The report stated that “The business process services (BPS) market grew from $166.0 billion in 2019 to $167.4 billion in 2020, at an annual growth rate (AGR) of 0.9% in U.S. dollars (1.1% in constant currency).” While, Mphasis witnessed an annual growth rate of 57% with $305 million as revenue in 2020 and a market share of 0.2% amongst the “25 Fastest-Growing BPS Providers’ Annual Growth Rate, 2020”, as per this research.

 

 “We are delighted to be listed as the fastest growing BPS provider in 25 Fastest-Growing BPS Provider’s Annual Grows Rate, 2020 by Gartner. As a leading integrated IT & Operations solutions provider, we aim to continue this momentum of delivering sustained operational excellence to help our clients streamline their framework and operations. We believe this recognition is a testimony to our commitment towards differentiated strategy and approach to deliver a portfolio of next-generation offerings and services that blend our deep domain operational expertise with cutting-edge technology - NextOps. The Mphasis Way of engagement has empowered us build and scale at an accelerated pace,” said Ravi Vasantraj, SVP and Global Head Business Process Services, Mphasis.

 

Gartner analysts also noted that “the success of a BPS provider going forward will depend on how it invests and develops capabilities today for tomorrow’s business needs and opportunities. These capabilities include the redesign of traditional BPS solutions and the inclusion of new digital services and WFH models, coupled with advanced analytics, artificial intelligence (AI) and intelligent automation services delivered via the cloud. This means BPS providers need to move from being an integrator of technology and services to becoming an orchestrator of services. They must balance a portfolio of service offerings through an ecosystem of technology partners — or at the very least, become an important part of the ecosystem.” 

 

The market share research was carried out by combining analysis of published financial results with Gartner’s estimates of each vendor’s business capabilities.