In the later end of the 1980s, outsourcing was first revealed as the business strategy and then it became the major part of the business growth and development in the start of the 1990s. The outsourcing process means contracting out the process of the business to different 3rd party service providers for the purpose of avoiding high costs including taxes and labor costs. Through outsourcing of various business activities will make organizations able to enhance business activities and operational efficiency, thus minimizing operating costs of projects. Therefore, cost-cutting is the major aspect which is anticipated as the driving element behind organizational growth. Furthermore, outsourcing is considered as a solution by most of the company to fulfill their back-office needed because of benefits including workload management and increased productivity. In this post, we are going to review 10 Largest Outsourcing Companies In The World in the light of the post shared by Insider Monkey. According to their report:
“In 2019, India was the leading outsource country according to Tholons Top 50 Digital Nations and A. T. Kearney’s Global Services Location Index, with employees mostly specialized in IT and software development. On the other hand, North America accounted for the largest share of the global outsourcing market due to emerging IT and telecommunication companies in the US. Also in 2019, the global outsourcing sector was valued at $92.5 billion and it is projected to reach $405.6 billion by 2027.”
The conventional outsourcing sector was influenced greatly due to the Coronavirus outbreak and this influence is positive in nature. The workload of the outsourcing industry increased during this COVID-19 pandemic. Because of this pandemic, major cities of the world experienced lockdowns, and businesses were set up online which increased the demand for outsourced professionals. Let’s begin with the largest outsourcing companies and the first is Genpact. The headquarter of this company is in New York. This company is offering accounting and finance services, supply chain services, core business services, and IT-related services. The industries being served by this company include healthcare, life sciences, insurance, technology, services sector, manufacturing, retail, wealth management, and banking. There are 96,500 employees working in this company.
The next company on the list is Teleperformance which is offering services via back-office, customer experience, and digital transformation. Teleperformance is giving customer support, customer acquisition, technical support, content moderation, social media, debt collection, market research, HR services and some other solutions. The headquarters of the company is in Paris, France and 331,065 employees are working in this company. This is not the end, you can jump directly to 15 Biggest Outsourcing Companies in the World for reading about other picks.