Phil Fersht, CEO of HFS Research, said, “This year, we have seen a decline in IT spending from 11% growth in 2022 to barely 3% this year, which is reflected in the lower revenue growth numbers from most of the IT service majors. In addition, all these firms overhired in 2021-2022 in anticipation of further growth this year, which has not materialized, and there is a big emphasis from most service providers to utilize their current workforces and make some minor adjustments to keep costs under control.”
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