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The Next for Low-code Software Development: Voice-driven Development | Blog

June 3, 2022

Using voice to create applications is the next evolution of low-code software development, but it has many challenges to overcome. Voice-based development can make it easier for users with less experience to create code and help fill the talent void. Is voice-driven software development the next pioneer in low code, or is it all talk? Read on to find out.

As low-code development software continues to grow, one way to make it even easier is by using voice to create applications. Voice can become an important interface to engage with low-code platforms in addition to the standard way of users building applications through drag and drop functions.

While professional software development has been talking about voice-based development for at least a decade, it hasn’t taken hold at the rate expected and still has a long way to go. Attempts have been made to create voice-based enterprise workflows using devices such as Alexa. However, these are voice “triggered” and not voice “developed.”

Voice-based software development hasn’t worked in the mainstream. Why would it work in low code?

Low-code development is full of challenges around aligning requirements and outcomes, security, debugging, portability, building complex functionalities, etc. Therefore, adding a voice layer to engage will be an obstacle in low code.

Software development through voice is an exciting area, and firms like Talon, Nuance (Dragon), and Serenade have attempted to incorporate voice-based software development. OpenAI Codex-based CodeVox also has tried to build software using voice as input.

The challenges with voice-driven software development are well documented and include speech recognition, interpretation, Integrated Development Environment (IDE) support, programming language support, formats, and building the actual code.

Moreover, professional developers do not generally like the idea of coding through voice because they believe they think and type faster than they speak. Therefore, non-professional developers and business users – the key targets for low-code software – become good audiences for enhanced value.

Despite the difficulties, voice can add meaningful benefits if done well in low-code applications and can further increase the user pool who are comfortable in building business line or workflow apps to start with.

Few, if any, low-code vendors today are providing voice-based development support because the industry does not have a strong AI-led base platform to incorporate such complex functionality.

As the market matures and low-code demand scales, enterprises and vendors will soon realize they will need to further simplify low-code application development beyond the current drag and drop model. If they don’t, low code will meet the same fate as professional development, where costs are astronomical, timelines are longer, and talent is scarce.

The big issues around the need for more software, lack of talent, rising costs, and poor time to market are not going anywhere and, in fact, will worsen in the future. While low-code platforms are an attempt to address some of these hurdles, the current model is not sustainable. Voice must become an integral part of low-code development for it to succeed.

For more information on the low-code software development market, see Everest Group’s research on Next Normal for Application Development and our assessment of leading vendors offering low-code software development platforms.

What do you think about voice-based low-code software development? Please let me know at [email protected].

You can also learn about emerging technologies in our webinar, Web 3.0 and Metaverse: Implications for Sourcing and Technology Leaders.

Europe Embarks on a New Technology Regulation Wave

May 25, 2022

Big changes are coming as Europe moves toward digital empowerment by 2030. Governments are building frameworks for the regulation of emerging technologies to protect consumers and companies while promoting innovation and digital leadership. What impact will the drive toward technology sovereignty have on BigTech providers, buyers, and investors? Read on for the latest in our series on technology sovereignty.

In our last blog, we explored the emerging and growing focus on technology sovereignty in the United Kingdom and Ireland (UK&I) and European markets. Let’s continue our discussion of this important topic.

The focus on Europe’s data sovereignty is back in the spotlight as a result of new European Union (EU) rules to limit big online platforms’ market power. The risk of global cyber-attacks by Russia as retaliation against Ukraine also has made this an issue to watch.

Europe’s latest moves for technology regulation are not in isolation. Representatives from business, politics, and science from Europe and around the globe have already been working together since 2019 to create a federated and secure data infrastructure through the GAIA-X initiative.

With data security, privacy, and technology sovereignty becoming key issues for the region, Europe is setting up new regulatory frameworks to protect consumers and companies, while trying to ensure a competitive market and encouraging innovation.

What does the Digital Markets Act (DMA) entail?

Under consideration by the European Commission, the DMA intends to ensure a higher degree of competition in the European Digital Markets, by preventing large companies from abusing their power and by allowing new players to enter the market.

Beyond the hyperbole that surrounds any technology regulation, the DMA provisions include:

New regulations on BigTech companies providing “core platform services” that are most prone to unfair business practices, such as social networks or search engines. These companies that have a market capitalization of at least €75 billion or annual revenue of €7.5 billion are considered gatekeepers
To be designated as gatekeepers, these companies must provide services such as browsers, messengers, or social media, which have at least 45 million monthly end users in the EU and 10,000 annual business users
Sizable messaging services (such as WhatsApp, Facebook Messenger, or iMessage) will have to open up and interoperate with smaller messaging platforms, if users ask, promoting more choice
Combining personal data for targeted advertising will only be allowed with explicit user consent from the gatekeeper. Similar to instant messaging, allowing users to freely choose their browser, virtual assistants, or search engines will be required
If a gatekeeper does not comply with the rules, they can receive fines of up to 10% of total worldwide turnover in the preceding financial year and 20% for repeated infringements. Companies who systematically violate the regulations could be banned from acquiring other companies for a certain period

In addition to DMA, the EU reached a consensus on the Digital Services Act (DSA) in April, which focuses on setting up a standard for the accountability of online platforms regarding illegal and harmful content. If voted into law, the DSA will apply across the EU within fifteen months or from January 1, 2024, whichever is later. Meanwhile, the DMA likely will go into effect next summer.

The battle for sovereignty and security is just getting started

While these acts are significant steps in Europe’s focus on curbing the perceived monopolistic power of BigTech, they are part of larger movements such as:

A growing global reckoning exists around BigTech companies that control multiple industries, such as enterprise cloud computing, consumer-oriented economies, and media and advertising, to name a few. Complicating this further is the way their roles (especially social platforms such as Meta, Twitter, etc.) are evolving into digital town squares, and the subsequent impact on democracy, free speech, and bullying
Most BigTech companies originated in North America but are now global businesses. There’s a degree of circumspection in how Europe views this shift in innovation and control and reining it in. These acts are a natural successor to Europe’s previous foray into data protection through the General Data Protection Regulation (GDPR), which came into force in 2018. It subsequently inspired other acts globally, including the California Consumer Privacy Act (CCPA)
The region’s increasingly fragile geopolitics is creating new implications for cyberwarfare and rogue state actors, fueling the desire to shore up digital resilience. We can also expect this to have a knock-on effect on other regions (the US is considering similar steps and Australia took measures to regulate the relationship between BigTech and traditional media, to name a few)

We expect this conversation on the regulation of emerging technologies to evolve and shape the future of technology spending and strategies in the region.

Implications of technology regulation for the European ecosystem

Owing to these triggers and the broader conversation around technology regulation, sovereignty, and BigTech reach, we expect the following three implications for buyers, providers, and investors in the European technology space:

Buyers should include sovereignty requirements in sourcing decisions: We are starting to see enterprise buyers of technology and services embed sovereignty of the tooling and service providers they choose in RFPs. Expect this to continue and become a hygiene factor for technology providers to showcase in the sourcing process
Establish regional market partnerships: BigTech companies are smart and understand they can’t be upstaged overnight. They are already establishing partnerships and tweaking their business model to ensure compliance with the evolving European regulatory environment. Look for more partnerships with specific players in the region to play by these rules (for instance, Google Cloud and T-Systems partnering on cloud sovereignty in the region). IT service providers will also train more people on BigTech technologies as a result
Look beyond sovereignty-washing: As with any big shift and trend, new and existing competitors to BigTech will latch on to this market theme. We foresee more press releases announcing the amped up focus on sovereignty. Investors, buyers, and partners should look beyond this marketing hype and truly understand how these firms are solving these issues. For instance, are they embedding sovereignty at the application or data layer? Where does the data reside, and who owns it? Answering these questions can help buyers spot the real innovators

We anticipate a floodgate of activities as we approach implementation timelines in the next 12-18 months. This will create a one-time discontinuity in the market and result in additional spending on compliance. However, market participants will be wise to consider the long-term impact of technology regulation in Europe on their strategies.

To discuss further, please reach out to [email protected] or contact us.

You can also tune in to our webinar, Discover 5 Ways to Transform Your Workforce and Location Strategy Amid Global Uncertainties, for key insights and strategies that global talent leaders can use to readjust their workforce strategies.

Cyber Insurance Market: Carriers Navigating through a Changing Risk Landscape

May 19, 2022

With increased cyber attacks and data breaches post-pandemic, cyber insurance to protect against the rising digital threats is growing in demand. Cyber insurers can benefit by partnering with service providers to seize opportunities for growth and profitability in this fast-growing market. Read on to learn how.

Cybersecurity continues to be a top priority for enterprises across all industries, primarily driven by increased cyber attacks and data breaches in the wake of COVID-19. Enterprises are increasingly strengthening firm-wide cyber defenses and turning to cyber insurance as a mitigating measure to counter the rising threats in today’s increasingly digitized world.

In particular, the pandemic has accelerated the severity, frequency, and complexity of ransomware attacks. Data from the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) suggests the total value of suspicious activity reported in ransomware-related incidents during the first six months of 2021 was US$590 million, more than the US$416 million reported for all of 2020. The frequency has also gone up, with 658 ransomware-related suspicious incidents being reported during the first six months of 2021, representing a 30% increase from the total reports filed for 2020.

Costs associated with cyber attacks also are rising. According to the IBM Cost of a Data Breach Report, the average data breach costs rose from US$3.86 million to US$4.24 million in 2021.

All of these factors have led to a substantial increase in cyber insurance pricing across the world. An analysis by Marsh shows US cyber insurance pricing increased 96% year-over-year during the third quarter of 2021, which also represented a 40 percentage point increase from the second quarter of the year.

Image 1: US insurance market pricing change – overall commercial vs cyber insurance segments

US cyber insurance market provides significant growth opportunities

Direct premiums for US-domiciled insurers stood at US$2.75 billion in 2020 – less than 1% of the overall direct written premium in the US property and casualty (P&C) insurance market – reflecting the runaway growth in cyber insurance. This segment has also grown at a decent pace over the last five years, registering a compound annual growth rate (CAGR) of 13.3% during that period.

Standalone cyber insurance policies are gaining prominence and have seen faster adoption than packaged policies sold as add-ons to other insurance products/policies. This can be attributed to enterprises’ need for broader coverage and a better understanding of policy terms and costs.

While most carriers have mainly serviced corporate clients, they are now starting to focus on the retail segment by providing standalone cyber insurance products that have typically been sold as add-ons to homeowners insurance. For example, Chubb recently launched Blink, a new personal cyber protection offering that covers expenses related to identity theft, fraudulent wire transfer, cyberbullying, and ransomware extortion.

Insurers are also offering joint go-to-market (GTM) products to provide comprehensive cyber risk management solutions to enterprises. In 2021, Allianz and Munich Re partnered with Google Cloud to launch a solution for Google Cloud customers that combines the risk-transfer expertise of Allianz and Munich Re with Google’s security capabilities to provide clients tailored coverage.

Advent of insurtechs in the cyber insurance market segment

The insurtech space has recently witnessed increased activity where most newcomers are catering to specific segments like small to medium enterprises. Insurtechs are leveraging their tech capabilities to make the underwriting process more streamlined and automated while incumbents continue to face legacy issues.

However, insurtechs lack the capital resources of their traditional counterparts and hence are forming alliances with traditional insurers to combine their respective capabilities. Some insurtechs are also offering coverage on behalf of incumbents through the Managing General Agent (MGA) model.

Cowbell Cyber, a full-stack insurer providing cyber coverage to SMEs, raised US$100 million this March to expand its go-to-market channels and increase investments in data science, underwriting, risk engineering, and claims management
At-Bay, a cyber insurtech MGA, announced a partnership in September 2021 with Microsoft to offer data-driven cyber insurance coverage to Microsoft 365 customers

Challenges for insurers in a hardening cyber market

While cyber insurers have experienced significant top-line growth, profitability remains a major concern as payouts have outstripped premium growth. The increased payouts have led to higher loss ratios. The loss ratio for US cyber insurers increased from a 42% average during 2015-19 to 73% by 2020. Insurers are responding by narrowing the cyber coverage scope and limiting cyber capacity. They also are imposing sublimits for ransomware coverage and adding coinsurance requirements to cyber policies.

Image 2: Insurers narrowing cyber coverage scope and limiting cyber capacity

How can cyber insurers benefit from BPS partnerships?

Partnering with Business Process Services (BPS) providers can help cyber insurers in the following ways:

Providing underwriting talent: As the adoption of cyber insurance grows, it will also lead to higher volumes for carriers. Service providers can provide support by standardizing parts of the underwriting process to enable carriers to handle increased work volumes. This can include deploying straight-through processing by standardizing the intake process and applying rule-based engines for low-premium policies to free up time for underwriters to focus on larger policies. They can also take over non-core pre- and post-underwriting work and help create scalable Centers of Excellence (CoEs) at profitable locations.

Enabling technology: As carriers tighten their underwriting requirements with an increased focus on analyzing enterprises’ history of ransomware incidents and cyber breaches, they will heavily rely on third-party tools and public data sources to evaluate the insureds’ level of risk. This provides an opportunity for service providers to work with carriers to provide such tools and applications to help them assess risks associated with a particular firm.

Ensuring compliance: Amid the ever-evolving cyber threat landscape, governments and regulators across the globe are introducing new cybersecurity-focused legislation. The US Congress passed a new cybersecurity law in March mandating critical infrastructure entities to report cybersecurity incidents and ransomware payments to the relevant authority within 72 and 24 hours, respectively. Service providers can support carriers on various compliance-related matters. While some providers have compliance-specific expertise in licensing and filings, others have dedicated teams for compliance review and obligations. Third-party BPS providers can leverage these resources and work with carriers to ensure compliance.

Partnerships critical to the cyber insurance market’s future

As carriers seek growth in the cyber insurance market, they will need to strike the right balance to also achieve profitability. At the same time, service providers will have to keep up with the evolving market and appropriately build their cyber capabilities.

By working together, carriers and service providers can address some of the current market challenges and capitalize on the opportunities in the cyber insurance space to achieve sustainable growth.

For more information, please read our comprehensive assessment of the players in the P&C Insurance BPS segment, Property and Casualty (P&C) Insurance BPS – Service Provider Landscape with PEAK Matrix Assessment 2022.

To discuss opportunities in the cyber insurance market, please reach out to Somya Bhadola at [email protected] and Dinesh Singh Udawat at [email protected] or contact us.

Invest to Grow or Invest in Efficiency? | Blog

May 3, 2022

Most IT technology in organizations focuses on helping to improve the efficiency of the organization. However, as digital transformation takes hold, we can now see that a significant portion of these new IT investments focus on building technology platforms that allow organizations to compete for customers. These new “growth-focused” investments behave differently than their efficiency-focused cousins. They create a more dynamic relationship between technology and the business and evolve at a faster rate, often in less predictable ways. This new relationship between the business and technology increasingly calls for a different governance, investment, and management philosophy.

Read more in my blog on Forbes

Will Service Delivery Change in the IT BPO Industry If They Say Goodbye to WFH?

April 7, 2022

The entire world responded to the sudden arrival of the pandemic in early 2020 by setting up mandates and reflex policies to keep people from gathering and exacerbating the virus. To keep the IT BPO industry running seamlessly, government guidelines for on-site working were relaxed worldwide so employees could work from home. After few initial hiccups, almost all the major global service delivery geographies e.g., India, Philippines, Poland etc. quickly adapted to the remote working delivery model, ably fulfilled services, and resolutely maintained service quality levels.

As we return to post-pandemic norms, how are organizations, and employees, reacting to having to go back to the office?

Restoring pre-pandemic economic activity

With two years of the pandemic under our belts, governments are preparing for workers to head back to the office. The rationale provided by the governments is that getting workers out of their houses and back into the office, especially in larger cities, will help support local businesses and boost the economy as more workers visit restaurants and shops while they’re out in the towns and cities. However, most countries are finding that workers prefer a hybrid work model, enabling the benefit of getting people back into the bustling life of the city while also supporting those who need to work from home. In most countries the remote working experiment of the last two years has also led to the exponential growth of digital businesses models such as e-commerce, digital content, gaming, delivery services, online education, and others, which have as much of a multiplier effect on the economy as the traditional physical shopping centers and stores.

Organizations have taken very individual paths when it comes to workplace models in response to the ebb and flow of the pandemic. Some are choosing to stay in a WFH environment, others will be heading back to the office, and some are taking a middle ground approach by offering a hybrid model of each scenario. For example, Google has recently asked its employees to head back to the office this month (April), opting for a hybrid working model of three office days a week.

Regions are currently working with government leaders to determine next steps

There is a lack of clarity in government regulations in most countries on next steps and long-term acceptance of remote or hybrid working. In major global service delivery countries such as India, Philippines, Colombia, etc., the current set of monetary incentives for the IT BPO industry are tied to a physical space, or an office, in a specially designated area (e.g., SEZ in India, PEZA in the Philippines). While the employers have been granted special pandemic-related exceptions for availing these incentives even while working remotely, these exceptions are not long-term and are due to expire in the coming months in most countries. In the absence of permanent policies to support remote work, the industry will be susceptible to uncertainty and pressure of upcoming deadlines on the current exceptions.

For example, in the Philippines, the temporary relaxation for allowing tax incentives while remote working will expire on March 31, 2022. The IT BPO companies were asked to have employees back in the office from April 1, 2022, to qualify for the fiscal incentives once again. This sudden and major change led to many a sleepless night for industry executives. The industry was able to leverage a legal exception in cases of a “national state of calamity,” which allows for employees to work in the office 70% of the time and remain remote 30% without losing incentives. With this exception in place, most of the Philippines’ based IT BPO companies will be able to continue their hybrid workforce models till September 12, 2022.

In India currently, the IT BPO sector is working with the government to ensure that some form of hybrid work is drafted into the new legislation that will replace the Special Economic Zones (SEZ) Act, which is currently being rewritten to revive activities in SEZ areas. Similarly, key service delivery countries in the Latin American region are facing uncertainties with regard to government policies.

The need of the hour is clear for effective policies that allow remote or hybrid workforce models and decouple monetary incentives from the physical office location requirements. Knowing now what to expect in the coming months, whether employees are expected to work in the office or are able to move to a hybrid work environment, will help them better prepare.

How could back-to-office mandates affect the IT BPO industry?

Companies that rely on the global delivery models for technology and business process services should not make any changes right away but should consider a continuity plan and keep a close eye on how events play out. One possible risk to keep in mind is the chance that attrition rises as employees adjust to the new working circumstances if they are asked to return to the office.

Enterprises should also consider the possible ways the industry could be affected without a WFH element for IT BPO employees, not only to protect the population from the ongoing pandemic but when other emergencies come along, such as geo-political disturbances, natural disasters, etc.

A Reimagining of working models could be in order

The return to work dilemma begs the question of whether it’s time to rethink laws and policies, most of which were developed years ago at a time when working outside of the office wasn’t even considered a possibility. We may start to see policies changing globally as countries allow more opportunities for employees to work in a hybrid work fashion if they choose. Countries that fall behind in adapting to new workforce models will risk losing business to countries that make it attractive to employers.

Incorporating the possibility of a permanent WFH or hybrid workplace model in many regions would require a reimagining of policies and tax breaks so that business doesn’t become more expensive for companies and to support employees who need to continue working from home. The opportunity could bring even more success to the industry. The IT BPO industry, with 14% revenue growth in 2021, was one of the fastest growing industries and contributed to millions of new jobs. Many firms around the globe will likely continue to have employees work remotely or in hybrid models as productivity, customer satisfaction, and new business continue to stay the same or improve.

For more information or recommendations on the status of service delivery in the IT BPO industry, reach out to Prashray Kala, or contact us directly.

Learn about how to create an experience-centric workplace in our webinar, Top Strategies for Creating an Employee-focused Digital Workplace.

Metaverse eCommerce: The Next Logical Step in the Evolution of Immersive eCommerce

April 6, 2022

Metaverse is here to stay, and it’s going to play a significant future role in how we experience brands virtually. Industry giants are investing big in this space, and it is creating new opportunities for service providers to build feature-packed solutions for their customers entering the Meta world. Read on to learn about the potential and pitfalls of Metaverse eCommerce and why gaining a first-mover advantage is critical.

Digital commerce owes its maturity to the ever-evolving technology ecosystem – starting with the first online dial-up transaction on a modified television to a plethora of innovations over the past decade like mobile commerce, voice search, and social commerce. Emerging concepts such as gaming commerce and recommerce or reverse commerce are further defining the ecosystem.

Digital commerce is also witnessing an era of hyper-personalization powered by Artificial Intelligence (AI). According to Everest Group research on the Top 15 Start-ups Redefining Shoppable Experiences, 70% of the start-ups in the ecosystem are leveraging AI to offer enhanced solutions.

Enterprises are offering immersive buying experiences through Augmented Reality and Virtual Reality (AR/VR). To continue progressing on this trajectory, technological alignment is inevitable for a futuristic eCommerce strategy, and the next logical step for attaining this is Metaverse.

Defining metaverse and its significance in eCommerce

Exhibit 1: Definition of Metaverse

In simple terms, Metaverse is an extension of technologies such as AR, VR, blockchain, cryptocurrency, and social commerce coming together to form a virtual world, where customers can shop, play games, and socialize with friends.

Popularized by video games and fiction novels, the idea of Meta has been around since the early 90s, but recently, the industry has become extremely bullish on Metaverse primarily due to two major contributors. Firstly, technologies backing the concept of Meta (blockchain, crypto, and affordable VR) have attained significant headway in the past decade. Secondly, the idea has gained mainstream momentum because industry giants such as Facebook (Meta), Google, and Microsoft are pouring huge investments into Meta-platforms. Experience management leader, Adobe, has also put its best foot forward towards the Meta world by offering tools specific to 3D content creation, experience delivery, asset management, and commerce.

The Meta wave began in the early 2000s with games like Second Life and World of Warcraft, which were based on centralized economies where the value of owned assets was limited to those games. Aiming to overcome this deficiency, Decentraland came into existence in 2020. This platform offered a decentralized economy, where along with building virtual worlds, trading assets, and hosting events, users could transfer purchases to other Meta platforms like The Sandbox. Although the latest version of Meta provides numerous opportunities for users, we are still far away from creating an Omniverse like the movie “Ready Player One.”

Despite the technology being in its infancy, Metaverse holds significant potential in the digital commerce space. In the current 2D eCommerce model, information is consumed rather than experienced, restricting brands from creating physical connections with users.

Metaverse can solve this problem to a very large extent. In Meta-commerce, shoppers can truly experience a company’s culture, design, and branding elements. This will create huge brand differentiation beyond what is currently limited to logos and banners.

Although the technology backing Metaverse is still at a nascent stage, it holds immense potential to build an immersive commerce platform where products will come alive and personalized customer engagement will create brand loyalists.

Brands advocating metaverse are already pioneering virtual commerce

Envisioning the macro future implications of a single worldwide Metaverse, forward-looking brands have already started creating virtual commerce experiences at the company level. Here are some examples:

DRESSX – Designers and fashion enthusiasts can enter their Metaverse and create clothes from scratch. Users can try clothes on through their avatars and convert their fashion non-fungible tokens (NFTs) into actual garments
Gucci Garden Metaverse and Louis The Game – Gucci and Louis Vuitton have each launched their own NFTs where everyone has the freedom to create and modify their apparel
Charlotte Tilbury Virtual Beauty Gifting Wonderland – Users can connect with make-up artists in virtual rooms to discuss their skincare concerns and also invite friends to help them find the right product through an integrated video feature in the same session

Potential challenges in realizing metaverse

Exhibit 2: Challenges pertaining to Metaverse implementation

To make Metaverse a reality, several challenges need to be overcome. These include:

Consistent user experience and interoperability – A singular global decentralized Metaverse with shared data, computation, and bandwidth can only be achieved with collaboration between several global parties. Unless features are aligned and intellectual property is shared, we’ll never get a true Metaverse
Dearth of skilled talent – Talent for developing design tools and headless systems for businesses to prepare their stores for different media and virtual formats is in high demand and short supply
Cybersecurity and privacy – Metaverse users could experience incidents related to fake NFTs and malicious smart contracts that access personal data and crypto-wallets. Since personalized virtual experiences will create an endless need for countless customer data points, industry giants will likely prioritize competitive advantage over user data privacy

Along with these obstacles, challenges related to hardware, use-case identification, slow adoption, lack of capital, a fragmented tech landscape, unpredictable Return on Investment (ROI), and legal implications will surely make it difficult to turn the virtual world into a reality.

But on the brighter side, the foundational infrastructure is already in place in the form of a sophisticated global blockchain network, ergonomic VR design, scalable AI, and last-mile internet connectivity in most parts of the world. Therefore, Meta is no longer a far-fetched dream. And with most industry giants strategically investing in the concept, the challenges associated with it will get mitigated very soon.

Opportunities for eCommerce service providers in this meta wave

This new world is pushing IT service providers, consulting firms, and design agencies towards attaining Metaverse eCommerce capabilities. These industry players will be able to add several new digital service offerings through Metaverse. A few of these services include:

Metaverse consulting – With Pwc buying land in The Sandbox, it is evident that consulting firms will play a pivotal role in the world of Meta. Enterprises entering Metaverse will need significant hand-holding and a relevant knowledge base about the concept to formulate their Meta-business strategy. Consulting firms can leverage their expertise to advise and direct clients who wish to embrace Meta with its full range of challenges
Metaverse applications – Exclusive applications will be required for users to interact with the Meta world for virtual shopping. IT providers will need to build development expertise in the AR/VR technology stack to deliver these capabilities
Design and NFT – Design agencies will be essential for creating 3D models of virtual artifacts in the Meta world. Along with that, designers also create NFTs that play an extremely vital role in the Meta economy. Therefore, Metaverse will bring a plethora of lucrative business opportunities for design agencies around the world
NFT marketplaces – With the increasing popularity of cryptocurrencies, from digital paintings to Twitter hashtags, NFTs are being bought and sold everywhere. Since sellers will have the power to tokenize everything in Metaverse, a marketplace that supports NFT transactions through blockchain will be needed. Because of this, demand for IT service providers specializing in the NFT marketplace and blockchain development technology will rapidly increase

An exciting future

Brands are already implementing core technologies essential for Meta in silos. Soon, we will witness their integration to create an alternate world full of endless possibilities.

Metaverse is here to stay, and it will bring a multitude of opportunities for service providers to build feature-packed solutions for their customers entering the Meta world. Enterprises need to seize the first-mover advantage now by swiftly evaluating the future impact of Metaverse on their businesses.

Discover more about how organizations are increasingly finding ways to incorporate elements of the metaverse in our blogs: Enterprise Metaverse: Myriad Possibilities or Problems for the Hybrid Workplace? and Metaverse: Opportunities and Key Success Factors for Technology Services Providers.

To further discuss Metaverse eCommerce opportunities, contact us.

Will Anyone Love Legacy IT? | Blog

March 28, 2022

I shared my perspectives on various service provider firms many times over the years in blogs, especially at times of industry consolidation, or when new technologies and business models impact the market, as economic cycles ebb and flow, and as relationships and contracts change because of new expectations of the providers’ clients. My intent in these observations is to help enterprise clients understand how trends can affect their decision-making regarding third-party services. I now want to share my updated opinion on a service provider firm that I have closely monitored since its CEO changed in September 2019.

Read more in my blog on Forbes

Strategic Decisions in Managing Legacy IT Services | Blog

February 14, 2022

My recent blog about the “Legacy Technology Dilemma” explained how and why companies have unrealistic expectations around managing their legacy systems and applications. As companies contemplate the fate of their legacy estates – whether they currently reside in house or are currently outsourced to third-party service providers – executives face both tactical and strategic issues. It’s easier to deal with the tactical choices (cost, price, and service levels). However, the issues of stability, risk, and the ability to extract full value from legacy estates are much more nuanced.

Read more in my blog on Forbes

Legacy Technology Dilemma | Blog

February 8, 2022

Companies are migrating applications to the cloud, looking to reduce or shutter their legacy data centers. Many soon realize they have a portfolio of legacy applications that are just too expensive and too risky to move to the cloud. However, they have unrealistic expectations regarding the possibilities for those applications, and that leads to a dilemma in deciding how to handle them.

Read more in my blog on Forbes

Everest Group Engage 2025 – London: Gain practical insights that drive global impact.

Tag: Digital Transformation

The Next for Low-code Software Development: Voice-driven Development | Blog

Voice-based software development hasn’t worked in the mainstream. Why would it work in low code?

Europe Embarks on a New Technology Regulation Wave

What does the Digital Markets Act (DMA) entail?

The battle for sovereignty and security is just getting started

Implications of technology regulation for the European ecosystem

Cyber Insurance Market: Carriers Navigating through a Changing Risk Landscape

US cyber insurance market provides significant growth opportunities

Advent of insurtechs in the cyber insurance market segment

Challenges for insurers in a hardening cyber market

How can cyber insurers benefit from BPS partnerships?

Partnerships critical to the cyber insurance market’s future

Invest to Grow or Invest in Efficiency? | Blog

Will Service Delivery Change in the IT BPO Industry If They Say Goodbye to WFH?

Restoring pre-pandemic economic activity

Regions are currently working with government leaders to determine next steps

How could back-to-office mandates affect the IT BPO industry?

A Reimagining of working models could be in order

Metaverse eCommerce: The Next Logical Step in the Evolution of Immersive eCommerce

Will Anyone Love Legacy IT? | Blog

Strategic Decisions in Managing Legacy IT Services | Blog

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