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ICICI Securities Report
Information Services’ (ISG) quarterly index suggested global sourcing industry recovered approximately 4% QoQ.
It is surprising that despite the hype around cloudification over the last approximately six months, As-a-Service annual contract remained stagnant QoQ (at $8 billion) and still lower than pre-Covid-19 levels (by 6%, versus March-20).
Recovery during September-20 was entirely driven by managed services (10% QoQ).
Within this, as we anticipated, the rebound was led by a strong comeback in banking, financial services and insurance across verticals (50% plus).
Increased activity in mega deals, contract restructuring and industry-specific BPO also aided the recovery.
ISG indicated outlook for managed services is healthier than projected earlier with improving pipelines and currency tailwinds.
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