Today, outsourcing is one of the best methods that a business can adopt to find the best talents and market trends and expand its market horizons. Given the cut-throat competition in the market, every company today has to work harder than usual to move ahead of its competitors. Every business today has to adopt and implement effective and efficient business strategies to stay at the top.
Outsourcing is a legal and quite common business practice that a company adopts by hiring a third party to perform specific tasks and handle business functions to meet the objective of the company. In short, it is a service rendered by the company by being a client to a third party that is an expert in this field.
The third party referred to here is an outside company which is also commonly known as the service provider, as it handles the operations of the company that has hired it on a contractual basis. These days Outsourcing is a fast-growing practice adopted, and so knowing about the best in this industry can be of great value for any business.
In this blog, we are going to rank the top 10 outsourcing companies in world 2022. This blog can act as a complete guide for you as all the specific service provided by each company has also been mentioned so that you can pick your favorite according to your requirements.
So, keep reading to find everything about the top 10 outsourcing companies in world 2022 and much more.
According to research, the Global outsourcing revenue is estimated at 92.5 billion dollars. This proves that the outsourcing industry is growing at a faster pace than ever expected. Not only is it growing at an alarming rate, but it is making a promise to future business enthusiasts as a great market to work in. Given that the statistics prove that outsourcing is a great industry, it is important to understand everything about it before ranking the top 10 outsourcing companies in world 2022.
Outsourcing is a business practice where a company hires a third party with expertise in performing various tasks the company wants. The third party is usually itself, a company which is known as the outsourcing company. The outsourcing company arranges its own employees, workers, and computer systems to perform the specific tasks or services either on the business side of its clients or at any external location.
Given that the burden of outgrowing the competitors has grown in these times, the companies now outsource a number of tasks or services. Some examples of what the companies outsource are:
The reason why companies outsource is often to reduce their costs, improve their efficiency and increase the goodwill of their brand in the market. The idea behind it is that because the third party that is hired to provide the services puts its focus on the particular task and business functions, the company is able to perform the major operations of its business. Also, since the third party has expertise in that particular field, the task is completed much after and is cheaper than if the company had to do it by itself.
Outsourcing started to evolve and dominate the market after the Industrial revolution took the world by storm. Companies during the industrial revolution began outsourcing because the rates of production increased rapidly, and most businesses needed help, which led many other businesses to ponder upon what else could be outsourced. By the year 1990, most organizations began to focus on cost-saving strategies. The main idea was to include the important functions which were necessary to run a company but were not related to the core business.
So, gradually the companies that needed certain services which came into the category of important but not crucial to the business started to contact emerging specialized companies. These specialized companies delivered outsourcing services like accounting, human resources, internal mail distribution, data processing, maintenance work, and security services.
Types Of Outsourcing- In today’s times, there are a plethora of outsourcing services that are available in the market. Companies offer a wide range of services to other businesses in order to increase their productivity and reduce business costs. Some major types of outsourcing are listed below:
The last type of outsourcing in the list given above is described as when companies all around the world offer certain specialized services to help other companies in different countries with their outsourcing services, depending on the location. Outsourcing has gained widespread popularity today, and in coming times the industry is sure to boom as companies these days are looking to reduce their business costs while they put their focus on improving overall business performance.
The top 10 outsourcing companies in world 2002, have been ranked according to client satisfaction and reviews of the services rendered by them after the contract:
Accenture is a renowned name in the Information Technology sector that works with people, clients, and communities all around the globe to make a difference in the world. It is a global professional services company that has leading digital and cloud technology and provides world-class security to its clients. It also caters to consulting, IT services, and business operation services and, as of now, has over a hundred fortune companies as its clients around the world. In fact, it is the largest professional services company in the world, and that is why it is ranked number one among the top 10 outsourcing companies in world 2022. Some of the services that it provides are Business strategy services, supply chain services, a healthcare management consulting, IT services, technology consulting, Blockchain solutions, and Digital marketing and analytics.
Cognizant, a US-based multinational company, helps its clients modernize their existing technology, reimagine their business processes, and transform their experiences so that they can stay ahead in the fast-paced market. These services rendered by it will rank it second among the top 10 outsourcing companies in world 2022. Cognizant is organized into many horizontal and vertical units; the vertical units focus on specific industries like Banking and Financial Services, insurance, Healthcare, Production of goods, and Retail. Whereas the horizontal units at Cognizant focus on specific technologies or process areas such as BPO, Testing, mobile computing, and Analytics.
The company caters to world-renowned clients like Wells Fargo and J P Morgan Chase. Some of the services that it can provide to its clients include Artificial Intelligence, Digital Strategy, Enterprise Services, Quality Assurance & Engineering, and Intelligent Process Automation.
IBM is an industry leader when it comes to client success and innovation that matters to the world and has been around for more than a century. To create intelligent and customized workflows for the companies, it provides BPO services. With the help of Artificial Intelligence, cloud computing, automation, and Information technology, IBM targets to reinvent the existing traditional business practices which no longer serve the purpose. And doing so helps elevate the level of the company in the business world. Some of the outsourcing services that t provides include procurement services, HR services, customer care, risk management, Automation, blockchain, finance transformation, and big data management.
Wipro is an Indian multinational corporation that provides consulting, information technology, and business process services. Hence it is ranked among the top 10 outsourcing companies in world 2022. It is a global multinational company that delivers innovation-led business strategies, technology, and consulting services to its clients all across the globe. It was also recognized as a Fortune Global 2000 company, and some of its famous clients include Walmart, Philips, etc. The major services provided by Wipro include Data analytics, Blockchain development, web security, Digital Workspace solutions, and cloud computing.
Genpact is well known American professional services firm with its headquarters located in New York. It is a global professional services firm that delivers outcomes that transform business and shape its future, and that is why it is among the top 10 outsourcing companies in world 2022. It is famous for its Artificial intelligence and Analytics services. Genpact offers a wide range of services to businesses with diverse needs like compliance and supply chain services, risk and compliance management, wealth management, enterprise performance management, procurement, and accounting services.
Infosys is not a new name when it comes to outsourcing services. It is an Indian multinational IT company that is famous for Information technology and business process management spaces. Infosys was founded in Pune, and its headquarters is located in Bangalore. It has many renowned global clients and helps them to be upscale their digital ability levels to enhance their performance. Some of the important outsourcing services that it provides include E2E outsourcing, IT consultation, HR services, Automation, Digital Interactive Services, Legal Outsourcing, Customer Service, Accounts, and Finance management services.
Concentrix is an American multinational company that provides business services and works to increase business performance and customer engagement. Concentrix, a subsidiary company of SYNNEX Corporation, went public as an independent company in December 2020. It is headquartered in Fremont, California, but it has many branches at different locations. This company is ranked among the top 10 outsourcing companies in world 2022 because it provides a plethora of services to businesses at one stop. Some of the services it provides to its clients are baking and financial services, insurance, healthcare, communication and media, technology, and consumer electronics, analytics, marketing solutions, customer engagement, automation, and designing.
Teleperformance is a French omnichannel company that provides customer care, customer acquisition, and social media services to its clients around the world. That is why it has got a place among the top 10 outsourcing companies in world 2022. Currently, it operates in 88 countries and serves nearly 170 marketplaces around the globe. Today, this outsourcing company connects some of the biggest brands in the world with their customers by facilitating customer care services, digital solutions, data analytics, customer acquisition, back-office, and other specialized services to make sure that the customer interactions are consistent.
Tata Consultancy Services is a world-renowned Indian multinational company and a massive global leader in Information Technology Services, consulting, and business solutions. Its innovation and delivery centres are stationed in many areas around the world, with the maximum number in India. Currently, it operates in 149 locations around 46 different countries in the world, and that is why it has been chosen among the top 10 outsourcing companies in world 2022. The company is known for providing technology to help clients create a powerful future for themselves. Some of the outsourcing services that TCS offers to other businesses are Automation, Artificial Intelligence, Enterprise application software, internet security, Blockchain, Quality Engineering, Interactive Services, and Cloud Infrastructure.
EXL service is a New York-based global analytics and digital solutions outsourcing company that works in healthcare, insurance, banking, financial services, media, retail, and other business areas. It is well known for providing outsourcing services to global corporations around the world. EXL service is ranked among the top 10 outsourcing companies in world 2022 as it provides a wide array of digital, consulting, and operations management services. Some of the services provided by it are Data Strategy, Marketing, Data governance, banking services, travel and logistics services, technical accounting, Compliance, and finance transformation services.
Here is the fool-proof list of some of the biggest outsourcing companies in the world:
According to an online survey, Google is the IT company which outsources the most. Google is an American multinational technology company that focuses on search engine technology, cloud computing, online advertising, e-commerce, computer software, consumer electronics, artificial intelligence, and quantum computing. It was founded on 4th September, 1998 in Menlo Park, California, USA.
Accenture is the largest BPO company in the world. It gives professional services to various businesses around the globe, and currently, it employs more than 500,000 people. It caters consulting, IT services, and business operation services and, as of now, has over a hundred fortune companies as its clients around the world.