The global services market saw transaction volumes decline in the third quarter of this year, extending a declining trend to six consecutive quarters, according toMarket Vista: Q3 2012, a quarterly market report by Everest Group, an advisory and research firm on global services.

Market Vista: Q3 2012, which analyzes global outsourcing and offshoring activity contracts irrespective of contract value, found third quarter transactions and annual contract volumes fell 8 and 35 percent compared to the second quarter, respectively. The market saw 380 outsourcing deals signed in the third quarter, compared to 472 and 441 during the first and second quarters, respectively. In the third quarter, reported annual contract value (ACV) reached about US$1.4 billion. Both transaction volume and ACV dropped for IT Outsourcing (ITO) and Business Process Outsourcing (BPO).

“In years past, the market saw pent up demand accumulate then propel positive third-quarter activity, but that didn’t happen this year,” said Eric Simonson, managing partner of Research.