Global combined market ACV was up 11% year over year. The first quarter of 2021 was the first time ever that the combined market exceeded $17 billion.
Managed services started to return to pre-pandemic norms in the first quarter. ACV was up 7% year over year – and topped $7 billion for the second consecutive quarter. More than 500 managed services contracts were awarded in 1Q21.
As-a-service ACV had its best quarter ever and was up 15% year over year.
ITO ACV was up slightly year over year and up 19% from 2Q20 lows. Applications had its best quarter ever. BPO was up 43 percent year over year with strong growth in industry-specific BPO and ER&D.
IaaS ACV surpassed $7 billion for the first time in 1Q21, but year over year growth decelerated. SaaS ACV grew by 7%.
In the Americas, 1Q21 combined market ACV was up 6% year over year. Managed services ACV was down 1% year over year. As-a-service ACV was up 11% year over year, making 1Q21 the first ever $5 billion as-a-service quarter in the Americas.
And in EMEA, combined market ACV of $6 billion was up 20% year over year. Managed services ACV was up 23% year over year on the back of a second straight $3 billion quarter. As-a-service ACV was up 16% year over year, a new high for the region.
Finally, in Asia Pacific, 1Q21 combined market ACV was up 11%, but managed services ACV was down 25% year over year, with contracting activity the lowest it’s been in five years. As-a-service ACV was up 22% year over year and was on par with the previous quarter.