Information Services Group, Inc. - III STOCK NEWS

Information Services Group (III) will release its first-quarter financial results on May 9, 2022, at 4:30 p.m. ET. A conference call for investors will follow on May 10, 2022, at 9 a.m. ET, with U.S. participants dialing 1-800-304-0389 and international participants calling +1 313-209-5140. The security code for access is 6633167. A recording will be available on the ISG website for about four weeks post-call.

Symphony SummitAI has been recognized as a Rising Star in ISG's Provider Lens™ 2022 report for Enterprise Service Management (ESM) Software Providers. This accolade reflects their promising portfolio and effective management strategies tailored to market trends and client needs. The firm is noted for its innovative AI-driven service management tools that streamline operations across various functions. ISG evaluates software vendors based on a comprehensive research methodology, highlighting Symphony SummitAI's potential to lead in the IT service management space.

ISG Reports Strong Q1 Growth: Information Services Group (Nasdaq: III) reveals that demand for IT and business services in the Americas surged, reaching a record $12.4 billion in annualized contract value (ACV) during Q1, a 38% year-over-year increase. Cloud-based services, particularly Infrastructure-as-a-Service (IaaS), drove growth with a 63% rise to $5.5 billion. Managed services saw a 22% growth, while IT outsourcing declined by 4%. The firm forecasts a 22% growth in the global cloud XaaS market for 2022.

Information Services Group (III) has released the 2022 ISG Provider Lens™ report on mainframe services and solutions in Canada, highlighting an accelerated trend towards cloud migration initiated during the COVID-19 crisis. Enterprises are modernizing mainframe applications to enhance data accessibility, agility, and operational automation. The report notes challenges in this transition, emphasizing the long-term benefits of modernization for cost and performance. Key leaders identified include Capgemini and Infosys, among others, showcasing a competitive landscape for modernization services.

The 2022 ISG Provider Lens™ report indicates slow adoption of cloud migration tools for legacy mainframe applications among U.S. enterprises. Despite advancements enabling quick transitions, typically taking 18 months to five years, many organizations remain unaware or lack qualified personnel. The report anticipates significant growth in migration projects over the next three years, driven by investments from major cloud providers. It also highlights the need for businesses to consult experts for modernization strategies and outlines the capabilities of 45 service providers in the mainframe sector.

Information Services Group reported a record EMEA Q1 combined ACV of $7.5 billion, a 21% year-over-year increase. Cloud services demand surged 44%, reaching $3.9 billion, now comprising 51% of the market. Managed services ACV rose 3%, totaling $3.7 billion, but IT outsourcing fell 11%. With 256 contracts awarded, new-scope deals hit $2.3 billion, marking a six-quarter trend. The UK market saw significant growth, while forecasts for cloud XaaS are optimistic at 22% growth for 2022.

ISG Provider Lens™ report indicates that Australian enterprises are increasingly seeking support for procurement transformation amid challenges caused by the COVID-19 pandemic. Many firms face heightened risks due to poor procurement capabilities. The report suggests a shift toward BPO services as organizations aim to optimize operations. Notably, Accenture, IBM, and Infosys are recognized as Leaders in this space. The demand for sustainable procurement is also rising, although Australia lags behind the U.S. and Europe in this regard.

Information Services Group reports a record global combined ACV of $24.2 billion, up 31% year-over-year. The XaaS market reached $15.6 billion, marking a 43% increase, while managed services grew 13% to $8.6 billion. ISG forecasts 22% growth for XaaS and 5.1% for managed services in 2022. The report highlights rising enterprise costs and IT talent shortages affecting pricing and project execution. Notably, IaaS spending surged 51%, but Chinese hyperscalers saw a 15% sequential decline.

Enterprises in Singapore and Malaysia are set to transform their procurement operations as highlighted in the 2022 ISG Provider Lens™ report. Following pressures from the pandemic, companies are increasingly seeking outsourcing and transformation services to enhance efficiency and sustainability. The report notes that outdated procurement systems hindered performance before the pandemic and now compel enterprises to shift towards digitization and centralized solutions. Notably, Accenture, GEP, IBM, and Infosys are recognized as leaders in this domain.