Everest Group Unveils 9th Annual Business Process Services Top 50

ADP, Accenture, Teleperformance, Concentrix and Paychex take Top 5 spots among world’s largest third-party BPS providers.

DALLAS, JUNE 8, 2023 — Everest Group today released the ninth annual edition of “The Everest Group BPS Top 50™,” a ranking of the world’s largest third-party providers of business process services (BPS). The list was launched in 2015 as the first of its kind for the global industry, which is now valued at more than US$250 billion. The ranking is based on 2022 revenues and year-on-year growth.

Topping the 2023 list of leading BPS providers are these 10 service providers:

  1. ADP
  2. Accenture
  3. Teleperformance
  4. Concentrix
  5. Paychex
  6. Foundever
  7. Konecta
  8. Genpact
  9. TCS
  10. Conduent


The Everest Group BPS Top 50 report also includes:

  • The Top 10 BPS providers by revenue. (ADP, Accenture, Teleperformance, Concentrix and Paychex take the Top 5 on this list.)
  • The Top 10 BPS providers by growth rate. (Topping this list are Iron Mountain, Tech Mahindra, TaskUs, NTT Data and EXL, in that order.)

“Over the years the BPS industry has expanded in both breadth and depth of services, and today it generates more than $250 billion in revenue and touches every facet of the business services value chain,” said Rajesh Ranjan, partner at Everest Group. “Our BPS Top 50 report helps enterprises understand the scaled-up provider options while allowing BPS providers to compare themselves against others. As we look forward, we expect the list to become more dynamic against the backdrop of a recessionary environment and emergence of Generative AI as a potential value creation lever. Service providers’ ability to quickly figure out a way to ride this wave of disruption will define their future success.”

***Download a complimentary copy of the 2023 Everest Group BPS Top 50 list and analysis***

BPS (also referred to as business process outsourcing or BPO) started as a cost optimization concept focusing on “non-core” and “back-office” business processes. Today BPS permeates the entire business process value chain, addressing a wide variety of business objectives.

Everest Group estimates there are more than 250 service providers with more than US$50 million in revenues offering BPS around the globe. Some are pure-play BPS providers, while others offer business services as part of a broader portfolio (including IT services, consulting, technology products, etc.). Some are focused on a particular domain or geography, while others are broad-based. Some are listed, while others are privately held. To complement the BPS Top 50 report, we also offer Everest Group PEAK Matrix® reports which provide in-depth assessments of service providers’ performance across various BPS segments.”

Notable trends among 2022 BPS providers

  • After a banner year in 2021 with growth rates in the 12.5 to 13% range, 2022 saw a slight deceleration in the market, with growth rates in the range of 7.5 to 8.5%. This decline can attribute that to several factors, most notably major currency depreciations versus the U.S. dollar and the attenuation of one-time COVID-related government contracts.
  • As in 2021, IT-BPS providers with stronger reported stronger revenue growth than pure-play BPS providers. IT-BPS providers benefitted from large integrated deals.
  • The growth rates of broad-based providers in comparison to those of specialists we relatively comparable at 8.0% and 8.2%, respectively. Although specialists were buoyed by the growth of HR specialist providers due to the hot talent market, the specialist category also saw a decline among CXM providers due to the attenuation of one-time COVID-related contracts.

The Everest Group BPS Top 50 is based on both revenues and year-on-year growth. Revenues comprise 75% of the composite score used for ranking. Growth comprises 25% and has two sub-parameters: absolute growth (measured as change in BPS revenue in US$ million and accounting for 12.5% of the composite score) and percentage growth (measured as percentage change in BPS revenue and accounting for the final 12.5% of the composite score).

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 maximized 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.

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