Technology
IT Professional Services Market to Grow by USD 657.9 Billion (2025-2029), Boosted by Digital Transformation, Market Evolution Powered by AI – Technavio
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1 year agoon
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NEW YORK, Feb. 6, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global IT professional services market size is estimated to grow by USD 657.9 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 10.6% during the forecast period. Growing digital transformation is driving market growth, with a trend towards growing adoption of hybrid and multi-cloud environments. However, shortage of skilled workforce poses a challenge. Key market players include Accenture PLC, Amazon.com Inc., Atos SE, Capgemini Services SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., EdgeVerve Systems Ltd., Fujitsu Ltd., HCL Technologies Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd..
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IT Professional Services Market Scope
Report Coverage
Details
Base year
2024
Historic period
2019 – 2023
Forecast period
2025-2029
Growth momentum & CAGR
Accelerate at a CAGR of 10.6%
Market growth 2025-2029
USD 657.9 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
9.3
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
Key countries
US, Germany, Canada, China, UK, India, France, Japan, Italy, and Brazil
Key companies profiled
Accenture PLC, Amazon.com Inc., Atos SE, Capgemini Services SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., EdgeVerve Systems Ltd., Fujitsu Ltd., HCL Technologies Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd.
IT Professional Services market is experiencing significant trends with increasing customer demand for automation and operational efficiency. Professional service firms are adapting to business strategies such as remote working and expense management. Project management, automated billing, consultation, audit and accounting, implementation support, and financial risk protection are in high demand. Advanced tools and analytic capabilities are essential for providing accurate insights to ecommerce businesses and large enterprises. Resource allocation and talent acquisition are key areas of focus, with advanced technologies like AI, IoT, 5G, AR, and blockchain driving growth opportunities. Collaborations between IT services and business strategists are crucial for effective business plans. ITO services support business operations and business analytics, while project-oriented services address scalability, automatic updates, and complex systems. Security breaches and cyberattacks are major concerns, necessitating data security measures like NIST Cybersecurity Framework and cloud-based services. Resource management, revenue management, and network security are essential for organizations in various verticals, including healthcare, manufacturing, and telecommunication. SaaS and PaaS models offer feasible solutions for businesses, with data storing capacity and client demands driving variables for firms.
The IT professional services market is witnessing a notable trend towards hybrid and multi-cloud environments. This shift is primarily driven by the need for flexibility, scalability, and efficient resource allocation. Hybrid and multi-cloud solutions enable organizations to utilize a combination of private, public, and on-premises infrastructure. By adopting this approach, businesses can select the most suitable cloud platform for each workload or application, ensuring optimal performance and control over their data. The flexibility offered by hybrid and multi-cloud environments is a significant advantage, allowing organizations to reap the benefits of multiple cloud platforms while maintaining control over their IT environment.
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• IT professional services firms face several challenges in today’s business landscape. With increasing customer demand for automation and operational efficiency, firms must adapt to new technologies and business strategies. Remote working and expense management are becoming essential, requiring advanced tools for resource allocation and project management. Automated billing and consultation services are in high demand, along with audit and accounting capabilities. Financial risk protection and analytic capabilities are crucial for firms, especially in ecommerce businesses. Talent acquisition and resource management are key areas of focus, with advanced tools and training necessary for IT specialists. Cybersecurity is a major concern, with the need for data security and compliance with frameworks like NIST Cybersecurity Framework and edge cloud platforms. Project-oriented services, revenue management, and large enterprise collaboration are growth opportunities for IT professional services. Business processes, business intelligence, and business strategists are essential for economic expansion and digital transformation. Advanced technologies like AI, IoT, 5G, AR, and blockchain offer new possibilities for development and scalability. Resource wastage and complex systems require automatic updates and network security. Variables like cyber breaches, cyberattacks, and data security concerns necessitate security measures. System integration, training, consulting, managed services, deployment, and telecommunication are all important areas of expertise for IT professional services. Healthcare, manufacturing, SaaS, PaaS, and other verticals require specialized knowledge and expertise. In conclusion, IT professional services firms must navigate a complex landscape of technologies, business processes, and customer demands. Feasibility studies, collaboration, and a focus on advanced technologies and cybersecurity are key to success. Firms must adapt to new business models and technologies to remain competitive and meet the evolving needs of their clients.
• The IT professional services market faces a significant challenge due to a shortage of skilled workers. This issue impacts organizations across industries as new technologies emerge and existing ones evolve, increasing the demand for professionals with up-to-date skills. Educational institutions struggle to keep their curricula current with industry trends, resulting in a skills gap between graduates and employers. The IT industry’s dynamic nature necessitates continuous learning and upskilling to remain relevant. The shortage is particularly pronounced in areas such as cybersecurity, data analytics, artificial intelligence, cloud computing, and software development.
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This it professional services market report extensively covers market segmentation by
TypeProject-oriented ServicesInformation Technology OutsourcingIT Supporting And Training ServicesEnterprise Cloud Computing ServicesEnd-userLarge EnterprisesSmall And Medium EnterprisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
1.1 Project-oriented services- In the IT professional services market, project-oriented services refer to the delivery of IT projects on a defined scope, timeline, and set of deliverables. These services cater to unique business needs and may include maintenance, modernization, installation, and decommissioning. Organizations engage IT service providers for project-oriented services when they require specialized expertise, resources, and technical skills for specific IT initiatives. Project-oriented services offer benefits such as effective scope management, revenue management, improved quoting, efficient resource management, and successful project delivery. These advantages are driving the demand for project-oriented services in the IT professional services market, contributing to its growth during the forecast period.
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IT professional services have seen in demand due to the increasing importance of technology in business operations. Automation is a key trend driving this market, as organizations seek to improve operational efficiency and reduce expenses. Professional service firms are responding by offering a range of services, including ITO (Information Technology Outsourcing) and BPO (Business Process Outsourcing). Remote working and digital transformation have become essential business strategies in the wake of the pandemic. IT services are at the heart of these initiatives, providing tools and resources for professional services firms to manage projects, revenue, and resources effectively. Business analytics and technological developments are also critical, helping organizations make data-driven decisions and stay competitive. Client demand for customized solutions and talent recruiting are other significant challenges for the professional services sector. Effective project management, expense management, and revenue management are essential for delivering high-quality services and meeting customer expectations. Large enterprises are increasingly turning to IT professional services to optimize their business processes and drive growth.
The IT professional services market is experiencing significant growth due to increasing customer demand for automation and operational efficiency. Professional service firms are leveraging advanced tools and analytic capabilities to provide consultation, audit and accounting, implementation support, and financial risk protection services to businesses of all sizes. With the shift to remote working, firms are focusing on expense management, resource allocation, project management, automated billing, and revenue management. Ecommerce businesses, large enterprises, and organizations in various verticals are seeking IT professional services to support their digital transformation journeys. Advanced technologies like AI, IoT, 5G, AR, and blockchain are driving growth opportunities in the sector. Firms are collaborating to offer project-oriented services, system integration, training and education, managed services, and deployment. Business strategists are utilizing IT services to optimize business processes, improve business analytics, and develop business plans. Talent acquisition and resource management are critical areas of focus, with firms utilizing advanced tools for talent recruiting and resource sharing. Cybersecurity concerns, including cyber breaches and data security, are also top priorities, with cloud-based services and the NIST Cybersecurity Framework playing key roles in mitigating risks. IT infrastructure scalability, automatic updates, and data storing capacity are essential considerations for firms looking to provide IT outsourcing (ITO) services. Project-oriented services, telecommunication, healthcare, manufacturing, SaaS, PaaS, and LTE are some of the verticals where IT professional services are making a significant impact. Firms must assess feasibility, security breaches, and cyberattacks to ensure they are providing accurate insights and effective solutions to their clients.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeProject-oriented ServicesInformation Technology OutsourcingIT Supporting And Training ServicesEnterprise Cloud Computing ServicesEnd-userLarge EnterprisesSmall And Medium EnterprisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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RSPO Launches New Guidance to Leverage Sustainable Palm Oil Certification for IFRS® Sustainability Disclosure Standards
Published
30 minutes agoon
July 23, 2026By
KUALA LUMPUR, Malaysia, July 23, 2026 /PRNewswire/ — The Roundtable on Sustainable Palm Oil (RSPO) has released a guidance document, “Leveraging RSPO Principles and Criteria for IFRS® Sustainability Disclosure Standards”. This new resource supports certified sustainable palm oil producers to align their sustainability practices with the IFRS S1 and IFRS S2 disclosure standards that serve as the global framework for reporting sustainability-related financial information.
As more than 30 jurisdictions, representing around 60% of global GDP, move towards adoption of the IFRS Sustainability Disclosure Standards (IFRS SDS), companies are increasingly required to disclose how sustainability-related risks and opportunities affect their financial position and prospects.1
This resource provides a practical pathway for palm oil producers to respond to these requirements by leveraging their existing compliance with the RSPO Principles and Criteria (P&C), without duplicating efforts or creating parallel systems.
Informing investor-relevant disclosures: A four-step approach
Certification and the IFRS SDS serve different purposes. This guidance, developed with support from PwC Malaysia, provides a practical bridge between operational sustainability practices and financial disclosure expectations by helping members translate certification-related topics, metrics, and evidence to inform investor-relevant disclosures.
It sets out a four-step approach to IFRS SDS-aligned reporting, guiding RSPO Members on applicability, reporting boundaries, identification of sustainability-related risks and opportunities, and links to financial performance. It also includes seven practical examples, illustrating how the RSPO P&C requirements and implementation evidence can inform disclosures across key sustainability topics, from ethical conduct and legal compliance to environmental protection and worker health and safety.
Beyond growers, the guidance document also supports financial institutions by helping banks, insurers, and investors understand how palm oil sustainability issues, such as labour disputes and traceability gaps, can translate into financial risks, impacts, and opportunities, enabling clearer risk profiling and more informed financing decisions.
Joseph D’ Cruz, RSPO Chief Executive Officer, said: “As sustainability reporting becomes an integral pillar of financial performance, this guidance bridges certification and disclosure, providing RSPO members with a practical framework to demonstrate sustainability performance in ways that resonate with global capital markets. In line with the growing importance of sustainability disclosures in financing and investment decision-making processes, this guidance illustrates how RSPO Principles and Criteria practices can complement an organisation’s strategy and risk assessment processes.”
Andrew Chan, Partner, Sustainability Leader at PwC Malaysia, said: “This guidance responds to the broader shift towards measuring sustainability through a financial lens, with the adoption of the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2). For RSPO growers, this creates an opportunity to demonstrate how sustainability practices contribute to business resilience as well as value creation — building investor confidence for the long term.”
Importantly, the guidance also reflects RSPO’s longer term interest in progressively strengthening linkages with sustainability disclosure frameworks. As disclosure expectations continue to evolve, RSPO intends to further explore how certification-related data metrics and assurance processes can support broader and more integrated sustainability disclosures in the future.
The Guidance Document can be downloaded here.
For more information, visit www.rspo.org
About RSPO:
The Roundtable on Sustainable Palm Oil (RSPO) is a global partnership to make palm oil sustainable. Formed in 2004, the RSPO is a multi-stakeholder non-profit organisation that unites members from across the palm oil value chain, including oil palm producers, palm oil processors and traders, consumer goods manufacturers, retailers, banks and investors, environmental or nature conservation non-governmental organisations (NGOs), and social or developmental NGOs.
As a partnership for progress and positive impact, the RSPO facilitates global change to make the production and consumption of palm oil sustainable. To inspire change, we communicate the environmental and social benefits. To make progress, we catalyse collaboration. To provide assurance, we set the standards of certification.
The RSPO is registered as an international association in Zurich, Switzerland, with main offices in Malaysia and Indonesia, and offices in China, Colombia, Netherlands, United Kingdom and the United States.
About PwC:
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com
1
IFRS Foundation, ISSB Podcast February 2025
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SOURCE Roundtable On Sustainable Palm Oil
Technology
Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform
Published
30 minutes agoon
July 23, 2026By
WALTHAM, Mass., 23 July 2026 /PRNewswire/ — Nordic Capital today announced that it has entered into a definitive agreement to sell ArisGlobal, a leading provider of software to the life sciences industry, to Dassault Systèmes (Euronext Paris: FR0014003TT8) (Paris: DSY.PA). The transaction represents a full exit for Nordic Capital and marks the successful culmination of a partnership that has transformed ArisGlobal into a scaled, cloud-native and AI-enabled platform serving more than 200 life sciences companies, CROs and government health authorities worldwide.
Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal develops and delivers regulatory, safety, and quality software to a global client base that includes many of the world’s largest pharmaceutical and biotech organisations, as well as regulatory authorities. Its flagship LifeSphere® platform is a fully integrated, cloud-native suite that enables life sciences organisations to manage complex regulatory submissions, pharmacovigilance workflows and clinical data on a single platform, improving compliance, speed and operational efficiency. The platform also embeds advanced AI-enabled automation across core pharmacovigilance workflows, reducing manual processing and accelerating safety case management.
“Nordic Capital invested in ArisGlobal because the business had strong fundamentals, a loyal blue-chip client base and significant potential to modernise its technology and scale its commercial reach. Working closely with Aman and his team, Nordic Capital has supported the company’s transformation into a leading cloud-native platform for the life sciences industry with differentiated AI-enabled capabilities and a strengthened market position. Nordic Capital is proud of what has been achieved together with management and looks forward to seeing the company continue to grow under Dassault Systèmes ownership,” said Daniel Berglund, Partner and Head of Healthcare, Nordic Capital Advisors.
Nordic Capital first invested in ArisGlobal in 2019, partnering with the founding family and management team to pursue an ambitious development strategy. In 2021, Nordic Capital made a further investment in the company, reflecting its conviction in ArisGlobal’s growth potential and the progress achieved since the original partnership began. Throughout the ownership period, Nordic Capital worked closely with management to accelerate the SaaS transition, professionalise the go-to-market organisation, broaden the product offering and strengthen the leadership team.
The migration to a modern, cloud-native architecture created the foundation for ArisGlobal to become an early leader in the application of AI to drug safety. A key milestone was the development and launch of NavaX, ArisGlobal’s generative AI solution for safety case processing, which automates and accelerates core pharmacovigilance workflows and has been adopted by a number of the world’s leading pharmaceutical companies. NavaX has further differentiated ArisGlobal’s offering and marked an important step in the Company’s evolution into a broader, AI-enabled safety and regulatory software platform.
“The life sciences industry is at an inflection point as regulatory complexity is increasing, data volumes are growing and our clients need software that can keep pace. The partnership with Nordic Capital gave us the resources and the runway to build exactly that. NavaX and our expanded platform are the result of that ambition, and I am confident we are well placed for what comes next,” said Aman Wasan, CEO, ArisGlobal.
Alongside its technology transformation, ArisGlobal strengthened its management team and commercial organisation, while two strategic acquisitions broadened the Company’s platform capabilities. Today, ArisGlobal serves more than 200 enterprise customers, including half of the world’s top 50 biopharma companies, processes more than 12 million safety cases annually and is expected to generate approximately USD 175 million in revenue in 2026. As rising regulatory complexity and increasing volumes of adverse event reporting continue to drive demand for advanced life sciences software, ArisGlobal is well positioned for future growth through solutions that automate compliance workflows, reduce manual processing and enable organisations to manage regulatory risk more effectively.
The transaction brings together ArisGlobal’s leadership in AI-enabled safety and regulatory software with Dassault Systèmes’ capabilities across research, clinical development and manufacturing. Nordic Capital believes the combination represents a highly compelling strategic fit, pairing complementary capabilities to create a broader, end-to-end offering across the life sciences value chain. ArisGlobal will also benefit from Dassault Systèmes’ global scale, customer reach and investment capacity, providing a strong platform for its next phase of innovation and growth.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026.
Evercore and Jefferies LLC acted as financial advisors to ArisGlobal and Kirkland & Ellis acted as legal advisor to ArisGlobal.
Media contacts:
Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com
ArisGlobal
Morgan Scott
Vice President, Marketing & Communications and Chief of Staff
mscott@arisglobal.com
About ArisGlobal
ArisGlobal is a leading provider of software to the life sciences industry. Its LifeSphere® platform delivers integrated regulatory, safety, and quality solutions to more than 200 life sciences companies, CROs and government health authorities worldwide. Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal combines deep domain expertise with advanced technology to help clients improve compliance, accelerate development cycles and manage regulatory complexity at global scale. For more information, visit www.arisglobal.com.
About Nordic Capital
Nordic Capital is a leading international private equity investor and subsector specialist dedicated to building stronger, more resilient businesses through transformative, long-term growth in partnership with management teams. With over 35 years of experience, Nordic Capital currently manages approximately EUR 39 billion in assets, investing in middle-market companies across Northern Europe and North America. Rooted in its Nordic heritage and values, it combines global reach with local presence through dedicated sector investment advisory teams, bringing deep expertise across its core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Through active ownership, strong operational capabilities, a global network of experts and technology-enabled transformation, Nordic Capital helps companies scale, innovate and become sustainable leaders. For more information, visit www.nordiccapital.com or connect on LinkedIn.
“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.
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Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia
Published
30 minutes agoon
July 23, 2026By
Partnership combines Cognizant’s global AI engineering capabilities with Gulf Edge’s sovereign digital infrastructure to capture the region’s growing demand for secure, scalable AI solutions.
BANGKOK, July 23, 2026 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading AI builder and global technology services provider, and Gulf Edge Company Limited, the digital infrastructure arm of Thai energy and infrastructure conglomerate Gulf Development Public Company Limited (GULF) or Gulf Group, today announced a landmark strategic partnership. The alliance is designed to accelerate enterprise AI adoption and establish a resilient, AI-native digital economy in Thailand and the broader region.
As artificial intelligence (AI) rapidly reshapes industries, economies, and societies worldwide, the partnership aims to establish the foundational ecosystem needed to enable Thailand’s next phase of digital transformation. By combining trusted sovereign digital infrastructure with world-class AI engineering and enterprise transformation capabilities, Gulf Edge and Cognizant will help organizations deploy AI securely, responsibly, and at scale.
The collaboration brings together Gulf Edge’s leadership in digital infrastructure, energy, cloud, and strategic relationships across Thailand’s most important industries with Cognizant’s global expertise in AI, digital engineering, cloud modernization, data, and intelligent operations. Together, the two companies will deliver end-to-end AI capabilities spanning infrastructure, AI platforms, enterprise solutions, systems integration, and managed services.
The partnership will initially focus on accelerating AI adoption across key sectors including banking and financial services, energy and utilities, healthcare, telecommunications, manufacturing, and the public sector. Through industry-specific AI solutions, organizations will be able to improve operational efficiency, enhance customer experience, strengthen decision-making, automate complex business processes, and unlock new opportunities for innovation and growth.
Beyond enterprise transformation, Gulf Edge and Cognizant share a broader ambition of strengthening Thailand’s position as a regional AI hub. The partnership is expected to attract global technology expertise, stimulate investment in advanced digital capabilities, and create high-value employment opportunities across AI engineering, data science, cloud infrastructure, cybersecurity, and digital transformation. The two companies also plan to collaborate with universities, research institutions, technology partners, and public-sector organizations to develop AI talent, promote responsible AI adoption, and foster a sustainable innovation ecosystem for the country.
Mr. Sarath Ratanavadi, Chief Executive Officer, Gulf Development Public Company Limited, said, “Our partnership with Cognizant marks an important milestone in our vision of helping Thailand become an AI-native economy. By combining Gulf Edge’s strengths in digital infrastructure, energy, cloud, and deep understanding of the Thai market with Cognizant’s global expertise in enterprise AI, digital engineering, and transformation services, we are creating a comprehensive platform that enables organizations to adopt AI with confidence and generate measurable business outcomes. Together, we will develop secure, resilient, and future-ready sovereign digital infrastructure while delivering industry-specific AI solutions tailored to the needs of Thai enterprises and public institutions. We believe AI has the potential to transform every sector, creating new opportunities for productivity, innovation, and sustainable economic growth.”
Mr. Ganesh Ayyar, President of Asia Pacific & Japan (APJ), Cognizant, said, “As Thailand works toward its ambition of becoming an AI-native economy, we see this partnership as a meaningful way to help contribute to that vision, not just through the projects we deliver, but by building lasting AI and technology capability inside the country. With Gulf Edge’s market reach and Cognizant’s AI Builder strategy and global delivery capability, we are positioned to deliver transformative outcomes for Thai enterprises across every major sector.”
About Gulf Edge
Gulf Edge Company Limited is the digital infrastructure arm of Gulf Development Public Company Limited, Thailand’s leading energy and infrastructure conglomerate. Gulf Edge is building a robust digital ecosystem, spanning data centers, cloud services, satellite technology, and AI infrastructure, to accelerate Thailand’s digital transformation and position the country as a regional hub for the AI economy.
About Cognizant
Cognizant (NASDAQ: CTSH) is an AI Builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for clients. Its deep industry, process, and engineering expertise enables it to build an organization’s unique context into technology systems that amplify human potential, realize tangible returns, and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.
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SOURCE Gulf Development Public Company Limited (GULF)
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