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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Industries and businesses are recording a rise in the number of digital products with the development of tools, techniques and capabilities that collaborate and connect in various ways. Cloud-based, no-code, low-code, scalable, resilient and secure platforms are in high demand because they efficiently deliver digital engineering services, including design, experience, operations and applications, across industries. Platform engineering toolchains enable self-service capabilities and help address end-user requirements.
Microsoft plays a pivotal role in many businesses’ digital transformation strategies and is one of the world’s leading enterprise technology vendors. Its products form the backbone of digital transformation for companies across the U.S. As a U.S.-based company, Microsoft generates half its revenues from its home country and has a strong historical footing in the region, especially among larger firms. The tech titan subdivides its offerings into three main pillars: Microsoft 365, which includes Office 365 and Windows; Dynamics 365, a business application suite; and Azure, a hyperscale cloud platform that operates globally. Power Platform, a more recent addition to the Microsoft portfolio, is a low-code development platform that enables citizen developers to build apps and workflows, thus extending the capabilities of existing portfolios.
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.