It was a year marked with fears and speculations emerging from many front-burners. Like the SVB-meltdown and the ensuing banking crisis. Like geopolitical friction. Like protracted deals.
At the same time, there are client wins happening in all brackets - from US$1 million+ to US$100 million+. There is continued traction in cloud, digital transformation and modernization projects-as enterprises across verticals try to squeeze in cost savings and get ready for the digital world - in every way they can.
So, what did we learn this year about the big global pie of IT service market?
SUN-DRIED FRUITS
The sentiment is gloomy, and some latest quarterly results corroborate the ripples of the banking crisis in the US, the global economic turmoil and inflation issues. For the short-term horizon - like the next few quarters or a year or two-this scenario will stay, captures Arun Jethmalani, Founder and Managing Director of ValueNotes. If we look at predictions from JP Morgan too, the demand environment for IT services has, likely, weakened further in June-as its report says. What complicates this further is the enhanced competition for a smaller slice that can lead to falling win-rates, pricing and not-so-great deal terms. The report also augurs that deferred project starts, project halts and cancellations could persist.
Devroop Dhar, Co-Founder and Board Member at Primus Partners also reckons that, overall, the IT industry is going through a transition. "There are strong headwinds fuelled by macroeconomic factors with the war in Ukraine and inflation pressure and higher interest rates. North America and Europe remain the biggest and most important markets for the Indian IT industry, and both may see recessionary pressures."
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