Tag: IT

Decoding the EU AI Act: What it Means for Financial Services Firms | Blog

How will the EU AI Act impact the financial services sector, and how should enterprises and service providers structure their compliance activities? Read on to learn about what this new legislation means for financial services firms looking to implement AI tools, or get in touch to understand the direct impact on your specific business.

In recent years, the rapid advancements in artificial intelligence — in particular, generative AI — have revolutionized various sectors, including financial services. Technology giants such as Microsoft, Google, Amazon, and Meta have heavily invested in developing AI models and tools. However, this unprecedented growth has also raised concerns about the potential risks associated with the unchecked use of AI, prompting the need for regulations to ensure the responsible development and deployment of these powerful technologies.

Recognizing the urgency of the situation, the European Union has taken a proactive step by introducing the AI Act, a pioneering piece of legislation that aims to establish a comprehensive framework for the development and use of trustworthy AI systems. The Act adopts a risk-based approach, categorizing AI systems into four distinct levels:

  • Unacceptable risk – Systems deemed a serious threat, such as predictive policing, real-time biometric identification systems, and social scoring and ranking are banned
  • High-risk – Systems with potential to harm people or fundamental rights, such as AI-powered credit assessments, require strict adherence to new rules regarding risk management, data training, transparency, cybersecurity, and testing. These systems need to register with a central EU database before distribution
  • Limited risk – Systems posing minimal risk, such as chatbots, need to comply with “limited transparency obligations,” such as labeling AI-generated content
  • Low or minimal risk – While not mandated, the Act encourages providers to follow a code of conduct similar to high-risk systems for market conformity

The AI Act and financial services

The financial services industry heavily relies on AI, from personalized banking experiences to fraud detection. The high-risk applications especially require financial institutions to prioritize the following:

  • Continuous risk management – Focus on health, safety, and rights throughout the AI lifecycle, including regular updates, documentation, and stakeholder engagement
  • Comprehensible documentation – Maintain clear, up-to-date technical documentation for high-risk systems, including characteristics, algorithms, data processes, risk management plans, and automatic event logging
  • Human oversight and transparency – Maintain human oversight throughout the AI lifecycle and ensure clear and understandable explanations of AI decisions
  • Rigorous governance – Implement robust governance practices to prevent discrimination and ensure compliance with data protection laws
  • Fundamental rights impact assessment – Conduct thorough assessments to identify and mitigate potential risks to fundamental rights
  • Data quality and bias detection – Ensure training and testing datasets are representative, accurate, and free of bias to prevent adverse impacts
  • System performance and security – Ensure consistent performance, accuracy, robustness, and cybersecurity throughout the lifecycle of high-risk AI systems

To align with the EU AI Act, enterprises must take a structured approach. First, they should develop a comprehensive compliance framework to manage AI risks, ensure adherence to the Act, and implement risk mitigation strategies. Next, they need to take inventory of existing AI assets like models, tools, and systems, classifying each into the four risk categories outlined by the Act. Crucially, a cross-functional team should be formed to oversee AI risk management, drive compliance efforts, and execute mitigation plans across the organization. By taking these steps, enterprises can future-proof their AI initiatives while upholding the standards set forth by the landmark regulation.

Final Everest Group Decoding the EU AI Act What it means for financial services
Opportunities for service providers

  • AI governance expertise – Service providers can offer expertise in building and implementing AI governance frameworks that comply with the EU AI Act. This includes developing policies, procedures, and tools for responsible AI development and deployment
  • Data management solutions – Service providers can assist financial institutions in managing their data effectively for AI purposes. This includes data cleaning, labeling, and ensuring data quality and compliance
  • Large Language Model operations (LLMops) – As financial institutions explore the use of Large Language Models (LLMs), service providers can provide expertise in LLMOps, which encompasses the processes for deploying, managing, and monitoring LLMs
  • Use case classification & risk management – Service providers can help financial institutions classify their AI use cases according to the EU AI Act’s risk framework, and develop appropriate risk management strategies
  • Quality Management System (QMS) – Implement a robust QMS to ensure the AI systems consistently meet the Act’s requirements and other emerging regulatory standards

The road ahead

As the AI Act progresses through the legislative process, financial institutions and service providers must proactively prepare for the upcoming changes. This includes conducting AI asset inventories, classifying AI systems based on risk levels, assigning responsibility for compliance, and establishing robust frameworks for AI risk management. Service providers will play a crucial role in supporting financial institutions in their compliance efforts.

To learn more about the EU AI Act and how to achieve compliance with the regulations, contact Ronak Doshi, [email protected], Kriti Seth, [email protected] and Laqshay Gupta, [email protected]. Understand how we can assist in managing AI implementation and compliance, or download our report on revolutionizing BFSI workflows using Gen AI.

Everest Group Talent Demand Growth Index | India IT Services | Blog

Welcome to our monthly India IT services talent demand index. We are excited to bring you this comprehensive analysis, powered by Talent Genius™, our AI-powered insights platform purpose-built to guide IT and Business Process Services location and workforce decisions. To gain a deeper understanding of the capabilities of Talent Genius and learn how to book a demo, watch this quick 2-minute video, Introducing Talent Genius™.

Monthly India IT services talent demand tracker

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Here is our in-depth analyses of the India IT services industry demand:

April 2024

After experiencing robust growth of 23% in March 2024, the Indian IT services market saw a slight 3% dip in talent demand in April. However, on a year-on-year basis, the market has grown by 39%.

At the city level, among tier-1 cities, Kolkata experienced the highest growth at 17%, while Pune and Mumbai saw moderate growth of 5% and 3%, respectively. In contrast, Hyderabad and Chennai witnessed declines of 16% and 12%, respectively. Among tier-2 cities, Jaipur and Ahmedabad showed the highest growth at 8% and 7%, respectively, whereas Coimbatore and Thiruvananthapuram both saw a 10% decline.

The hospitality and tourism sector experienced the highest talent demand growth in April, increasing by 16% compared to March, fueled by a surge of tourists during summer breaks. Conversely, healthcare and retail saw declines of 12% and 10%, respectively. On a year-on-year basis, all sectors saw growth in demand, with transportation and logistics, and business and professional services recording the highest increases at 85% and 68%, respectively.

AI/ML and Data science remain highly sought-after skills, propelled by a growing emphasis on technological advancements and the integration of AI expertise.

March 2024

Following a 14% decline in job postings for IT services in February, the industry regained momentum, showing a 23% month-on-month increase in job postings. At a year-on-year level, talent demand grew by 20%.

Some of the most in-demand roles include artificial intelligence engineer, machine learning engineer, virtual reality engineer, and UI/UX architect, showcasing sustained demand in the India IT market for niche roles. Demand growth for specialized roles has been consistently higher than traditional IT roles, especially since the latter half of 2023, driven by the gen AI revolution.

At a city level, all the major cities experienced double-digit growth in March, except Mumbai, where the demand increased by only 3%. Tier-2/3 cities continue to consistently experience higher demand growth than tier-1 cities, pointing to increased leverage of tier-2/3 markets for IT services.

From a sourcing perspective, both service providers and enterprises experienced an increase in demand. Enterprises recorded a solid 29% increase (compared to service provider’s 9%), reflecting the strong inclination and propensity toward insourcing.

All sectors, except transportation and logistics, saw heightened demand for IT talent, with technology, communications, and retail experiencing the most traction.

February 2024

Following robust growth in January, the Indian IT services market experienced a 14% decline in February. Talent demand for IT services this month declined 23% compared to the same period last year and 50% from February 2022.

Most cities saw a decrease in demand except for Thiruvananthapuram. After showing the highest increase in January, Jaipur had the sharpest decline of 25%. Among tier-1 cities, Mumbai saw the steepest drop at 20%.

All sectors, except transportation and logistics and cyclical commodities, witnessed a decrease in talent demand, with retail, hospitality, and tourism showing the most significant declines.

Looking at role rankings, demand for artificial intelligence engineers, machine learning engineers, analytics consultants, and UI/UX architects climbed compared to the previous month, indicating continuing interest in niche roles.

January 2024

The demand for IT services in India surged by 31% month-on-month, following a 25% decline in December 2023. However, demand increased 11% year-on-year.

Roles such as artificial intelligence engineer, machine learning engineer, security engineer, and UI/UX architects experienced significant increases in demand in January 2024 compared to the prior year, primarily driven by the heightened need for niche roles in India.

All major tier-1 and tier-2/3 cities saw an uptick in monthly job postings, with Hyderabad leading with a 40% growth rate. Among tier-2/3 cities, Jaipur experienced the highest demand growth, with a 34% increase in job postings.

Demand for IT services rose across all industry segments. Healthcare and BFSI showed the most strength, with a 40% increase from December 2023.

December 2023

Demand for IT services in India hit a 17-month low due to declining spending and clients postponing projects. As a result, most Indian IT service providers are reexamining revenue and hiring forecasts. The overall demand across service providers decreased by 28% from last month and 11% from the previous year.

Many service providers slowed hiring, realizing they posted jobs too early and hired ahead of the demand. Service providers are now focusing on improving employee utilization rates and do not anticipate the job requirements returning to the original levels anytime soon. Demand for IT services also declined by a notable 20 percent across enterprises from November.

Overall, the second half was slower than the first half, with demand falling by 7% for service providers and 4% for enterprises. Service providers were impacted more as enterprises cut discretionary spending and insourced some work.

At the city level, demand for employees declined consistently across tier 1, 2, and 3 cities. After peaking in November, the workforce requirements in Hyderabad and Chennai fell significantly by 32% this month.

Demand hit its lowest point of the year across all segments. Despite relatively stable employment over the last few months, retail and healthcare had the biggest drop at 35%. While it is uncertain if this is the bottom, a full recovery is not expected in the near future.

November 2023 update

IT services demand in India increased by 9% month-on-month and 5% year-on-year. Demand for IT application data management (ADM) grew 9.5%, and IT infrastructure increased 5 percent compared to the prior month. However, the surge is expected to be temporary because macroeconomic conditions pushed IT project timelines ahead for most companies.

Talent demand increased more in tier 2/3 cities than tier 1 cities, indicating that enterprises are increasingly confident in hiring outside tier 1 cities to gain a labor cost arbitrage advantage.

The number of available positions increased in all tier 1 cities, except Kolkata, where the job postings fell for the second consecutive month. Since the prior month, job openings increased 18% in Hyderabad and 14% in Chennai, representing the highest month-on-month increase.

Among tier 2/3 cities, Jaipur recorded one of the highest month-on-month increases in open positions at 34%. All the other cities experienced increased monthly postings – except for Chandigarh and Thiruvananthapuram.

IT services demand increased across all industry segments, with service providers and manufacturing demonstrating the most strength, up 5% from October.

Demand fluctuates more for service providers than other enterprises. As clients cut back on outsourcing spending, the talent need from service providers is expected to decrease in the coming months.

October 2023 update

The demand for IT services in India declined by 9% from last month but increased by 5% year-on-year, with significant variation over the past few months. Despite the shifts, demand remains near the same level as May 2023, when IT services demand increased after being at its 12-month lowest the prior month.

Tier 2/3 cities continued to be more attractive for companies seeking employees. Hyderabad and Kolkata had the biggest monthly drop in talent demand among tier 1 cities at 15% and 12%, respectively. Employee talent needs remained the most stable in Pune, with only a 5% drop compared to the previous month.

Although demand for most roles declined, help desk engineer, data analyst, and business analyst roles continued to increase by about 5% monthly. Only the retail segment maintained net positive month-on-month growth rates at about 7%. Cyclical commodities and service providers declined the most by 12% and 7% month-on-month.

Over the past few months, India IT talent demand has been volatile across roles, cities, and industries. Talent demand is expected to continue to fluctuate as major Indian IT service providers lose contracts and enterprises explore more insourcing opportunities.

September 2023 update

The demand for IT services in India jumped by 19% on a month-on-month basis after declining for two consecutive months. The year-on-year increase of 22% pointed to a significant uptick in hiring activities this month, rebounding from the slowness over the previous few months.

On a month-to-month basis, demand again surged in tier 2/3 cities compared to tier 1 cities. The increased reliance on tier 2/3 cities suggests a growing client preference for cost-effective IT service delivery locations.

Among tier 1 locations, Hyderabad and Kolkata bounced back the strongest with 36% and 35% growth in demand on a month-on-month basis. All locations in the three top tiers showed increased IT services demand – except for Pune, which dropped slightly.

Every major industry segment, except for banking, financial services, and insurance (BFSI), returned with increased demand. Service providers led the chart with a 22% increase in job demand compared to last month. However, BFSI declined 23% from the prior month.

August 2023 update

The demand for IT services declined for two consecutive months after recording a 14-month high in June 2023. Demand fell by 16% month-on-month and 32% on a year-on-year basis. At a segment level, IT ADM and IT infrastructure declined from July.

This trend could be a result of a quick fix by employers to adjust for the hiring surge in the second quarter of 2023. If the pattern continues, employee attrition will rise. However, the demand will likely pick up in the next few months as the end of the year nears.

Tier 1 cities continue to experience a higher decline in demand than tier 2/3 cities on a month-on-month basis, indicating the preference by enterprises to leverage low-cost talent from tier 2/3 cities.

At a city level, Kolkata witnessed the sharpest decline in demand at 47% and had an all-time low in the last 20 months. Among leading tier 2/3 cities, Kochi and Thiruvananthapuram showed the least decline in month-on-month demand.

The surge in demand by industry sectors halted, with consumer packaged goods registering the greatest decline since July. Business and professional services also reversed the growth trend.

A slightly higher decline in month-on-month demand across service providers that has continued for several months now clearly indicates increased insourcing by enterprises.

July 2023 update

While the month-on-month view showed a 9% drop in the IT services talent demand trend in India, demand grew 17% over the prior three months and by 32% year-on-year.

Tier 1 cities witnessed a relatively higher decline than tier 2/3 cities month-on-month, showcasing the increased leverage of tier 2/3 Indian cities. This trend is consistent across most tier 1 and tier 2/3 cities. Jaipur and Coimbatore are the only exceptions across tier 2/3 cities, showing 10% and 3% growth, respectively. Among tier 1 cities, Mumbai and Kolkata witnessed the highest decline, while Pune recorded the lowest decline of approximately 2%.

Service providers witnessed the highest decline of all industry verticals for IT services demand over the past year. Business and professional services and consumer packaged goods saw a slight uptick in demand.

June 2023 update

The demand for IT services in India showed further recovery and grew by 15% compared to May 2023. For the first time in the last six months, demand also showed growth on a year-on-year basis (21% growth compared to June 2023). At a segment level, both IT ADM and IT infrastructure segments witnessed 14-month high demand levels in June 2023, with IT infra talent demand growing 40% on a year-on-year basis.

The growth trend, which started in May, is solidifying and was consistent across all cities, though the extent of recovery varied. Chennai saw a modest recovery, whereas Mumbai saw a significant spike in demand. We believe the demand surge in Mumbai may not be entirely due to net new demand but could be due to talent management/attrition challenges arising from the hybrid/in-office model and the need to back-fill resources.

The demand from service providers continues to grow, and we believe there is more focus on hiring laterals this year compared to the previous year, which saw a significant uptick in campus hiring. This increase could also be due to multiple large deals that are at play in the market and providers hiring in anticipation of winning large business in the medium term.

May 2023 update 

The demand for IT services in India showed a recovery in the month of May, growing by 34% compared to the previous month and staying flat compared to 2022. This spike compared to March and April could be attributed to buyers placing demand ahead of the summer in key onshore geographies, which tend to be slower from a business perspective. The increase in demand was consistent across both tier-1 and tier-2/3 cities; however, the recovery was much steeper for tier-1 cities (growing 14% YoY) compared to tier-2/3 cities (shrinking by 20% on a YoY basis). Among the tier-1 cities, all showed an uptick in demand; however, Pune set a demand record of a 17-month high. The service provider segment, while it showed recovery compared to the previous month, on a YoY basis, registered a 7% decline in demand. On similar lines, BFSI and technology & communications verticals continue to show a declining demand trend on a YoY basis. 

April 2023 update

The demand for IT services in India further shrunk by 17% in April, reaching a 16-month low, and declined by 29% on a year-on-year basis. The impact of the anticipated global economic slowdown is clearly visible in the latest demand trends. 

The declining trend is consistent across both tier-1 and tier-2/3 cities. Among tier-1 cities, Chennai, followed by Delhi-NCR, witnessed the highest decline. Tier-2 cities saw an even higher decline on a year-on-year basis at 32%. At this point, the demand for IT services talent in India is almost 50% of the demand in January 2022. However, this trend needs to be observed over a slightly longer period. If this trend continues for a few more months, the already reduced attrition numbers are likely to come down further. 

Being the first month of the new fiscal year for many leading India-heritage service providers, this indicates a not so good start to the year 2023-24, and declining talent demand is deeply correlated to reduced business growth.

March 2023 update

After five consecutive months of demand growth/stability, the demand for IT services in India dropped significantly (21%) in March and by 36% on a year-on-year basis. The declining trend in March was consistent across all tier-1 cities, though Mumbai witnessed the lowest decline among all tier-1 cities. 

The demand in tier-2/3 cities also reduced by 26% on a year-on-year basis. This overall declining trend is expected as Q1 2022 witnessed a significantly higher demand due to attrition and talent wars faced by the industry, and with the current economic environment, most companies are not in an expansion mode.  

Stay tuned for regular monthly updates as we monitor the landscape of the India IT services industry demand market. We’ll continue to provide the latest insights and trends, so you stay well-informed on locations and workforce developments.

Duck Creek Services PEAK Matrix® Assessment 2024

Duck Creek Services

In the Property & Casualty (P&C) insurance sector, digital transformation is the key to enhancing operational efficiencies and underwriting profitability. Duck Creek Technologies leads this modernization with its SaaS platform, favored for its low-code configurability and robust performance. IT service providers are aligning their strategies and investments with Duck Creek’s vision to capitalize on this growing market opportunity. They are expanding their Duck Creek-certified talent pools and developing accelerators and frameworks to streamline implementations.

Duck Creek Services

What is in this PEAK Matrix® Report

This report examines the Duck Creek services landscape and examines 14 leading providers featured on Everest Group’s Duck Creek Services PEAK Matrix® Assessment 2024.


Contents: 

In this report, we share:

  • An assessment of 14 leading Duck Creek service providers on Everest Group’s Services PEAK Matrix® evaluation framework
  • Characteristics of Leaders, Major Contenders, and Aspirants in the Duck Creek services market
Detailed profiles of the providers, along with their key strengths and limitations
 

Scope:

  • Industry: insurance, financial services
  • Geography: global

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The Future of Cybersecurity: Key Takeaways from RSA Conference 2024 | Blog

Discover the pivotal moments of RSA Conference 2024 in San Francisco, where AI’s transformative potential took center stage alongside the rise of cybersecurity platformization and the urgent focus on industrial security. Read on to uncover the conference’s highlights and how AI may shape the future of cyber-protection.

Like most years, the city of San Francisco came to life with the annual RSA Conference, held at Moscone Center from May 6 – 9. This time, it saw 40,000+ attendees, with hundreds of exhibitors both at the conference expo floor and in and around the Moscone Center. The city of San Francisco also ensured a smooth experience for visitors moving around the conference areas. Let’s explore the key highlights from the conference.

Art of AI possible

The theme of RSA Conference 2024 was the “art of the possible,” and it truly lived up to its tagline with a variety of AI-possible use cases and applications in cybersecurity demonstrated in large scale. There is increasingly more chatter and buzz from vendors about everything being AI-powered, AI-orchestrated, and AI-delivered. Most vendors are leveraging AI to enhance their capabilities, and at the same time, there are vendors who are positioning their existing offerings to secure the LLMs/AI. Again, at this point, all conversations are about AI governance, and not a single vendor solution exists that can completely secure the model, applications, data, and infrastructure for the AI era.

Everest Group’s recent interactions with enterprise clients demonstrate that AI adoption is still very early, with most enterprises still in the wait-and-watch state. We have built a framework to evaluate AI-driven gains in cybersecurity, which helps enterprises select the right use case for cybersecurity adoption. Learn more about the framework.

Ushering the platformization era in cybersecurity

The platform story in cybersecurity is gaining further momentum, and we’re seeing vendors expanding capabilities centered around their core offerings. As enterprises pivot preferences from best-of-breed to easy-to-integrate, the platform narrative will get stronger. We also see large system integrators building platforms to enable service delivery. Learn more about the key traits of successful platforms.

Industrial and critical infrastructure remain top of mind

Almost all the conversations with system integrators strongly focused on operational technology (OT) security, which clearly is a high-opportunity area across different industries such as manufacturing, energy & utilities, and critical infrastructure (water, pipeline, etc). The enterprise’s realization that the IT-OT air gap is no longer existent and the lack of security controls in their legacy OT systems requires fortification has driven demand for OT security solution providers. To learn more about OT providers and products, Everest Group analyzed nine global OT security technology providers and featured them on the Operational Technology (OT) Security Products PEAK Matrix® Assessment 2023.

Focused partnerships and alliances

We notice the partner and alliances ecosystem evolving between system integrators and technology vendors. A slew of announcements by technology vendors shows intent to be deeply entrenched with SIs and drive joint market outcomes. Further, we see system integrators picking and choosing partnership preferences and categorizing technology vendors across three main categories and having different market perceptions. Learn more about the three categories and service providers’ perceptions.

Role of Government in shaping regulation and cybersecurity

The US federal government agencies, FBI, CISA, and Homeland Security, have been regular participants at the RSAC conference in the past. This time, the highlight of the conference was the keynote from US Secretary of State Anthony J Bilken. This strong presence at a top cybersecurity conference highlights the US government’s urgency on cybersecurity and its role in driving cybersecurity investments. Further, CISA’s latest “secure by design” initiative has seen signatures from 68+ technology vendors, including Microsoft, Google, Cisco, AWS, and IBM, which is a voluntary commitment to “make a good-faith effort to work towards” seven goals within a year of signing the pledge and show measurable progress on the goals. CISA plans to recruit more volunteers and monitor the progress of all signatories at next year’s RSAC conference.

The current cybersecurity landscape is more complex than ever, with threat actors not leaving any respite for government agencies, technology vendors, system integrators, and other ecosystem participants. It is yet to be seen who will emerge victorious in this race to be cyber-protected. It could be that AI-led security outcomes will help determine the winner.

Learn more about the cybersecurity landscape or to ask questions, reach out to Abhishek Singh at [email protected] and Kumar Avijit at [email protected].

Sustainability Enablement Technology Services PEAK Matrix® Assessment 2024

Sustainability Enablement Technology Services

In today’s business environment, sustainability has evolved from a mere buzzword to a vital imperative for enterprises across diverse industries. This shift is driven by escalating concerns over climate change, resource scarcity, and social disparities, compelling businesses to lessen their environmental footprint and actively contribute to societal well-being. To address these challenges, sustainability enablement technology and services have become indispensable tools, providing instrumental solutions to navigate the complexities of sustainability initiatives. These technologies encompass various applications, including renewable energy, supply chain optimization, and waste reduction strategies.

Despite the growing recognition of sustainability’s significance, enterprises face significant hurdles in integrating sustainable practices into their operations. The lack of tangible market proof points, coupled with the ongoing evolution of standards and best practices, presents a formidable challenge to decision-making. Enterprises struggle to identify partners that can meet their immediate sustainability needs while aligning with long-term strategic goals. Successfully navigating this complex landscape requires careful deliberation and informed decision-making. Enterprises must select partners that provide innovative solutions and demonstrate a dedication to sustainability principles and values. By doing so, businesses can effectively navigate sustainability challenges while driving positive environmental and social impact.

Sustainability Enablement Technology Services

What is in this PEAK Matrix® Report

In this report, we explore the current state of the sustainability enablement technology services market, examining the trends and key drivers shaping demand-supply dynamics. The report also provides a detailed analysis of the sustainability-enabling capabilities of 24 providers based on their service focus, key Intellectual Property (IP) / solutions, domain investments, and demonstrated market proof points.


Contents: 

In this report, we:

  • Explore the sustainability enablement technology services market
  • Examine the key factors and technologies shaping the sustainability enablement technology services market
  • Outline our perspective on buyer adoption trends and explore 24 sustainability enablement technology service providers’ capabilities

Scope:

  • All industries and geographies
  • This assessment is based on Everest Group’s annual RFI process for the calendar year 2024, interactions with leading sustainability enablement technology service providers, client reference checks, and an ongoing analysis of the sustainability services market

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From Investment to Impact: Maximizing the Value of AI in Your Organization | Webinar

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From Investment to Impact: Maximizing the Value of AI in Your Organization

May 15, 2024

Catch Everest Group Vice President, Alisha Mittal, in a webinar in which the panel will discuss:

  • AI is overwhelming. How do I scale it across my organization?  
  • Is there value in my AI investments beyond simply the AI itself?     
  • What does an AI-ready organization look like? 
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Vice President, Everest Group
Arnav Gupta
Vice President, Damco Solutions
Andrew Welch
Field CTO and Cloud Strategist

Mid-tier IT Loses More Ground than Larger Ones as Vendor Consolidation Gains Steam | In the News

Mid-tier information technology (IT) companies lost more ground than their larger peers in the financial year 2023-24 as vendor consolidation deals by clients have led to a decline in revenue growth, as well as on a smaller base.

Yugal Joshi, Partner at Everest Group, said that “mid-tier companies are reliant on key clients as they form a large part of their business. And if anything happens to those clients, it impacts these smaller firms.”

Read more in Money Control.

Why Indian IT’s Reliance on H-1B Work Visas Has Plunged 56% in the Last 8 Years | In the News

Over the past eight years, India’s top seven IT services companies have experienced a 56% decrease in their utilization of the H-1B visa program, which is the premier US work visa. Indian IT companies are adapting to US visa changes and shifting to local hiring and digital services.

“However, it has not eliminated the need, and most Indian firms would like to increase the number of H-1Bs. It is the huge numbers applying for H-1Bs and the lottery to get them which is constraining the numbers,” said Peter Bendor-Samuel, CEO of Everest Group.

Read more in The Times of India.

Data Observability Technology Provider PEAK Matrix® Assessment 2024

Data Observability Technology Provider

The rising adoption of AI and ML has revolutionized how enterprises use data, elevating its importance to unprecedented levels. Today, data is integrated into every facet of operations to facilitate decision-making and drive innovation, resulting in a substantial increase in data access and consumption. However, the ever-evolving landscape of high-volume data, coupled with intricate interdependencies between platforms, has amplified challenges for data teams. These challenges hinder their visibility into data movement, quality, reliability, and the cost of data operations.

To address these challenges, enterprises are embracing modern data management practices such as data observability. Data observability offers end-to-end visibility of data estates, enabling organizations to proactively identify and diagnose data-related issues while optimizing the underlying data’s overall health.

Data Observability Technology Provider

What is in this PEAK Matrix® Report

In this report, we assess 20 providers featured on the Data Observability Technology Provider PEAK Matrix® 2024. Each profile offers a comprehensive picture of the provider’s key strengths and limitations.

Contents:

In this report, we examine:
 
  • The data observability technology provider landscape
  • Data Observability Technology Provider PEAK Matrix® characteristics
  • Enterprise sourcing considerations

Scope:

  • All industries and geographies
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading data observability technology providers, client reference checks, and an ongoing analysis of the data observability market

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Exploring the Importance of Post-quantum Cryptography: An Unbreakable Vault to Protect Enterprises Against Advanced Cyberattacks, Part 2

What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

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