Global Economy, Sourcing Get ‘Shot in the Arm’ in Q2
The global economy got a proverbial shot in the arm in the second quarter as COVID vaccines continue to be administered around the world.
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The mainframe service market continues to grow as per ISG’s expectations for both conventional mainframe outsourcing and consulting services as enterprises migrate their mainframe applications to the cloud. With clients under pressure to reduce their mainframe costs, several service providers are addressing the increasing demand to free business data that resides in mainframe systems.
Global enterprises are accepting the hybrid working model, wherein their workforce is allowed to work from a location of their choice and asked to report to office in case of absolute need. Depending on an employee’s work profile, corporate culture and vision requirements, organizations worldwide are framing policies to distribute their workforce into remote and in-office working modes.
In 2022, enterprises in the U.S. invested significantly in analytics solutions to empower their business leaders and employees to make decisions using a data-driven approach. The market witnessed a notable change in the mindset of enterprise executives, reflected in the changing pattern of their investments that shifted from capturing and storing data to actively deriving value out of data. A burgeoning competitive environment and new-age startups with disruptive business models necessitated investments in analytics solutions that drive real-time insights and enable decision-making that is essentially data-driven. While the changing market dynamics demand a variety of analytics solutions and platforms, ISG’s analysis reveals that most of the U.S. enterprises are still in their early stages of analytics and data maturity, which warrants the adoption of tools and platforms that help in delivering visualized insights, data-led storytelling and eventually decision-making.
In the past year, as the world continued to recover from the challenges and restrictions implemented to manage the COVID-19 situation, leading life science companies and the providers that support them made significant advances in incorporating technology solutions into the DNA of their operations. This sector has historically been reluctant to embrace innovative approaches at scale, but the pandemic has catalyzed a permanent change. For starters, the pandemic made many formerly standard processes, such as in-person patient visits and justin- time supply chain practices impossible, which created an unprecedented demand for innovative solutions. Leading solution providers not only intervened with existing technology solutions but also demonstrated their readiness to collaborate, innovate and invest with greater flexibility and customer-centric focus than ever before.
The oil and gas industry is going through a phase of long-standing uncertainties. An unpredictable economy, the Russia- Ukraine conflict, reduced investment in upstream assets, price volatility and energy transition initiatives have all created an imbalance in supply and demand. Despite the uncertainties, rising oil prices resulted in record revenues and profits for major oil and gas companies. Majors have posted profits much higher than their previous year’s numbers. For example, BP posted a profit of $8.15 billion in the third (July to September) quarter of 2022, which is approximately 1.5 times the previous year’s number.