Leading global research firm releases its tenth annual edition of its BPS Top 50™ report.
DALLAS, July 16, 2024 /PRNewswire-PRWeb/ -- Everest Group today released the 2024 edition of its BPS Top 50™ report, detailing the 50 largest third-party providers of business process services (BPS) globally.
The industry has evolved significantly, both in breadth and depth of services, and is now valued at close to US$300 billion. What started as a cost-optimization concept, focusing on "non-core" and "back-office" business processes, today permeates the entire business process value chain. Everest Group estimates there are now more than 250 service providers with revenues of more than US$50 million around the world.
The BPS Top 50™ evaluation is based on 2023 revenues and year-on-year growth values for each business. As a secondary feature, the report also highlights the top 10 BPS service providers by revenue and growth rate.
Key Takeaways:
- The leading BPS providers for 2024, in order, are ADP, Accenture, Teleperformance, Concentrix, Paychex, Foundever, TCS, Genpact, Alight Solutions, and TELUS International
- The top 10 providers by revenue are ADP, Accenture, Teleperformance, Concentrix, Paychex, Foundever, Genpact, Conduent, TCS, and Alight Solutions
- The top 10 providers by growth rate are Sopra Steria, SD Worx, Concentrix, EXL, Sagility, WNS, Capgemini, ADP, TELUS International, and IBM
- The overall growth rates for the BPS Top 50 providers decelerated to between 4.5% to 5.5% versus 7.5% to 8.5% the prior year.
- Overall, the BPS Top 50 providers added US$5.6 billion in incremental revenue in 2023, versus US$9.4 billion in 2022.
- IT-BPS providers maintained their lead on revenue growth over pure-play BPS providers. This was driven primarily from large integrated deals
- On average, broad-based providers outperformed specialists by a margin of 2 percentage points
- Intense top-line pressure on CXM, due to large-scale offshoring of workloads and volume cuts in cyclically impacted sectors, was identified as the main factor impacting growth for specialist providers
- Additionally, the reduction in hiring and talent acquisition impacted the growth of HR specialists in 2023
***Download a complimentary copy of the 2024 Everest Group BPS Top 50™ report***
"In today's dynamic and uncertain business landscape, the Everest Group BPS Top 50 report guides enterprises in identifying leading BPS providers and helps providers benchmark against their peers. To succeed, BPS providers must rapidly deliver business value using technology (including AI), talent, data, and domain expertise. We anticipate increased M&As among these providers to enhance their capabilities," says Rajesh Ranjan, Managing Partner at Everest Group.
About Everest Group
Everest Group is a leading research firm helping business leaders make confident decisions. We guide clients through today's market challenges and strengthen their strategies by applying contextualized problem-solving to their unique situations. This drives maximum operational and financial performance and transformative experiences. Our deep expertise and tenacious research focused on technology, business processes, and engineering through the lenses of talent, sustainability, and sourcing delivers precise and action-oriented guidance. Find further details and in-depth content at http://www.everestgrp.com.
Everest Group Engage
Everest Group's inaugural global conference event, "Everest Group Engage," will be held September 30 – October 2 at the Renaissance Dallas Hotel. The theme of the conference is "The Pragmatic Edge: Designing Your Future." The agenda will help C-suite leaders and teams in global business services, sourcing and vendor management, and shared services operate at peak productivity and efficiency. For more information, visit https://events.everestgrp.com/engage2024
Media Contact
Lucy Birch, Everest Group, 2144513000, [email protected], www.everestgrp.com
Public Relations Everest Group, Everest Group, 2144513000, [email protected], www.everestgrp.com
SOURCE Everest Group
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