EverestIMS Technologies Limited tables exceed India market total

EverestIMS Technologies Limited reports India’s IT Operations and Service Management, or ITOSM, market at US$1,011.55 million in 2023, but its 2023 deployment table totals US$1,523.07 million. The deployment sum is 4.47 times the stated market, while application and industry tables also exceed the headline figure.

Why do EverestIMS India market totals not reconcile?

EverestIMS India market totals do not reconcile because its five 2023 segmentation tables produce totals from US$180.33 million to US$1,523.07 million, compared with the stated US$1,011.55 million India ITOSM market. EverestIMS projects the headline market to reach US$1,665.58 million by 2031 and states a compound annual growth rate, or CAGR, of 12.9% between 2023 and 2031.

The prospectus presents each breakdown as “India: IT Operations and Service Management Market – Revenue and Forecast to 2031,” but the disclosed rows do not sum to the same value. A segmentation table can use a different total if its categories overlap or its coverage differs, but the provided tables do not state that software, services, applications, deployment modes, enterprise sizes or industries use different market definitions.

The discrepancy is material in both directions. The type table, which combines software and services, is US$10.25 million below the headline market in 2023. The enterprise-size table, combining large enterprises and small and medium enterprises, or SMEs, is US$131.22 million below it, while three other tables are above it.

Which EverestIMS table is furthest from the India ITOSM market total?

EverestIMS’s deployment table is furthest from the stated India ITOSM market total because cloud and on-premises rows add to US$1,523.07 million in 2023. That total is US$1,511.52 million above the US$1,011.55 million headline market estimate.

The deployment table assigns US$141.80 million to cloud and US$1,981.27 million to on-premises installations in 2023. On-premises therefore represents 88.0% of the deployment-table total, and that row alone is 3.93 times the stated India ITOSM market. The prospectus does not explain whether the on-premises measure includes spending outside the headline market definition.

The application table is the next largest variance, summing to US$1,581.79 million in 2023. Its “Others” row is US$1,877.75 million, equal to 80.3% of the application-table total and 2.84 times the stated India market. EverestIMS does not define the applications included in “Others,” so the table does not establish whether that category is mutually exclusive from the three named applications.

The industry table totals US$1,353.63 million in 2023. Banking, financial services and insurance, or BFSI, contributes US$1,543.52 million, or 65.6% of that industry total, and exceeds the stated US$1,011.55 million India market by US$131.97 million. This means the industry difference does not arise solely from adding multiple smaller sectors.

Do EverestIMS 2031 tables become more consistent?

EverestIMS’s industry table becomes closer to the 2031 headline forecast, but the other 2031 tables remain widely different. The six industry rows total US$1,635.08 million in 2031, which is US$10.50 million below the stated US$1,665.58 million India ITOSM forecast.

That closer 2031 industry comparison follows a substantial change in the BFSI row, which falls from US$1,543.52 million in 2023 to US$199.32 million in 2031. Over the same years, IT and telecom rises from US$100.02 million to US$151.83 million, while healthcare rises from US$152.42 million to US$168.72 million. The table does not provide a methodology note for the different direction of the BFSI series.

The remaining 2031 totals do not converge on the headline estimate. Application rows total US$1,836.08 million, or US$1,170.50 million above the forecast, and deployment rows total US$1,670.17 million, or US$1,004.59 million above it. Type and enterprise-size rows total US$1,015.06 million and US$1,750.32 million respectively, both below US$1,665.58 million.

Are EverestIMS CAGR labels consistent with the displayed rows?

Several EverestIMS CAGR labels cannot be reproduced from the 2023 and 2031 values printed in the same rows. CAGR is the annualised rate that converts an initial value to an ending value over a defined number of years, so a positive CAGR is incompatible with a lower ending value when the same measure is used at both endpoints.

The BFSI industry row is labelled with a 13.10% CAGR for 2023 to 2031, yet it declines from US$1,543.52 million to US$199.32 million. The large-enterprise row is labelled 13.60% while rising from US$175.87 million in 2023 to US$1,050.66 million in 2031. Operational and performance management is labelled 14.17% while increasing from US$178.88 million to US$1,663.18 million over the same period.

The rows also contain changes for which no explanation is supplied. Services increase from US$161.20 million in 2023 to US$1,212.50 million in 2024, then decline to US$194.43 million in 2026. Large enterprises rise from US$138.16 million in 2026 to US$1,015.27 million in 2027, while the displayed enterprise-size total remains below the stated market in both 2023 and 2031.

Conclusion

EverestIMS’s headline India ITOSM estimate of US$1,011.55 million for 2023 is not interchangeable with most of its segment tables. The deployment, application and industry totals exceed the headline figure by US$1,511.52 million, US$1,570.24 million and US$1,342.08 million respectively, while the type and enterprise-size totals are lower.

The unresolved matter to watch is whether EverestIMS or the cited market-data provider issues a reconciliation, corrected figures or scope definitions for each segmentation table. Such clarification would need to address why the industry table is within US$10.50 million of the US$1,665.58 million 2031 forecast while the application and deployment tables remain more than US$1,000 million above it.