The global technology landscape is evolving with the advent of new technology themes, evolution of software development practices, and the increasing focus on consumer-centric solutions. In this era of “software-defined”, software is gaining precedence for both technology vendors and enterprises to create a differentiated value proposition in the market. At the same time, factors such as increasing architectural complexity, the need to develop more intuitive software and user interfaces, and in some cases, dearth of suitable in-house talent, pose challenges for them in maintaining and expanding their software portfolio. This is compelling software vendors and enterprises to collaborate with service providers who can not only help them traverse these challenges in software development but also accelerate the time-to-market and lower costs. Service providers, particularly IT-heritage service providers, also view this space as a high-growth adjacency as the growth in traditional IT engagements slows down. In this research, we present fact-based trends impacting the software product engineering services market, along with the assessment and detailed profiles of 18 software product engineering service providers featured on the software product engineering services PEAK Matrix.     Scope of this report Services:Software product engineering services Geography:Global Service providers:18 leading software product engineering service providers Contents The research comprises three broad chapters: Software product engineering services market trends: Analysis of key trends driving the change in software product engineering along with their implications on enterprises and service providers Key enterprise imperatives for engaging with service providers and growth projections for software product engineering global sourcing PEAK Matrix for software product engineering services:Analysis of market impact and capabilities of 18 software product engineering service providers based on the Everest Group PEAK Matrix, which is a composite index of a range of distinct metrics related to a service provider’s vision & capability and market impact Software product engineering service provider profiles:Detailed profiles of 18 service providers that give a comprehensive picture of profile gives a comprehensive picture of their software product engineering services vision, scale and scope of operations, key solutions, and partnerships   Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report. Membership(s) Engineering Services

Software is playing an increasingly important role in helping enterprises bring innovation across products and services. It is enabling enterprises deliver a superior user experience as well as introduce new and intelligent products to the market. As enterprises embrace this software-led innovation, they are also looking to drive modularity, scalability, and mass customization in their software products in order to meet the evolving end-user expectations. Leveraging emerging themes such as Artificial Intelligence / Machine Learning (AI/ML) and Augmented Reality / Virtual Reality (AR/VR) to create differentiated offerings as well as accelerating the time-to-market for new products and product features are also among their key priorities. These dynamics have necessitated the adoption of new software architectures and software product engineering best practices by enterprises. Service providers are playing a crucial role in helping enterprises adapt to the changing software product engineering landscape. Their active investments across talent capabilities, global delivery, and proprietary assets/frameworks are enabling them to effectively partner enterprises on their software product engineering initiatives. In this research, we present fact-based trends impacting the software product engineering services market, along with the assessment and detailed profiles of 25 service providers featured on the software product engineering services PEAK Matrix™. Scope of this report Services: software product engineering services Geography: global Service providers: 25 leading software product engineering service providers Contents The research comprises three broad chapters: Software product engineering services market trends: Market size and projected growth Market breakdown by verticals, geographies, value chain elements, and prominent pricing models Analysis of key trends driving the growth Emerging themes PEAK Matrix for software product engineering services: Analysis of market impact and capabilities of 25 service providers based on the Everest Group PEAK Matrix™, which is a composite index of a range of distinct metrics related to a service provider’s vision & capability and market impact Key characteristics of the three service provider categories – Leaders, Major Contenders, and Aspirants Software product engineering service provider profiles: Detailed profiles of 25 service providers that give a comprehensive picture of their software product engineering services vision, scale & scope of operations, key solutions, and partnerships Membership(s) Engineering Services

Software-driven innovation has helped unlock new frontiers for products, platforms, and processes across multiple domains. However, it has also created multiple challenges for enterprises in the form of: Developing robust and secure products that are resilient against vulnerabilities and uncertainties such as the COVID-19 pandemic Ensuring speed-to-market and differentiation, with user-experience-centered software products Keeping pace with ever-evolving software products and changing customer expectations and demand Leveraging data to generate new revenue streams and drive efficiency in software product engineering To help enterprises deal with these challenges and develop products that are focused on experience enhancement, engineering service providers are playing an elevated role of strategic partners. This research, the third edition of Everest Group’s Software Product Engineering PEAK Matrix® Assessment, evaluates 31 engineering service providers, features them on the PEAK Matrix®, and shares insights on enterprise sourcing considerations. The study is based on RFI responses from service providers, interactions with their software product engineering leadership, client reference checks, and an ongoing analysis of the engineering services market. Scope The report studies the following engineering service providers associated with software product engineering services: Accenture, Aspire Systems, Brillio, Capgemini, Cognizant, Cybage, Daffodil Software, Dextra Technologies, eInfochips, EPAM, GlobalLogic, Globant, Happiest Minds, HARMAN Connected Services, HCL Technologies, Incedo, Infogain, Infosys, Innominds, Intellias, Itransition, Mindtree, Mphasis, Persistent Systems, Sonata Software, TCS, Tech Mahindra, TO THE NEW, UST, Virtusa, and Wipro. Geography: global Contents In this report, we focus on: Everest Group’s services PEAK Matrix® evaluation of engineering service providers associated with software product engineering services Categorization and characteristics of Leaders, Major Contenders, and Aspirants The key strengths and limitations of each of the 31 software product engineering services providers featured in the assessment A summary dashboard assessing market impact, and vision and capability of each service provider Membership(s) Engineering Services Sourcing and Vendor Management

Software, the largest spending segment in product engineering, continues to grow in relevance as platform-based business models take center stage for enterprises in both product- and services-centric verticals. This shift toward platforms is leading to the emergence of new dynamics, including: increased intimacy between business and technology/engineering functions lower tolerance for technical debt; the need to manage/retire platform-related legacy systems rapidly and effectively is more pronounced the build and maintain mindset is giving way to a focus on ongoing platform evolution While the new dynamics have exponentially increased the demand for engineering talent, the geopolitical situation in Eastern Europe is worsening the already supply-constrained talent market. Engineering service providers are playing a vital role in this situation and helping their clients with scaled, persistent, and diversified engineering teams. This research, the fourth edition of Everest Group’s Software Product Engineering PEAK Matrix® assessment, evaluates 33 engineering service providers on the PEAK Matrix® framework for their overall and vertical-specific software product engineering capabilities and market impact, and shares insights on enterprise sourcing considerations. Scope Services: software product engineering services Geography: global The study is based on RFI responses from service providers, interactions with their software product engineering services leadership, client reference checks, and an ongoing analysis of the engineering services market. Contents In this report, we share: Everest Group’s services PEAK Matrix® evaluation of engineering service providers associated with software product engineering services Categorization and characteristics of Leaders, Major Contenders, and Aspirants Evaluation of service providers across five verticals – Banking, Financial Services and Insurance (BFSI); healthcare; Independent Software Vendors (ISVs); media and entertainment; and retail A summary dashboard assessing market impact and vision & capability of each service provider The key strengths and limitations of each of the 33 software product engineering service providers featured in the assessment Membership(s) Engineering Services Sourcing and Vendor Management

In the product engineering space, software remains the largest area of expenditure, maintaining its upward trajectory despite a slower pace. This deceleration is primarily due to recessionary headwinds, geopolitical conflicts, talent shortages, and delayed decision-making within enterprises. Amid this macroeconomic turbulence, several themes continue to drive software R&D forward. These include transitioning to platform-based business models, increasing the adoption of AI- and gen AI-augmented secure products, prioritizing sustainability, and enhancing customer and developer experiences. The shift toward these transformative themes, coupled with the current economic climate, is significantly altering enterprises’ expectations from their providers. Rather than solely seeking providers focused on offering engineering talent, enterprises now aspire to engage with strategic partners capable of delivering savings, speed, and innovation simultaneously. This report, the fifth edition of Everest Group’s Software Product Engineering Services PEAK Matrix® Assessment, evaluates 43 engineering service providers, positioning them on the PEAK Matrix® framework and offering insights into enterprise sourcing considerations. Scope Industry: software product engineering Geography: global The study is based on RFI responses from providers, interactions with their software product engineering services leadership, client reference checks, and an ongoing analysis of the software product engineering services market Contents In this report, we examine: Everest Group’s services PEAK Matrix® evaluation of engineering service providers associated with software product engineering services The characteristics of Leaders, Major Contenders, and Aspirants Providers’ market impact and vision and capabilities Providers’ key strengths and limitations Membership(s) Software Product Engineering Services Outsourcing Excellence

As the immersive experience landscape evolves from its initial stages to a fully realized state, it promises to transform both consumer and enterprise digital experiences. Despite its early development, enterprises are increasingly recognizing its value and are poised to increase investments in this field. This market is driven by the surging consumer demand for immersive and captivating experiences, presenting numerous opportunities for enterprises across various sectors. The potential applications of immersive technology span diverse areas such as immersive marketing, enhanced customer experiences, improved employee training, and the facilitation of live virtual events and digital asset trading. Advances in Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies are propelling this growth, offering users and enterprises immersive content experiences. The integration of immersive technologies across sectors such as Banking, Financial Services, and Insurance, manufacturing, retail, education, gaming, healthcare, hi-tech, and entertainment is reshaping consumer behaviors and creating new opportunities for engaging experiences. The expanding market is further fueled by rising investment in immersive technology and Web 3.0, indicating a promising future for immersive experience services across industries. In this report, we assess 16 immersive experience service providers featured on the Enterprise Immersive Experience Services PEAK Matrix® Assessment 2024 and categorize them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. Scope All industries and geographies The study is based on Everest Group’s annual RFI process for the calendar year 2024, interactions with leading technology providers, client reference checks, and an ongoing analysis of the immersive experience services market Contents In this report, we: Evaluate 16 leading immersive experience service providers on Everest Group’s PEAK Matrix® evaluation framework Share the characteristics of Leaders, Major Contenders, and Aspirants in the market Assess providers’ key strengths and limitations Membership(s) Digital Services Engineering Research and Development Software Product Engineering Services Marketing and Interactive Experience Sourcing and Vendor Management

In the product engineering domain, software remains the largest expenditure, continuing its upward momentum in the face of recessionary pressures, geopolitical conflicts, talent shortages, and delayed enterprise decision-making. Despite these macroeconomic challenges, several key factors are driving software R&D’s evolution. These include a shift toward platform-based business models, AI- / gen AI-augmented secure products’ increased adoption, a strong focus on sustainability, and a heightened emphasis on customer and developer experiences. As enterprises navigate these transformative trends amid economic uncertainty, their expectations from providers are evolving. They now seek strategic partners that can offer not just engineering talent, but also cost savings, speed, and innovation. This report, the fifth edition of Everest Group’s Software Product Engineering Services PEAK Matrix® Assessment, evaluates 37 engineering service providers, positioning them on the PEAK Matrix&® framework and offering enterprise sourcing considerations. Scope Industry: Software Product Engineering Services (SPES) Geography: global The study is based on RFI responses from providers, interactions with their SPES leadership, client reference checks, and an ongoing analysis of the SPES market Contents In this report, we examine: Everest Group’s PEAK Matrix® evaluation of SPES providers The characteristics of Leaders, Major Contenders, and Aspirants Providers’ key strengths and limitations, market impact, and vision and capabilities Membership(s) Software Product Engineering Services Sourcing and Vendor Management

Mid-market software product engineering enterprises are experiencing strong momentum, driven by their growing ambition to innovate faster and scale smarter. The increasing reliance on technology outsourcing has accelerated their ability to move beyond minimum viable products and achieve full-scale software rollouts. Although resource and technology constraints often lead to delays and cost overruns, the advent of AI has enabled these enterprises to significantly reduce costs. AI-assisted development, along with the rise of low-code and no-code platforms, is already delivering measurable efficiency gains in code generation, testing, and deployment, allowing mid-market firms to compete with larger enterprises on both speed and innovation. The variation in demand and the type of engagement sought by mid-market enterprises differ from those of large enterprises, significantly reshaping their expectations from providers. This evolution has shifted expectations away from purely talent-providing providers toward strategic partners capable of simultaneously delivering cost savings, speed, and innovation. Everest Group’s 2025 PEAK Matrix® Assessment evaluates 26 leading software product engineering providers serving the mid-market. The assessment positions these providers within the PEAK Matrix® framework and offers insights into enterprise sourcing considerations.