Available data continues to portray how the business process outsourcing (BPO) industry has been one of the more resilient sectors in a pandemic economy. For one, Dublin-based market research firm Fact.MR has forecasted the BPO industry to grow to USD $620 billion by 2032, with the compounded annual growth rate (CAGR) at 8.5%. To visualize the scale of this number, that would be larger than the current size of the Philippine economy.
Which BPO companies currently lead the pack? The following are some of the largest BPOs in the world by market capitalization as of 2022. As a disclaimer, this partial list only includes companies with publicly available data, and is based on market research readily accessible to the public. In addition, the associated market cap may represent the total value for the entire company, not only its BPO segment, as in the case of corporations with diversified ventures.
To recall, market capitalization refers to the total value of all the company’s shares of stock. You can figure out these figures by multiplying the number of outstanding shares to the market price per share. Statistics used in determining the market cap are updated as of May 2022. Since this is an incomplete list, the companies are not ranked.
Accenture (ACN)
Market cap: USD 199.4 billion
Revenue: USD 56.7 billion
Founded in 1989, Ireland-based Accenture is a multinational professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, they offer Strategy and Consulting, Interactive, Technology and Operations services. They claim to be currently serving in more than 200 locations across 50 nations.
Amazon (AMZN)
Market cap: USD 1.2 trillion
Revenue: USD 469.8 billion
Technological innovation drives the growth of Amazon, offering our customers more selection, convenient shopping, and low prices. Amazon Web Services provides developers and small to large businesses access to the horizontally scalable state of the art cloud infrastructure like S3, EC2, AMI, CloudFront and SimpleDB, that powers Amazon.com.
Automatic Data Processing (ADP)
Market cap: USD 95.6 billion
Revenue: USD 15.3 billion
Automatic Data Processing (ADP), as one of the world’s largest independent IT service companies, has worked with employers of every size in terms of payroll services and human capital management (HCM) solutions. Founded in 1949 as Automatic Payrolls, the US-based company has reported serving over 920,000 clients globally.
Capgemini (CAPMF)
Market cap: USD 34.6 billion
Revenue: USD 20.6 billion
Paris-based Capgemini SE offers a range of BPO Supply Chain Management services to help firms make significant improvements in their supply chain operations, taking account of today’s business environment.
Cognizant (CTSH)
Market cap: USD 41 billion
Revenue: USD 18.5 billion
An American multinational company founded in 1994, it has offices in 35 countries worldwide. They help clients modernize technology, reimagine processes, and transform experiences so they can stay ahead.
Concentrix (CNXC)
Market cap: USD 8.2 billion
Revenue: USD 5.8 billion
Concentrix, an American company subsidiary to Synnex until 2020, is a leading global provider of customer experience (CX) solutions and technology, improving business performance for some of the world’s best brands including over 100 Fortune Global 500 clients and over 125 new economy clients.
Conduent (CNDT)
Market cap: USD 1 billion
Revenue: USD 4.3 billion
As one of the original pioneers in business process outsourcing (BPO) and a leader today, Conduent has deep and diversified expertise across a range of industries and business process outsourcing solutions.
DXC Technology (DXC)
Market cap: USD 7.5 billion
Revenue: USD 16.6 billion
DXC Technology was formed in 2017 via the merging of the former Computer Sciences Corporation (CSC) with the Enterprise Services business of Hewlett-Packard Enterprises (HPE). While independent of HP since, DXC’s Enterprise Technology Stack services and offerings are well aligned with HPE solutions and services.
EXL Service (EXLS)
Market cap: USD 4.7 billion
Revenue: USD 1.1 billion
EXL Service’s expertise in transformation, data science, and change management helps make your business more efficient and effective, improve customer relationships and enhance revenue growth.
Genpact (G)
Market cap: USD 7.4 billion
Revenue: USD 4 billion
Genpact is a global professional services firm that makes business transformation real. Genpact began in 1997 as a business unit within General Electric. In January 2005, Genpact became an independent company to bring our process expertise and unique DNA in Lean management to clients beyond GE.
HCL Technologies (HCLTECH.NS)
Market cap: USD 38 billion
Revenue: USD 0.2 billion
HCL Business Services, a division of HCL Technologies Limited started its venture early in 2001 and is now a dominant player in the BPO field drawing revenue of USD 214 million with over 11,500 professionals operating out 21 delivery centers across India, United Kingdom, and the United States. HCL serves leading enterprises across key industries, including 250 of the Fortune 500 and 650 of the Global 2000.
International Business Machines (IBM)
Market cap: USD 122.3 billion
Revenue: USD 53.6 billion
International Business Machines (IBM) Corporation, which began as the Computer-Tabulating-Recording Company in 1911, is the largest technology and consulting employer in the world, serving clients in 170 countries. In this new era of Cognitive Business, they have been reshaping the future of health, education, fashion, travel, green energy, and more, using groundbreaking cognitive solutions, cloud computing technology, and quantum computing.
Infosys (INFY)
Market cap: USD 86 billion
Revenue: USD 16.3 billion
Infosys BPM Ltd., the business process management subsidiary of Infosys Ltd., was set up in April 2002. Infosys BPM focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process re-engineering.
JPMorgan Chase (JPM)
Market cap: USD 365.8 billion
Revenue: USD 120.3 billion
J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. With its history going back to the Bank of the Manhattan Company in 1799, J.P. Morgan is one of the oldest financial institutions in the United States.
Macquarie Group (MQG.AX)
Market cap: USD 55.6 billion
Revenue: USD 3.8 billion
The Australia-based Macquarie Group is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. The company operates primarily as a financial services provider for large corporations and institutional investors.
NTT DATA (9613.T)
Market cap: USD 26.1 billion
Revenue: USD 22.4 billion
NTT DATA, founded in 1988, is a subsidiary of the Japanese telecom company Nippon Telegraph and Telephone. NTT DATA has demonstrated success in providing innovative and value-added Business Process Outsourcing (BPO) services across customer service management. They deliver best-in-class customer care throughout the lifecycle.
Sykes Enterprises (SYKE)
Market cap: USD 2.2 billion (prior to Sitel acquisition)
Revenue: USD 1.8 billion (prior to Sitel acquisition)
SYKES is a leading provider of multichannel demand generation and customer engagement services for Global 2000 companies. They help brand partners optimize the lifetime value of customer relationships by building an intelligent customer experience that attracts, converts, engages and retains customers.
In 2021, Sitel Group completed the acquisition of Sykes in an all-cash transaction valued at approximately USD 2.2 billion. Sitel Group is a privately owned contact center company headquartered in Miami, Florida. It provides outsourced sales, technical support, customer service, and other business processes for large companies.
TaskUs (TASK)
Market cap: USD 2.6 billion
Revenue: USD 800 million
TaskUs is a provider of outsourced digital service and next-generation customer experience to innovative and disruptive technology companies, helping its clients represent, protect, and grow their brands. Leveraging a cloud-based infrastructure, it serves clients in the fastest-growing economic sectors, including social media, e-commerce, gaming, food delivery, and ride-sharing, among others.
Tata Consultancy Services (TCS.NS)
Market cap: USD 171.4 billion
Revenue: USD 25.7 billion
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. A part of the Tata group, India’s largest multinational business group, TCS has over 500,000 consultants in 46 countries.
Tech Mahindra (TECHM.NS)
Market cap: USD 16.1 billion
Revenue: USD 5.7 billion
Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the society to Rise. With more than 145,000 professionals across 90 countries helping 1191 global customers, including Fortune 500 companies, they are focused on leveraging next-generation technologies including 5G, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.
Teleperformance (TLPFF)
Market cap: USD 21.1 billion
Revenue: USD 8.1 billion
France-based Teleperformance SE Group connects the biggest and most respected brands on the planet with their customers by providing customer care, technical support, customer acquisition, digital solutions, analytics, back-office and other specialized services to ensure consistently positive customer interactions. With an extensive and proven track record in making each interaction matter across all industries and regions, Teleperformance can deliver more intelligent and integrated customer experiences balanced with human understanding and empathy.
Telstra (TLS.AX)
Market cap: USD 33.3 billion
Revenue: USD 15.2 billion
As Australia’s leading telecom and information services company, Telstra Corporation Limited is proud to be helping our customers improve the ways in which they live and work through connection. Tracing its origins to the Postmaster’s General Department (PMG) in 1901, PMG would eventually be split into the Australian Postal Commission and the Australian Telecommunications Commission, trading as Telecom.
Telus (TU)
Market cap: USD 34 billion
Revenue: USD 13.3 billion
Canadian IT company TELUS International designs builds and delivers high-tech, high-touch customer experiences powered by next-gen digital solutions. In 2005, TELUS invested in Ambergris Solutions, a boutique BPO in the Philippines, as a means to offer additional customer service and some operational redundancy for North America.
TTEC Holdings (TTEC)
Market cap: USD 3.3 billion
Revenue: USD 2.3 billion
Founded in 1982, the American customer experience (CX) company TTEC Holdings (formerly known as TeleTech) delivers leading CX technology and operational CX orchestration at scale through its proprietary cloud-based CXaaS (Customer Experience as a Service) platform. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey.
Wipro (Wipro)
Market cap: USD 35 billion
Revenue: USD 10 billion
Wipro BPO, the Business Process Outsourcing arm of Wipro Technologies, the Global Information Technology, Consulting, and Outsourcing Business of Wipro Limited, provides a broad spectrum of services across CRM, Back Office Transaction Processing, Industry specific Solutions and BPO Consulting.
WNS (WNS)
Market cap: USD 3.8 billion
Revenue: USD 1.1 billion
WNS (Holdings) Limited is a leading Business Process Management (BPM) company. They combine deep industry knowledge with technology and analytics expertise to co-create innovative, digital-led transformational solutions with clients across 10 industries.
Conclusion
As stated earlier, this list is by no means complete, but it is hoped that a concise examination of key firms helps better understand the magnitude and the complexity of the BPO industry. There are certain technologies which may affect the future of BPOs, or at least, the future of its human aspect. Robotic process automation (RPA) may affect a number of jobs, as machines and artificial intelligence (AI) have taken over tasks in other industries such as manufacturing.
Nonetheless, it has to be considered how certain tasks can still need the human touch over high tech. As with any innovation since time immemorial, the cost of automation would be one factor to bear in mind moving forward. Would it become more affordable than investments on managing turnover rates and training human consultants? All may remain speculation as of now, yet gearing up for the future of work is not an entirely farfetched idea either. Like any industry in our economic history, BPOs will sooner or later face the crossroads of development.
Further readings: Largest BPO Companies in the Philippines (by Employee Count)
Source: Yugatech
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