{"id":801657,"date":"2025-01-16T10:04:06","date_gmt":"2025-01-16T15:04:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ai-fueled-cloud-demand-powers-global-it-business-services-market-to-new-high-in-q4-isg-index\/"},"modified":"2025-01-16T10:04:06","modified_gmt":"2025-01-16T15:04:06","slug":"ai-fueled-cloud-demand-powers-global-it-business-services-market-to-new-high-in-q4-isg-index","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ai-fueled-cloud-demand-powers-global-it-business-services-market-to-new-high-in-q4-isg-index\/","title":{"rendered":"AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122"},"content":{"rendered":"

<\/p>\n

AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122<\/b><\/p>\n

Combined market ACV up 20% in Q4, driven by 33% growth in cloud services<\/b><\/p>\n

Managed services growth slows to less than 3%<\/b><\/p>\n

Combined market ACV hits record $104 billion for the full year<\/b><\/p>\n

ISG forecasts 18% growth for XaaS, 4.5% growth for managed services in 2025<\/b><\/p>\n

STAMFORD, Conn.–(BUSINESS WIRE<\/a>)–
\nGlobal spending on IT and business services rose by double-digits in the fourth quarter, fueled by a sharp increase in cloud demand driven by AI, according to the latest state-of-the industry report from Information Services Group (ISG<\/a>) (Nasdaq: III<\/a>), a leading global technology research and advisory firm.<\/p>\n

\nData from the ISG Index\u2122, which measures commercial outsourcing contracts with annual contract value (ACV) of $5 million or more, show fourth-quarter ACV for the combined global market (both managed services and cloud-based services) at a record $28.2 billion, up 20 percent versus the prior year. It was the fourth consecutive quarter the combined market grew year over year, and the second straight quarter it established a new high for ACV.<\/p>\n

\nA sharp increase in cloud spending propelled market growth this past quarter, with ACV for cloud services up 33 percent versus the prior year, to $17.7 billion. Within this segment, infrastructure-as-a-service (IaaS) soared 42 percent, to $13.4 billion, while software-as-a-service (SaaS) grew 12 percent, to $4.3 billion.<\/p>\n

\n\u201cDemand for cloud services continued its upward trajectory \u2013 a complete turnaround from the down market it faced in 2023,\u201d said Steve Hall, president of ISG, and the firm\u2019s chief AI officer. \u201cWe\u2019re seeing enterprises reaccelerating their cloud migrations and looking to the cloud to power their AI ambitions. This is great news for the big three hyperscalers and their ecosystem partners, which are building more and more AI apps on hyperscaler platforms. Indeed, AI now accounts for about 6 percent of provider revenues \u2013 and climbing.\u201d<\/p>\n

\nManaged services, meanwhile, grew at a much more modest pace, up 2.6 percent in the fourth quarter, to $10.5 billion of ACV. Demand slowed sequentially, down 3 percent from the third quarter. Within this segment, IT outsourcing (ITO) was essentially flat (up 0.6 percent), at $7.9 billion, while business process outsourcing (BPO) advanced 9 percent, to $2.6 billion.<\/p>\n

\nDuring the fourth quarter, 715 managed services contracts were awarded, up 6 percent from the prior year. Among them were 10 mega-deals (contracts with annual value of $100 million or more) with combined ACV of $1.7 billion, up 31 percent year over year. It was the first time since 2007-2008 the global market has produced at least 10 mega-deals for three consecutive quarters.<\/p>\n

\nAt the same time, the number of deals on the other end of the spectrum (those valued at between $5 million and $10 million) rose 14 percent from the prior year.<\/p>\n

Full-Year Results<\/b><\/p>\n

\nCombined market ACV for the full year was a record $104 billion, up 11 percent from the prior year.<\/p>\n

\nThe ACV of cloud-based services reached a record $62.4 billion, up 19 percent, with IaaS up 25 percent, to $46.6 billion, and SaaS up 4.6 percent, to $15.8 billion.<\/p>\n

\nManaged services ACV advanced less than 2 percent, to a record $41.7 billion, as demand slowed from the average 6 percent growth of the previous two years. ITO was flat, at $30.6 billion, while BPO was up 6 percent, to $11 billion.<\/p>\n

\nA total of 2,868 managed services contracts were awarded in 2024, up nearly 5 percent from the prior year, including 34 mega-deals, one less than in 2023. Meanwhile, the number of new-scope awards (1,926) and their combined ACV ($27 billion) were both up 6 percent, with new-scope ACV at a record high.<\/p>\n

\n\u201cManaged services bookings grew at a slower pace in 2024 compared with the previous two years, primarily due to continued pressure on discretionary spending, especially in the banking and manufacturing sectors, which make up nearly half of the contract value in the market,\u201d Hall said. \u201cThat cost pressure, however, led to a second consecutive year of strong mega-deal activity as enterprises looked to move the needle on their cost profile through large-scale transformations.\u201d<\/p>\n

\nHall said enterprise decision-making accelerated in the second half of 2024, noting an increase in the number of smaller deals in the $5 to $9 million ACV range. \u201cThis could be an indication that discretionary spending is beginning to loosen up.\u201d<\/p>\n

2025 Forecast<\/b><\/p>\n

\nFor the full year, ISG is forecasting 4.5 percent revenue growth for managed services, and 18 percent revenue growth for cloud-based services (as-a-service or XaaS).<\/p>\n

\n\u201cLooking at 2025, we expect a gradual recovery in enterprise demand for IT and business services,\u201d Hall said. \u201cWe base our view on the likelihood the U.S. Federal Reserve will keep interest rates in restrictive territory, with at least two rate cuts expected, while the strong U.S. dollar continues to pose challenges for multinational corporations. In Europe, we are likely to see subdued growth, with the upcoming elections in Germany creating uncertainty in the market until the second half.<\/p>\n

\n\u201cAt the same time, we see several macroeconomic tailwinds at play,\u201d Hall continued. \u201cAI spending continues to gain momentum, with hundreds of billions being spent on infrastructure, setting the stage for widespread adoption among enterprises and individuals. Productivity gains from AI are expected to be substantial, presenting a massive market opportunity. In managed services, we’re seeing early signs of improvement in the BFSI [banking, financial services and insurance] sector as discretionary spending begins to pick up. Broader market demand could also improve, thanks to greater clarity on the rate-cutting cycle, enterprises acknowledging their growing technical debt, and the rapidly increasing demand for GenAI.\u201d<\/p>\n

About the ISG Index\u2122<\/b><\/p>\n

\nThe ISG Index\u2122 is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry. For 89 consecutive quarters, it has detailed the latest industry data and trends for financial analysts, enterprise buyers, software and service providers, law firms, universities and the media.<\/p>\n

\nThe 4Q24 Global ISG Index results were presented during a webcast today. To view a replay of the webcast and download presentation slides, visit this webpage<\/a>.<\/p>\n

About ISG<\/b><\/p>\n

\nISG (Information Services Group) (Nasdaq: III<\/a>) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world\u2019s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries\u2014a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry\u2019s most comprehensive marketplace data. For more information, visit www.isg-one.com<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250116043493\/en\/<\/a><\/span><\/p>\n

Press Contacts:
\n<\/b><\/p>\n

Will Thoretz, ISG
\n
+1 203 517 3119
\n
will.thoretz@isg-one.com
\n<\/a><\/p>\n

Julianna Sheridan, Matter Communications for ISG
\n
+1 978-518-4520
\n
isg@matternow.com<\/a><\/p>\n

KEYWORDS:<\/b> Connecticut United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Software Networks Artificial Intelligence Data Management Technology Apps\/Applications Mobile\/Wireless Other Technology<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 Combined market ACV up 20% in Q4, driven by 33% growth in cloud services Managed services growth slows to less than 3% Combined market ACV hits record $104 billion for the full year ISG forecasts 18% growth for XaaS, 4.5% growth for managed services in 2025 STAMFORD, Conn.–(BUSINESS WIRE)– Global spending on IT and business services rose by double-digits in the fourth quarter, fueled by a sharp increase in cloud demand driven by AI, according to the latest state-of-the industry report from Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. Data from the ISG Index\u2122, which measures commercial … <\/p>\n

Continue reading “AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-801657","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ai-fueled-cloud-demand-powers-global-it-business-services-market-to-new-high-in-q4-isg-index\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 Combined market ACV up 20% in Q4, driven by 33% growth in cloud services Managed services growth slows to less than 3% Combined market ACV hits record $104 billion for the full year ISG forecasts 18% growth for XaaS, 4.5% growth for managed services in 2025 STAMFORD, Conn.–(BUSINESS WIRE)– Global spending on IT and business services rose by double-digits in the fourth quarter, fueled by a sharp increase in cloud demand driven by AI, according to the latest state-of-the industry report from Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ai-fueled-cloud-demand-powers-global-it-business-services-market-to-new-high-in-q4-isg-index\/","og_locale":"en_US","og_type":"article","og_title":"AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 - Market Newsdesk","og_description":"AI-Fueled Cloud Demand Powers Global IT, Business Services Market to New High in Q4: ISG Index\u2122 Combined market ACV up 20% in Q4, driven by 33% growth in cloud services Managed services growth slows to less than 3% Combined market ACV hits record $104 billion for the full year ISG forecasts 18% growth for XaaS, 4.5% growth for managed services in 2025 STAMFORD, Conn.–(BUSINESS WIRE)– Global spending on IT and business services rose by double-digits in the fourth quarter, fueled by a sharp increase in cloud demand driven by AI, according to the latest state-of-the industry report from Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. 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