In this article, we are going to list the15 biggest outsourcing companies in the world. Click to skip ahead and jump to the5 Biggest Outsourcing Companies In The World.

Outsourcing was first discovered as a business strategy in the late 1980s and became a key component of business development in the 1990s. Outsourcing means contracting out business processes to third-party service providers usually to avoid certain costs such as labor and taxes. Outsourcing of business activities enables companies to improve operational efficiency and enhance their business activities, thereby reducing operating costs. Thus, the cost-cutting is a key factor that is anticipated to drive the growth of the company. Also, several companies consider outsourcing as a solution to meet their back-office requirements due to benefits such as increased productivity and workload management.

The largest players in the business process outsourcing (BPO) service help fill gaps in different industries such as retail and e-commerce, healthcare, pharmaceuticals, business services, telecom, utility, and energy, banking, and asset management companies. The continuous growth in the outsourcing sector resulted in the emergence of subspecialties including IT-enabled services, knowledge process outsourcing, legal or professional outsourcing, research process, and travel. The IT outsourcing sector is responsible for the biggest market share of 44.6% in 2018, growing at a 9.4% compound annual growth rate (CAGR) during the forecast period 2019 to 2024. Read on the 15 largest IT service companies in the world in our separate article for the best companies to invest in.

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.Iakov Filimonov/Shutterstock.com

During the campaign period, now President Joe Biden released his administration's plans to solidify the outsourcing policies in the US. This includes "Biden Offshoring Tax Penalty" which states that:

Biden will establish a 28% corporate tax rate, plus a 10% Offshoring Penalty surtax, on profits of any production by a United States company overseas for sales back to the United States. Companies will pay a 30.8% tax rate on any such profits.

Biden’s offshoring penalty surtax will also apply to call centers or services by an American company located overseas but serving the United States, where jobs could have been located in the United States.

Moreover, Biden promises to close the Trump Offshoring Loopholes by:

End the Trump Loophole of allowing U.S companies to pay ZERO taxes on the first 10% of their profits when they locate manufacturing and service jobs in foreign nations.

Require a true minimum tax on ALL foreign earnings of United States companies located overseas so that we do our part to put an end to the global race to the bottom that rewards global tax-havens. This will be 21% -- TWICE the rate of the Trump offshoring tax rate and will apply to all income.

End the Use of Tax Haven Strategies to Allow US Companies to Offshoring Jobs and Avoid US Taxes: Biden will close this loophole by ensuring that the minimum tax applies to earnings in each foreign country separately to prevent this form of tax avoidance by US multinational companies.

While the traditional outsourcing industry was greatly impacted by COVID-19, the pandemic had delivered surprisingly positive results (pun intended, in a good way)! During the pandemic, the outsourcing industry got busier. While lockdowns shut down cities around the world, the business had to go on, and outsourced professionals were more on-demand than ever before. For example, when the Philippines entered a very long and strict lockdown in mid-March, BPO employees kept their jobs and were able to continue working remotely. Outsourcing and remote employment are perfect for building safer workplaces, and many companies are now considering outsourcing to make their offices mostly remote.

To give you the most accurate ranking, we reviewed each company's financial statement including revenue, market cap, assets, and the number of employees. In this article, you will see the largest outsourcing companies ranked by their revenue from lowest to highest. And with that, let's look at the biggest outsourcing companies in the world starting at number 15:15. Genpact (NYSE:G)

Revenue: $2.64 billion

Market cap: $7.75 billion

Assets: $4.804 billion

Total number of employees: 96,500

Headquarters: New York, NY

Genpact is a global outsourcing company providing finance and accounting services, core business services, purchasing and supply chain services, and IT services. The company serves the banking, wealth management, insurance, consumer goods, retail, life sciences, healthcare and technology, manufacturing, and service industries.14. Teleperformance

Revenue: $6 billion

Market cap: $13.2 billion

Assets: $7.7 billion

Total number of employees: 331,065

Headquarters: Paris, France

Teleperformance ranks 14th in our list of the biggest outsourcing companies in the world. Teleperformance offers services through customer experience, back-office, and digital transformation. The company provides customer acquisition, customer support, technical support, debt collection, social media, content moderation, HR services, market research, and other solutions.S_L/Shutterstock.com13. Wipro Limited (NYSE:WIT)

Revenue: $8.6 billion

Market cap: $14.4 billion

Assets: $10.8 billion

Total number of employees: 175,690

Headquarters: Bengaluru, India

Wipro Limited, also known as Western India Products Limited, is an Indian IT outsourcing company founded by Mohamed Hashem Premji in 1945. It primarily offers, retail, transport, manufacturing, healthcare, energy and utilities, technology, telecommunications, and media services. The company also provides enterprise applications, infrastructure management, testing, product engineering, engineering, and product support services.Alliance/Shutterstock.com12. HCL Technologies

Revenue: $9.7 billion

Market cap: $19.6 billion

Assets: $10.6 billion

Total number of employees: 137,000

Headquarters: Noida, India

HCL Technologies uses high-tech innovations from the Internet of Things services, cloud automation, cybersecurity, infrastructure management, to engineering services to solve business problems for clients. The company is primarily engaged in the development of a range of software services, outsourcing of business processes, and infrastructure services.Production Perig/Shutterstock.com11. CGI (NYSE:GIB)

Revenue: $9.8 billion

Market cap: $5.78 billion

Assets: $7.6 billion

Total number of employees: 77,500

Headquarters: Montreal, Canada

CGI ranks 11th in our list of the biggest outsourcing companies in the world. CGI is a global IT consulting firm focused primarily on providing business solutions to various industries such as financial services, healthcare and government, telecommunications and utilities, manufacturing, and retail and distribution. Its clients include 45 of the top 50 banks in the Americas and Europe, 7 of the top 10 global telecommunications carriers, and major global aerospace, metals and mining, chemicals, and oil and gas companies.Copyright: fotomaximum / 123RF Stock Photo10. Telus Corporation (NYSE:TU)

Revenue: $11 billion

Market cap: $20.7 billion

Assets: $29.3 billion

Total number of employees: 65,600

Headquarters: Vancouver, Canada

Telus is a Canadian outsourcing company specializing in telecommunications services and products primarily for wireless and wireless voice and data services. It is involved in the provision of communications products and services, including data, Internet protocol, voice, entertainment, and video. In addition to outsourcing, Telus offers hosting, managed IT and cloud-based services, certain healthcare solutions as well as voice and other telecommunications services and equipment sales.9. Infosys (NYSE:INFY)

Revenue: $12.8 billion

Market cap: $40.6 billion

Assets: $12.3 billion

Total number of employees: 204,107

Headquarters: Bangalore, India

INFY ranks 9th in our list of the biggest outsourcing companies in the world. Based in Bangalore, the Infosys services firm leverages its offshore outsourcing model to generate 60% of its revenue from North America. The company offers traditional IT services including consulting, managed services and cloud infrastructure services, and outsourcing of business processes as a service.8. NTT Data

Revenue: $15 billion

Market cap: $20.27 billion

Total number of employees: 123,884

Headquarters: Tokyo, Japan

One of the biggest outsourcing companies in the world is Tokyo-based NTT DATA specializing in business consulting, design, implementation, and support for operation and maintenance. NTT DATA provides a wide range of IT services and solutions, including consulting, system integration, and IT outsourcing, to major financial, public administration, and business sectors.Wright Studio/Shutterstock.com7. Capgemini

Revenue: $15.8 billion

Market cap: $15.9 billion

Assets: $20.4 billion

Total number of employees: 219,314

Headquarters: Paris, France

With over 200,000 employees spread across 44 countries, Capgemini is one of the world's leading providers of technology, consulting, and outsourcing services. Capgemini's primary business revolved around its software and services tailored to help clients identify issues and provide end-to-end solutions to them.S_L/Shutterstock.com6. Cognizant (NASDAQ:CTSH)

Revenue: $16.8 billion

Market cap: $42.79 billion

Assets: $16.2 billion

Total number of employees: 292,500

Headquarters: Teaneck, NJ

Cognizant is an international, US-based company known for its innovative consulting and IT solutions. The company also provides digital engineering and security services. The company has accommodated well-known global organizations such as Wells Fargo and JPMorgan Chase. Cognizant is also well known for its IoT, AI, and cloud solutions.

Click to continue reading and see the 5 biggest outsourcing companies in the world.

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Disclosure: None.15 biggest outsourcing companies in the worldis originally published at Insider Monkey.