Global knowledge process outsourcing market was valued at USD 28.94 million in 2016. This number is forecast to increase over the forecast period. The knowledge process outsourcing (KPO), industry is expected to grow due to the increasing demand for greater flexibility in Service Level Agreements, as well as ease in changing management practices and cost cutting.
Industries can save significant time and money by outsourcing critical functions within their systems. In order to accelerate industry growth, there is a growing demand for professional services like training, research, managed service, maintenance, and management. There are many highly skilled professionals in emerging countries like China, India, and the Philippines such as lawyers, architects, engineers, and other professionals who can provide professional services at a lower cost than their western counterparts.
It is difficult to find useful information in the sea of data available around the world due to the sheer volume of data. KPO companies are able to help businesses by hiring knowledge specialists in different fields who use different tools to analyze business processes and simplify decision making.
The market growth will be impeded by increasing regulations regarding unemployment in certain regions. This is due to a lack of talent. The market growth is also being hampered by the fact that skilled workers are expected to be paid average salaries and perform tasks at low costs. KPO firms face high attrition, which poses a problem.
Due to its efficiency and lower cost, legal process outsourcing is expected to be the fastest-growing service segment in the knowledge outsourcing market. This segment is projected to grow at 21.5% between 2017 and 2025. Outsourcing legal functions includes contract management, legal analytics, and litigation management.
The largest market share in KPO is held by analytics and market research services. This is due to increased demand for analytical tools and business intelligence that can reduce employee burden. In 2016, the market for analytics and market research was worth USD 10.54 billion.
Other services such as engineering & design and financial process will also grow faster over the forecast period. New tools have been developed to offer clients knowledge-based services due to technological advancements.
It is becoming more popular to use knowledge process outsourcing services within the IT and telecom sector. This segment is expected to grow at a rate of 20.8% in the next eight years. The market will grow faster due to the fragmentation of the IT and Telecom sectors.
Due to the large number of applications, the BFSI segment dominates the market. BFSI includes sensitive information about customers and financial data of many banks. Companies outsource financial analytics, equity research and data management to ensure that information is kept up-to-date. CRISIL Ltd. and Credit Suisse Group AG. are just a few of the companies that offer financial services to other businesses.
In 2016, the Asia Pacific region was worth USD 22.23 billion. It was the largest market, with the highest number of KPO companies and consultancies in the area. This is due to the rapid outsourcing of crucial processes and professional services. This is due to the increasing number of highly skilled professionals, such as engineers, architects, and lawyers, in emerging economies like India, China, Philippines, and other Asian countries.
Latin America is predicted to be the fastest-growing region, with a projected CAGR of 20.0% in the next eight years. The region's businesses are focusing more on R&D and developing analytical insights. This will drive market growth in the forecast period.
Among others, prominent players in the market are Accenture, EXL Services, Genpact, McKinsey and Company, Moody's Investors Service, Inc., Moody's Investors Service, Inc., Mphasis, RR Donnelley & Sons Company, Wipro Limited, and HCL.
In order to offer their clients new ways and better services, industry players are primarily focused on finding opportunities. Companies have established different teams to conduct market research and implement tools while offering services to clients. McKinsey created a brand called Digital McKinsey in 2016, which included data engineers, developers and designers as well as advanced analysts. Accenture PLC (U.S.A.) created a Digital Hub to provide solutions and development for clients in 2017.
This report provides a forecast of revenue growth at the global, regional, or country level and analyzes the industry trends in each sub-segment from 2014 to 2025. Up Market Research has divided the global knowledge process outsourcing market (KPO), based on services, applications and regions.
Service Outlook (Revenue USD Million; 2014-2025)
Analytics & Market Research
Analytics for Customer and Marketing
Operations and Supply Chain Analytics
Competitive Intelligence & Industry Analysis
Engineering & Design
Outsourcing financial processes
Outsourcing legal process
Publishing Outsourcing
Outsourcing Research & Development
Other
App Outlook (Revenue USD Million; 2014-2025)
BFSI
Healthcare
IT & Telecom
Manufacturing
Pharmaceutical
Retail
Other
Regional Outlook (Revenue USD Million; 2014-2025)
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
Philippines
India
Latin America
Brazil
Up Market Research published a new report titled “Knowledge Process Outsourcing Market research report which is segmented by Application (BFSI, Manufacturing, Pharmaceutical, IT & Telecom, Retail, Healthcare), By Players/Companies among others, HCL, McKinsey and Company, EXL Services, Accenture, RR Donnelley & Sons Company, Inc, Moody’s Investors Service, Wipro Limited, Mphasis, Genpact”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Knowledge Process Outsourcing Market Research Report |
By Application | BFSI, Manufacturing, Pharmaceutical, IT & Telecom, Retail, Healthcare |
By Companies | among others, HCL, McKinsey and Company, EXL Services, Accenture, RR Donnelley & Sons Company, Inc, Moody’s Investors Service, Wipro Limited, Mphasis, Genpact |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 233 |
Number of Tables & Figures | 164 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (BFSI, Manufacturing, Pharmaceutical, IT & Telecom, Retail, Healthcare).
Knowledge Process Outsourcing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Knowledge Process Outsourcing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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