Market Overview - The combined global market surpassed $32 billion for the first time in 3Q25[10] - XaaS (Everything-as-a-Service) had its best quarter ever, growing 31% year-over-year in 3Q25[10] - Managed services declined 2% year-over-year in 3Q25, marking the first decline in six quarters[10] - The combined market ACV (Annual Contract Value) is up $14 billion year-to-date compared to 2024[10] - XaaS ACV growth is at 29% year-to-date, an increase from 11% growth in 2024[10] Managed Services Breakdown - ITO (IT Outsourcing) results show ACV up 5% year-over-year, with the number of awards up 4%[19] - Engineering ACV is up 59% year-over-year, with the number of awards up 46% year-over-year in 3Q25[26] - BPO (Business Process Outsourcing) results show ACV down 16% year-over-year in 3Q25 and down 22% year-to-date[28] Regional Performance (Managed Services) - Americas ACV is up 15% year-to-date, driven by gains in ITO, ER&D, and BFSI (Banking, Financial Services and Insurance)[80] - EMEA (Europe, Middle East and Africa) ACV is down 8% year-to-date, with mega deals down 33% and BFSI down 12%[47] - Asia Pacific ACV is down 26% year-to-date, with most geographic markets down except for India[47] As-a-Service (XaaS) - SaaS (Software-as-a-Service) ACV is up 18% year-over-year in 3Q25 and 16% year-to-date[55] - IaaS (Infrastructure-as-a-Service) ACV is up 35% year-over-year in 3Q25 and 33% year-to-date[61]