersecurity to generate business value from new channels and products.
Leverage Web 3.0 and metaverse to gain market share by expanding offerings to include cross-border settlements, wholesale payments, and decentralized brokerages to drive value from these investments through in-house development or FinTech partnerships.
Co-innovate with technology and IT service providers to leverage their skilled talent pool on next-generation technology to achieve economies of scale.
Adopt principles of interoperability to tap into the network effects of these emerging technologies.
Build talent and skills in your organization ahead of market demand to ensure rapid scaling of initiatives and not being impacted by shortage of talent.

***Download a complimentary abstract of the report.***

Everest Group “Commitment to Action” Recognized at Clinton Global Initiative September Meeting; Firm Pledges to Double Number of Impact Sourcing Workers by 2026 | Press Release

September 22, 2022

Everest Group commits to help organizations around the world dramatically increase the number of jobs provided to workers in marginalized communities and lift communities out of poverty through impact sourcing.

DALLAS, September 22, 2022 —At the Clinton Global Initiative September 2022 Meeting this week, former President Bill Clinton recognized Everest Group’s “Commitment to Action,” a proposal for “Enabling Inclusive Talent Models in the Global Services Industry.” Everest Group has pledged to dramatically increase the impact sourcing workforce—connecting hundreds of thousands of marginalized individuals to new jobs—by providing research and enablement tools, sharing best practices, and engaging enterprises, service providers, governments and non-governmental organizations (NGOs) in collaborative efforts. Everest Group’s Commitment to Action is to grow the impact sourcing market from its current level of 350,000 FTEs to half a million in three years.

***Watch former President Bill Clinton recognize Everest Group’s Commitment to Action***

Impact sourcing is when organizations intentionally hire and provide career development opportunities to people from marginalized communities while simultaneously meeting their business objectives. Impact sourcing workers come from groups that are economically disadvantaged, socially marginalized, under/unemployed, and/or have other unique factors which have excluded them from decent livelihoods. Women and unemployed youth form the largest segments of the impact sourcing workforce.

Globally, businesses are desperately looking for sources of talent that are highly engaged, stable and deliver quality work with low attrition rates. Meanwhile, governments and social development agencies are eagerly trying to enable decent work and livelihoods to lift economically excluded communities. The concept of impact sourcing arose at the intersection of these two needs.

Lifting Marginalized Communities and Fighting Poverty with Impact Sourcing

Everest Group’s Commitment to Action focuses on three stakeholder groups: employers or service providers, enterprises that buy their services, and enablers. Enablers are organizations that provide support and incentives by devising job-readiness programs and influencing policies and regulations. Everest Group pledges to promote and track the inclusive talent model of impact sourcing with robust research; provide enablement tools and how-to guides to employers and buyers; engage enablers; and share best practices.

***Learn more about Everest Group’s Commitment to Action***

“Everest Group has already enlisted support and pledge partnerships from more than 30 key global employers, service providers, and enabling organizations to join in a collaborative effort to improve lives through impact sourcing, and to find a way to double the number of impact workers in three years,” said Rita Soni, principal analyst for Impact Sourcing and Sustainability at Everest Group. “Being recognized as a Clinton Global Initiative ‘Commitment to Action’ and receiving the promotional support of the CGI will help us expand this network and ultimately impact more lives. Together we can bring jobs to the often overlooked—women, youth, those living in rural regions and forgotten towns, LGTBQ+ communities, people with disabilities, and others burdened by discrimination, inequity and/or systemic poverty. And the win-win-win is that our research proves that impact workers, employers and buyers alike are benefitting by working together.”

The CGI September Meeting brought together business, government, and philanthropic leaders to collaboratively take action to create a better future for a world that is hungry for hope. Among the topics addressed were global health challenges, climate change, transitions to clean energy, poverty, food insecurity, mental health and inequitable access to economic resources, healthcare, and education. Soni attended the event to share the firm’s research on impact sourcing and to encourage collaboration and participation in its impact sourcing initiatives.

About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world’s most pressing challenges. CGI Annual Meetings have brought together more than 200 sitting and former heads of state, more than 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date, members of the CGI community have made more than 3,700 Commitments to Action, which have improved the lives of more than 435 million people in more than 180 countries. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.

Growth of Metaverse Increases Trust and Safety (T&S) Risks to Enterprises, Users | Press Release

September 8, 2022

Mitigating threats to user security, increased abuse, proliferation of objectionable content and financial fraud represents big opportunity for third-party T&S services market in the coming years.

DALLAS, September 08, 2022 — As enterprises apply their best creative and strategic thinking to how to take advantage of the metaverse, they should also address the heightened risks the metaverse will pose to employees, customers and corporate assets, according to Everest Group.

“The metaverse is attracting large investments from technology giants such as Google, Meta, Microsoft and Nvidia to make the virtual world a reality, and the applications hold unlimited economic and social potential for both good and bad,” said Rajesh Ranjan, partner at Everest Group. “As organizations develop their business strategies for the metaverse, trust and safety issues need to be among their foremost considerations. Enterprises may be able to adapt some best practices of today, but they will also need to address scenarios and use cases that are unique to the metaverse. Solving for those novel challenges will require a collaborative approach among enterprises, policymakers, academia, and T&S service providers to realize the full potential of metaverse as an immersive yet safe place for users.”

While the metaverse—an interconnection of virtual worlds providing immersive social experiences—is still at a nascent stage, it is expected to grow exponentially in the coming years, opening new possibilities for enterprises, including trade in digital assets such as cryptocurrencies and non-fungible tokens (NFTs), immersive marketing, enhanced customer experience, improved employee training, and live virtual events. However, as the metaverse expands, enterprises will have to deal with new trust and safety (T&S) challenges, such as the abuse of virtual avatars and the safety of virtual assets. Organizations will need to come up with risk mitigation policies to make the metaverse a safe space for users.

Everest Group has shared its research and recommendations in “Taming the Hydra: Trust & Safety in the Metaverse.” In this study, Everest Group explores the potential trust and safety challenges that enterprises face in the metaverse and recommend metaverse risk mitigation strategies to help tackle them. The report also explores the impact of the metaverse on the third-party T&S market.

Everest Group offers metaverse risk mitigation strategies for T&S risks, including:

Abuse of virtual avatars, including invasion of personal space, impersonation, harassment, assault, bullying, stalking and spying.
Concerns around data privacy and user safety, including personal and sensitive information such as user habits and physiological characteristics.
Safety of virtual assets from financial crimes and identity theft.
Well-being of content moderators who may face physical and mental health hazards from prolonged exposure to VR headsets and content.
Regulatory ambiguity, especially policy gaps with respect to the definition of ownership, data privacy and user interactions.

Implications for the Third-Party T&S Services Market

Enterprises are increasingly outsourcing T&S services to match exponential growth in user content, and as the metaverse expands, the T&S services market will surge as well. Currently, T&S services is among the fastest-growing segment of the Business Process Services market, expected to reach US$15-20 billion by 2024. The market is expected to grow 35-38% through 2024 and accelerate to 60-68% growth beyond 2024 as technology and infrastructure advances beyond the nascent stage.

In this dynamic market, T&S service providers have the opportunity to leverage their expertise to proactively help enterprises develop risk mitigation strategies. The growth potential of the metaverse T&S market will attract new service providers, spur specialization, and give rise to ecosystem partnerships to address the complexity of policy advisory, technological expertise, process acumen, and localization of services that the evolving metaverse will demand.

Everest Group Publishes Inaugural Ranking of Top Global Business Services Employers | Press Release

August 30, 2022

Mondelez, Microsoft and SAP among Top GBS Employers across India, The Philippines and Poland.

DALLAS, August 30, 2022 — Everest Group today released the results of its inaugural ranking of top Global Business Services (GBS) employers across India, The Philippines and Poland. Everest Group’s Top GBS Employers™ rankings provide an “outside-in proxy” on how prospective candidates perceive employer companies.

In this first-of-its-kind study, Everest Group has analyzed the employer brand perception of more than 200 leading GBS organizations across India, The Philippines and Poland.

Mondelēz International, Microsoft and SAP rank among the Top 3 in two geographies. Google appears twice among the Top 5.

“Talent is the differentiating factor that enables organizations to survive uncertainties and thrive in intense competition,” said Rohitashwa Aggarwal, vice president at Everest Group. “In the ongoing war for talent, maintaining a positive brand image is of quintessential importance. GBS organizations need to understand what components most contribute to employer brand perception in local talent markets and how to strengthen their brand to attract and retain the best and brightest. Leading global GBS organizations can leverage insights from our Top GBS Employers report and our Talent Performance Framework to optimize their talent management strategies and build future-proof talent models.”

Topping the 2022 list of Top GBS Employers in India are these 10 organizations:

Google
Mondelēz International
Microsoft
Bank of America
SAP
JPMC
P&G
Target
American Express
Novartis

Topping the 2022 list of Top GBS Employers in The Philippines are these 10 organizations:

Henkel
SAP
JPMC
Telstra
P&G
SunLife
Wells Fargo
American Express
Chevron
3M

Topping the 2022 list of Top GBS Employers in Poland are these 10 organizations:

Mondelēz International
Microsoft
SAP
Standard Chartered
Google
Cisco
Bayer
AstraZeneca
ING Group
P&G

***Download a complimentary copy of the 2022 Everest Group Top GBS Employers™ list and analysis***

***LinkedIn Live Event: “Who Are the Top GBS Employers?”***

Thursday, September 15, 6:30 AM CDT: Join the Conversation

Rohitashwa Aggarwal, vice president of GBS Research and Advisory at Everest Group, and Shweta Mohanty, vice president and head of HR for SAP, India, will discuss Everest Group’s inaugural analysis of the Top GBS Employers across leading GBS markets, including India, the Philippines, and Poland, and what the top GBS employers are doing to set themselves apart.

***On-Demand Webinar: “Elevate Your GBS Employer Brand: Lessons from Top Employers***

Everest Group presents the results of its Top GBS Employers study and shares what top GBS employers are doing to set themselves apart. Watch this webinar to learn what factors impact brand perception as a GBS employer, how brand perception varies for GBS talent and technology talent, and what organizations can do to address employee grievances and enhance their overall brand perception among potential employees.

“It’s great to be recognized among the world’s Top GBS Employers across regions,” said Sindhu Gangadharan, SVP & MD, SAP Labs India, Head, SAP User Enablement. “SAP’s innovations for half a million customers are fueled by its talent powerhouse. As a leading product organization that doesn’t have a public-facing product, a unique and attractive talent branding strategy is imperative to onboard the best minds and elevate our innovation quotient to help the world run better and improve people’s lives.”

“It is truly a proud moment to be identified as a top GBS employer in India,” said Shweta Mohanty, VP – Head of HR, SAP, India. “We place immense importance on providing best-in-class experiences for our employees, built around empathy. The last two years have reinforced the value of being truly inclusive and focusing on ‘moments that matter.’ And this includes providing the best candidate experience to all our prospective employees. What differentiates us is that we constantly personalize our practices and processes by consciously using technology for a diverse 12K+ employees in India.”

Key Takeaways:

Across all markets assessed (India, the Philippines and Poland), employees place a strong emphasis on compensation, work-environment, and career development, and these factors have the most impact on employer brand perception.
The influence of work flexibility (e.g., the option to choose one’s working model, work schedule flexibility, etc.) on job satisfaction ratings is increasing across geographies. Diversity & Inclusion, while important, are creating limited impact on the overall employer brand perception of GBS organizations as of now.
Both fresh and experienced technology professionals exhibit a strong preference for TMT (technology, media and telecom), HLS (healthcare and life sciences), and BFS (banking and financial services) GBS organizations, mainly driven by a perception of better career opportunities (e.g., robust training programs, opportunities to work on latest IT stacks) in those segments.
The workforce employed by Philippines-based GBS organizations reports relatively higher levels of satisfaction across all parameters as compared to their Polish and Indian counterparts.
No significant correlation exists between the age and/or size of a GBS organization and its employee satisfaction ratings across geographies.

Everest Group’s analysis spans multiple brand dimensions, including compensation, career progression, senior management, work-life balance, diversity, culture and values. The study also analyzes the performance of each of these GBS organizations in the local talent markets based on the prevailing attrition rates, joiner-exit ratio and the overall employee satisfaction ratings. By design, this analysis is based on publicly available information only, with an intent to capture the perception of prospective employees about top GBS organizations.

Beroe Partners with Everest Group to Offer Deep Insights into Global IT Services and BPO Markets | Press Release

August 11, 2022

Beroe Inc, a global SaaS-based procurement intelligence and analytics provider, announced its partnership with Everest Group, a global research firm focused on strategic IT, business services, engineering services, and sourcing. The partnership will enable Beroe to further strengthen its intelligence offering with category-leading market and supplier research.

Beroe will integrate Everest Group’s research on supplier identification, monitoring, and locations for key technology and process outsourcing-related categories onto the Beroe LiVE.Ai platform. Procurement teams will be able to access Everest Group’s rich research around Supplier identification (including PEAK Matrix® summaries), service provider spotlights, and location-specific analysis on Beroe’s AI-powered intelligence platform, Beroe LiVE.Ai.

“We are delighted to be partnering with Everest Group and extending its unmatched research insights with procurement teams around the globe. Our partnership with Everest Group will add greater depth to our intelligence offering on Beroe LiVE.Ai,” said Beroe Inc Chief Executive Vel Dhinagaravel.

Beroe LiVE.Ai is an AI-powered intelligence platform tailored for procurement and sourcing professionals – providing market intelligence, supplier risk information, category benchmarking, cost models, market monitoring dashboards, and supplier discovery.

“We’re excited to support Beroe customers through Beroe LiVE.Ai. Everest Group brings robust market intelligence gathered over 30 years of research on complex services markets and providers,” said Amy Fong, Partner, Sourcing and Vendor Management Programs, Everest Group. “Partnering with Beroe will extend this research to a broader group of sourcing organizations and power better decision making and competitive positioning for category managers and their stakeholders.”

About Beroe

Beroe is a global SaaS-based procurement intelligence and analytics provider. We deliver intelligence, data, and insights that enable companies to make smarter sourcing decisions – leading to lower cost, reduced risk, and greater profits. Beroe has been a trusted source of intelligence for more than 15 years and presently partners with 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.

About Everest Group

Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing. Our research also covers the technologies that power those processes and functions and the related talent trends and strategies. Our clients include leading global companies, service and technology providers, and investors. Clients use our services to guide their journeys to maximize operational and financial performance, transform experiences, and realize high-impact business outcomes. Details and in-depth content are available at www.everestgrp.com.

Media Contacts:

Debobrata Hembram ([email protected])
Jennifer Fowler, Cathey Communications ([email protected]) for Everest Group

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Category: Press Releases