Category: Press Releases

‘Preparedness’ Is Priority of Multi-country Payroll Market in 2021 | Press Release

To maintain business continuity in face of future crises, enterprises focus on digitalization as MCP service providers invest in automation, analytics

Multi-country Payroll (MCP) operations have weathered the COVID-19 storm well, with minimal disruptions, according to Everest Group’s recent survey of both enterprise buyers and service providers of MCP solutions. Nevertheless, the pandemic has created a sense of urgency for both enterprises and service providers to heighten preparedness for future crises that may lie ahead.

Everest Group reports that over the next few months 58% of enterprises surveyed are looking to improve speed and accuracy through digitization and 31% plan to centralize and standardize payroll operations. The top challenges faced by organizations include limitations of existing legacy systems (44%), regulatory changes (17%), cost reduction (17%) and lack of quality and real-time insights from payroll systems (17%).

Likewise, Everest Group found that MCP providers have upped the ante when it comes to providing next-generation MCP solutions and services to clients. They are adding significant capabilities to their platforms in terms of dynamic and configurable dashboards, advanced analytics, automation, cloud implementation, and various advanced employee support features. They are also investing in enhancing their delivery footprint and service scope to keep up with the demands of this market, which is among the most competitive and fastest-growing markets in the Human Resources Outsourcing (HRO) space.

These findings and more are shared in Everest Group’s recently published report, “Planning a Resilient Future Strategy: Multi-country Payroll (MCP) Solutions State of the Market Report 2021.” This report provides comprehensive coverage of the 2019-2020 MCP solutions market and analyzes it across various dimensions such as market overview, solution and transaction trends, and service provider landscape.

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

Selected findings:

• The MCP market grew rapidly at 13-15% from 2018 to 2019. Growth is expected to pick up after a slight slump in 2020.
• Proactive measures taken by service providers in 2020 helped cushion the pandemic’s impact.
• Buyers headquartered in North America and Europe, the two most mature markets, are leading MCP adopters globally. Adoption is increasing in the emerging markets of Asia Pacific and Latin America.
• The market has experienced strong adoption from small and mid-sized multi-national corporations spread across two to five countries.
• ADP, Alight Solutions, and TMF Group dominate the MCP market in terms of market revenue. The three companies together hold a majority of the total market revenue.

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/

Robotic Process Automation Market is Expected to Grow 45-50% Over Next 2 Years | Press Release

As the COVID-19 crisis drives home the importance of automation, enterprises look to scale RPA initiatives and large tech players enter the vendor landscape

The COVID-19 crisis has not only exposed the inefficiencies of legacy business models but also challenged the very survival of businesses that rely on manual operations. As a result, businesses worldwide are realizing the importance of automation for ensuring business resilience, agility and growth. According to Everest Group, the global Robotic Process Automation (RPA) software market had already surpassed US$1,200 million at the end of 2019, posting a healthy year-on-year pre-pandemic growth of over 75%. Although the pandemic slowed growth in 2020, Everest Group expects RPA adoption to experience a significant uptick coming out of the crisis. Driven by pent-up demand for automation, the RPA market will grow at a CAGR of 45-50% over the next two years.

These findings and more are shared in Everest Group’s recently published report, “An Evolving Digital Workforce to Assist Humans – Robotic Process Automation (RPA) State of the Market Report 2021.” This research provides RPA buyers, software vendors, and third-party enablers (service providers, system integrators, etc.) a detailed view of the current state of the market and analyzes it across various dimensions, including market size and adoption trends, buyer expectations, key barriers to RPA adoption and best practices, solution characteristics, product capabilities & trends, RPA vendor landscape, and outlook for 2021-22.

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

Selected findings:

• RPA adoption is being increasingly driven by factors beyond cost savings, with higher focus on improving operational efficiency and enhancing customer experience.
• Vendors have increased their focus on developing and enhancing the online training portal and support forum to overcome traveling restrictions due to the pandemic.
• Deployments on the cloud are rapidly gaining traction. To help enterprises reap the full benefits of the cloud, RPA vendors are rearchitecting their products into a cloud-native architecture based on loosely coupled containerized microservices that can scale independently.
• Merger and acquisition activities are expected to further intensify, with several large tech players entering the vendor landscape. The entry of big-tech players is driving unlimited usage-based pricing models, exerting downward pricing pressure on the market.
• Automation Anywhere, Blue Prism and UiPath continue to dominate the market in terms of RPA software revenue. NICE, Pega and UiPath are the top vendors in terms of RDA/attended RPA license revenue.

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/

AI Adoption to Accelerate 32% by 2024, Fueled by Pandemic | Press Release

Talent gap emerges as primary obstacle to AI adoption; making AI accessible to all is imperative to digital transformation efforts.

Global Sourcing Industry Recovers Slightly in Q3 But Braces for Year-end Slowdown with Second Wave of COVID-19 | Press Release

Sourcing providers plan to keep work-from-home as permanent HR strategy post pandemic to reduce costs.

Everest Group reports that global sourcing activity picked up in Q3 2020 as the initial effects of the pandemic temporarily eased and countries reopened for business. However, the industry is bracing for another slowdown as the second wave of the COVID-19 pandemic takes hold across the world.

Leading global IT, business process (BP) and engineering services providers saw some growth in Q3 as demand for digital transformation and cost optimization increased dramatically and supply and demand disruptions eased for a majority of players. Trade agreements, tax cuts and subsidies by governments across countries also provided some relief for both enterprises and service providers.

Q3 saw the number of outsourcing transactions increase by 8%, the setups and expansion of Global Business Services centers increase by 41%, and onshore setups almost double. Although acquisition activity remained the same, alliance activities increased significantly from 51 to 61.

However, despite the recovery, delays in renewals of new projects and cancellations of ongoing outsourcing projects have posed serious challenges to service providers, and many opted for mass layoffs to maintain desirable operating margins. Challenges continue to loom for global services providers as economic instability and uncertainty about the second wave of COVID-19 are anticipated to mount over the next quarter and into the early part of 2021.

Service providers are exploring cost-saving opportunities in the short and long term. For example, some companies are looking to save costs by closing selected centers and allowing a part of the workforce to work from home permanently.

These findings and more are shared in Everest Group’s Market Vista: Q42020 report. The Market Vista™ report highlights the key trends and developments in the fast-evolving global offshoring and outsourcing market. The study captures the key developments across outsourcing transaction trends, health of GBS centers, location risks and opportunities and service provider developments. ***Download a complimentary abstract of the report here.***

Highlights from the Market Vista: Q4 2020 Report

• Medium-term deals are witnessing an increasing traction since the start of the year, owing to enterprises’ resistance to investing in large-scale transformation. Also, demand for systems integration services is rising as enterprises are going for applications and vendor portfolio consolidation.
• Re-opening of businesses and reduction in restrictions led to recovery in the overall location activity, primarily driven by the Central and Eastern Europe (CEE) and Rest of Northern Europe (RONE) regions. Also, activity in onshore locations increased significantly for enterprises driven by technology and communications firms establishing Engineering, Research and Development (ER&D) centers in the U.S. and United Kingdom.
• Deals for Banking, Financial Services and Insurance (BFSI), government, and technology & communications verticals were the highest among all industry verticals.
• The consolidated revenue for both offshore-heritage and global providers declined 5% in Q2 as compared to Q1 2020 and reduced by 2% compared to Q2 2019.

For more information about the impact of COVID-19 on global sourcing, visit Everest Group’s COVID-19 page for complimentary access to a Global Service Delivery tracker, recent reports, webinars and more.

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/

‘2020 Not That Bad for Business After All’—Everest Group Survey of Global 1000 Enterprise Execs | Press Release

Majority of Global 1000 execs say their organizations found a way to get the job done in 2020, despite pandemic-driven setbacks in Q2; Everest Group predicts ‘breakout performances’ in 2H2021 if vaccine efficacy predictions prove valid

Despite the pandemic, more than 70% of the Global 1000 executives are still optimistic about meeting or exceeding 2020 growth targets, according to Everest Group. By rapidly recalibrating business models and quickly adopting work-from-home strategies, the world’s largest global enterprises have largely overcome the Q2 setbacks experienced when the pandemic took hold.

These findings are from recent Everest Group research conducted in partnership with the Global Technology & Business Services Council (GT&BSC). Everest Group surveyed more than 320 senior enterprise stakeholders from Global 1000 companies for their thoughts about 2020 performance and their sentiments about growth prospects, investment priorities and challenges expected for 2021.

Seventy-two percent (72%) of respondents indicated that their organizations had achieved a better-than-expected (30%) or as-expected (42%) financial performance in 2020. This optimism is reflected across geographic regions. In comparison, one year ago, long before COVID-19 became a pandemic, the percentage of respondents who felt as optimistic about 2019 performance was only slightly higher (79%).

In November of 2019, 21% of respondents were pessimistic about meeting their annual growth objectives. The percentage of respondents that reported ‘a tough year’ in 2020 rose to only 28%.

“What is remarkable about our survey of Global 1000 enterprises in 2020 is that most enterprises are optimistic about meeting the growth predictions made this time last year—long before the pandemic became the overriding and oppressive theme of the year,” said Michel Janssen, chief research officer at Everest Group. “In that particular sense, that sense of optimism—and with a few industries as notable exceptions—the business world has not changed much in the past year, and that’s quite astounding.

“To be sure, most industries succumbed to a temporary shock in Q2 as coronavirus spread across continents, but many—the majority even—were able to quickly recalibrate,” said Janssen. Companies immediately went into risk management mode, looking to ensure that their services providers were going to survive. They also challenged their outsourcing partners to drive cost savings and assist the organization with process improvement. By rapidly adapting to work-from-home, online commerce and other new business models and investing in digital transformation, Global 1000 industries have proven themselves resilient and are surviving 2020 in far better shape than expected. For this reason, we predict that we’ll see enterprise growth burst out of the gate in the second half of 2021 if the efficacy of COVID-19 vaccines attains the 95% mark as hoped.”

***Virtual Keynote Address: Monday, November 30, 6 am CST (12 pm UTC 0)***
The results of this research will be presented at the opening keynote session of the inaugural conference of the GT&BSC by Janssen as well as Everest Group’s Jimit Arora, partner, and Amy Fong, vice president. The keynote — “A Revised Vision – Recalibrating for Resiliency” — will address the impact of COVID-19 on countries and the global economy, demonstrate the role of innovation in times of crises and opportunity, and advocate for the need for greater leadership and cross-regional collaboration than ever before. The keynote will be followed by an “Analyst Debate” featuring Eric Simonson, managing partner of Everest Group, and several other analysts discussing the future of global technology and business services industry around the world.

For more information and free registration, visit GT&BSC Conference Series & Research Launch.

Additional Highlights from the 2021 Enterprise Key Issues in Global Sourcing Study

• ‘Recovery from the pandemic’ now makes the top 5 list of enterprises’ key challenges for 2021 in #2 position, usurping ‘regulations in key markets (trade wars, tariffs, etc.),’ which placed #2 for 2020 but fell out of top 5 contention for 2021.
• ‘Driving customer acquisition’ and ‘implementing technology’ appeared in the top 5 list of critical areas of innovation for the next 1-2 years.
• Enterprises increasingly identify data availability, spending levels and digitalization as key levers to increasing business resiliency.
• With increased digitalization—further accelerated by COVID-19—cloud and cybersecurity emerged as top digital/next-generation capability priorities.
• Hiring for 2021 will be significantly muted across geographies and functions, with the exception of Global Business Services (aka Shared Services) organizations.
• Enterprises are significantly less concerned about talent/skills shortage now than they were in 2018, but the shortage of candidates with next-generation skills is still highly challenging.

About GT&BSC
The Global Technology & Business Services Council is an alliance of the leading regional associations around the world, representing the interest of the global technology and business services industry. Its purpose is to promote the industry for growth by sharing best practices and thought leadership for the benefit of all its members and their clients and employees. The GT&BSC will lobby stakeholders to secure the best interests for its members. All members of the Council have signed up to the Industry code of conduct. https://gtbsc.org

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/

RPOA and Everest Group Forge a Strategic Partnership | Press Release

The Recruitment Process Outsourcing Association (RPOA) is proud to announce that it has partnered with Everest Group to bring deeper industry insights to the RPO community.

RPOA, the place to go for RPO, is committed to educating the marketplace about RPO trends and best practices in collaboration with its industry partners.

Everest Group, a leading consulting and research firm, produces multiple annual research reports highlighting recent trends and data-driven insights on the state of the RPO industry.

The new partnership brings a powerful combination of industry analysis with practitioners’ insights, providing a more rounded view of the state and outlook of the RPO industry, which is critically important in the dynamic and rapidly evolving post-COVID world. As part of the partnership, RPOA corporate members will have access to Everest Group’s State of the RPO Market Report, as well as special discounts on RPO reports and 60 minutes of inquiry time with Everest Group analysts.

Jason Krumwiede, Senior Vice President of Client Delivery at Broadleaf Results and RPOA advisory board member commented on the partnership: “Everest Group’s industry expertise and insights will be pivotal in helping our RPOA members customize optimal solutions for their clients. This important strategic alliance with Everest Group furthers RPOA’s strategy and establishes our commitment to innovation and data analytics in the RPO industry.”

“We are pleased to have this opportunity to share our insights and analysis with RPOA members. In turn, the partnership will add to the depth of insights in Everest Group’s industry-leading and fact-based reports with a more-well rounded view gleaned from senior industry practitioners,” said Arkadev “Arko” Basak, Vice President at Everest Group. “This partnership, especially in our current disruptive post-COVID world, will be beneficial to all readers of Everest Group reports, including RPOA members.”

About the RPOA

The Recruitment Process Outsourcing Association (RPOA) is a professional membership association serving the global RPO community. We are committed to advancing, elevating, and promoting recruitment process outsourcing as a strategic talent solution for organizations seeking to reach their highest potential through their people. We pursue our great purpose by nurturing a collaborative community where thought leadership can be created and curated to educate the marketplace about recruitment process outsourcing. For more information about the RPOA, visit our website at www.rpoassociation.org.

75% of Enterprises Bracing for Widening IT & Analytics Talent Shortage, Despite Recession | Press Release

Everest Group unveils enterprise battle strategy for winning the war for talent

An IT talent shortage already beleaguers 69% of enterprises, and the COVID-19 pandemic and global recession will exacerbate the problem. According to Everest Group, 75% of enterprises believe there will be a talent shortage for key roles in IT, analytics and special skills areas post-COVID-19 and that the current recession will not create a surplus of technology talent. In fact, 67% of enterprises think new skills gaps will emerge as a result of the structural changes in business occurring in response to the pandemic.

A recent Everest Group survey revealed that 86% of enterprises consider talent shortage to be a key barrier to achieving their desired outcomes, citing:

• An acute shortage of qualified applicants with requisite skills
• A lack of technical skills in the existing workforce, especially given the pace of technology change
• Poor project readiness (for example, proficiency levels and industry contexts)
• High attrition, particularly in niche skills areas such as artificial intelligence and data analytics.

In its recently published report, “Winning the War for Talent: An Enterprise Guide to Building a Sustainable Workforce Strategy,” Everest Group proposes how enterprises can future-proof their workforce strategy to ensure that their current workforce development efforts will bridge future gaps in IT talent availability. Featured components of the report are Everest Group’s proprietary Talent Performance Framework and a detailed skills taxonomy, compiled by tracking industry demand for 1,150+ hard skills across the IT services stack. The report also sheds light on the COVID-19 pandemic’s impact on enterprise talent models and workforce strategy.

“Because of COVID-19, enterprises are being forced to shift to work-from-home models, accommodate a more distributed workforce, and be more flexible and empathetic to sustain workforce productivity,” said Ronak Doshi, vice president at Everest Group. “We believe this new approach to workforce management—which has been borne out of necessity—will remain with us post-pandemic as an integral part of our new normal. As the war for talent becomes more intense, enterprises need to evolve their people practices; make demand management a science; embrace technology to attract, train and nurture talent; and broaden both their recruiting pools and their partnerships to ensure talent readiness.”

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

Selected Highlights

• Although a mismatch between education curriculum and industry needs is a strong contributing factor to the talent gap, enterprises themselves also shoulder some of the blame. The talent management strategies of most enterprises have not witnessed a significant shift despite the changing needs of the workforce. Enterprises also contribute to the mismatch between business objectives and current workforce skills by failing to focus on competency mapping, workforce planning, skill gap assessment and needs of the future workforce.
• The shift in working models is presenting a new set of opportunities and challenges, such as remote working, digitally augmented delivery and flexible staffing.
• New working models will see the emergence of roles across functions to ensure business continuity and healthy employee morale. New roles may include connectivity detectives to ensure optimal performance of the network, distributed agile team coaches to train agile teams and ensure Day Zero productivity, fatigue managers to carry out mental health assessments, and work-from-home administrators to ensure work continuity.
• To meet talent needs in the future, organizations will need a sustainable talent strategy that includes building a skills taxonomy aligned to business imperatives, establishing well-researched demand-supply forecasts and plans, and carefully reconsidering sourcing models and location portfolios to build a next-generation skills pipeline.

***Read about the full scope and content of the report here.***

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/.

Intelligent Automation in Business Processes (IABP) Market Grew 65% Pre-COVID-19, Remains One of the Most Potent Levers for Digital Transformation—Everest Group | Press Release

Accenture, Tata Consultancy Services and Wipro command nearly 40% of the global IABP market by deployments.

One of the most potent levers enabling digital transformation today is Intelligent Automation in Business Processes (IABP), which encompasses solutions that use a combination of Robotic Process Automation (RPA), Artificial Intelligence (AI), and advanced analytics to improve business processes. According to Everest Group, the IABP market, which grew 65% in 2019, will endure muted growth in 2020 due to COVID-19 but experience a strong resurgence when global economies emerge out of the pandemic crisis.

“While the current COVID-19 crisis has certainly tempered on-ground business activity and consequently IABP deals, the period after recovery is likely to witness accelerated demand,” said Anil Vijayan, vice president at Everest Group. “Clearly, enterprises who were further ahead in their digital journeys are doing considerably better than their peers in weathering the pandemic. This realization is likely to lead to a frenetic pace of transformation and consequently IABP activity post-COVID-19.”

IABP growth is driven primarily by a desire to reduce costs. Other key drivers include improving operational efficiency and accuracy, governance and compliance. Increasingly, IABP is also being used to enhance customer experience by enabling shorter response time for handling requests, round-the-clock availability, and reduced need to manually bridge gaps in technology (for instance, through repeated data entry). When done well and even at a small scale, IABP can also lead to top-line growth through the ability to serve new groups of customers and through enabling the building of new products.

In its recently published report, “Intelligent Automation Business Processes (IABP) – State of the Market Report 2020,” Everest Group analyzes the dynamics of the IABP space and examines 24 providers, consulting firms and specialist system integrators who comprise the IABP supplier ecosystem. On Everest Group’s PEAK Matrix®, IABP solution providers Accenture, Capgemini, Cognizant, IBM, TCS and Wipro are identified as Leaders, based on their ability to deliver solutions and their impact in the market.

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

Market Highlights

• There is tremendous potential for IABP, given the penetration as well as the scale of deployment of IABP is relatively low today. Barely a fifth of IABP deployments have an AI component; the majority are RPA-only deployments. However, scaling up adoption is still a key challenge.
• Intelligent automation adoption is highest among large enterprises as they have more avenues to deploy these solutions and gain efficiency and cost benefits. They are also more willing to spend on intelligent automation as compared with small and mid-sized enterprises.
• Adoption of IABP is the highest in North America, followed by Continental Europe, the UK and Asia Pacific.
• Finance and accounting (F&A), procurement, and contact center emerged as the leading areas for IABP application, followed by healthcare, banking and insurance business process services segments.
• Industry-specific use cases, especially in regulated industries such as Banking, Financial Services and Insurance (BFSI) and healthcare, see the highest IABP adoption, followed closely by F&A.

Everest Group predicts that, while there will be secular uptick in IABP adoption, BFSI, healthcare and pharma industries will drive a big chunk of growth in the IABP market, due to increased pressure in these industries to meet high levels of accuracy, speed and regulatory compliance, thus rendering IABP an attractive solution.

***Read about the full scope and content of the report here***

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/.

Everest Group Projects -6% Growth, Loss of Up to Nearly $50B in Potential Revenue for Global IT Infrastructure Services in 2020 Due to COVID-19 | Press Release

New report describes how pandemic has reshaped enterprise IT priorities, offers strategies for combatting crisis and emerging stronger than before

Everest Group now predicts the 2020 growth rate of IT infrastructure services market will be as low as -4% to -6%, which represents lost revenues ranging from US$33 billion to nearly $50 billion. In the pre-COVID-19 world, the IT infrastructure services market was slated to grow at a modest rate of 2-3%; however, the pandemic has led to uncertainties across the globe. Recovery of the market will depend on the COVID-19 recovery curve across different countries, which remains uncertain.

The severe demand slump being experienced in the IT services industry is reflective of the strains the COVID-19 pandemic has placed upon enterprises, including:

• Demand reduction
• Supply chain disruption
• Business and service continuity challenges
• Cybersecurity risks

Going forward, organizations that can rapidly prioritize or quickly re-energize their infrastructure transformation efforts stand the best chance of surviving the crisis and emerging stronger than before. Everest Group urges enterprises to identify relevant infrastructure transformation opportunities across workplace, cloud, network and security.

“A well-planned transformation will not only rescue enterprises in the short-term, but also revitalize them for future growth,” said Ashwin Venkatesan, vice president at Everest Group. “While infrastructure will play a key role in rescuing enterprises from this crisis, they will have to take a holistic view and focus on evolving the services delivery model, seek efficiency and optimization measures, push toward modernization and digitalization, pivot to new business models, and invest in talent of the future.

“As we emerge from this pandemic, we will enter a world of the ‘next normal’ rather than ‘return to the normal,’” continued Venkatesan. “We believe that COVID-19 will act as an inflection point, giving way to structural changes in the global services industry such as ushering in new models of delivery, enabling enterprises to pivot to ‘newer’ business models, and increasing the appetite for modernization and digital transformation.”

Everest Group provides an in-depth analysis of these new, COVID-19 inspired enterprise priorities in its recently published State of the Market Report on cloud and infrastructure services, “Combatting COVID-19 Through Infrastructure-led Transformation.” The report also provides an analysis of the IT services market; IS buyer adoption trends across geographies, industry verticals and revenue sizes; and key trends shaping the cloud and IS market. In addition, the report offers Everest Group’s outlook for the market for 2020-2021.

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

IT Infrastructure Services Market Highlights

• The United States takes the lion’s share (90%) of the deal volume emanating from North America. The United Kingdom dominates the European deals landscape with typically 30-35% of the volume, followed by Germany at 10-15%. Australia and New Zealand captured 30-35% of the deals in the Asia Pacific region.
• Banking, Financial Services and Insurance continues to be the early adopter of technology innovation, but this market segment has witnessed growth in recent times primarily due to regulatory pressures.
• COVID-19 has accelerated the modernization journey of enterprises to cloud.
• Work from home has become the next normal and will be an integral part of the workplace of the future.
• Networks are finally getting due recognition, and software-defined networking is driving growth.

***Read about the full scope and content of the report here***

About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/.