Knowledge Process Outsourcing (KPO) Market Size to Reach $51.7 Billion at a CAGR of 7.3% by 2028
Knowledge Process Outsourcing (KPO) Market is projected to reach a value of USD 51.7 Billion by 2028 at a CAGR of 7.3% over the forecast period.
The Global Knowledge Process Outsourcing (KPO) Market was valued at USD 33.9 Billion in 2021 and is projected to reach a value of USD 51.7 Billion by 2028 at a CAGR of 7.3% over the forecast period.
The Knowledge Process Outsourcing (KPO) market refers to the outsourcing of knowledge-intensive processes and services to specialized service providers who have domain expertise in the relevant field. KPO services involve high-end analytical and research work that requires specialized skills, knowledge, and expertise.
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The KPO market has been growing rapidly in recent years, driven by the increasing demand for specialized services such as market research, business analytics, legal services, and engineering design. The market is expected to grow in the coming years, as businesses increasingly look to outsource complex and knowledge-intensive processes to third-party service providers.
The KPO market includes various services and processes, including market research, business analytics, financial analysis, legal services, engineering design, and research and development. The market is highly fragmented, with many small and medium-sized service providers operating in different regions and sectors.
Top Companies in Knowledge Process Outsourcing (KPO) Market
- Accenture (Ireland)
- Genpact (U.S.)
- EXL Services (U.S.)
- McKinsey & Company (U.S.)
- Mphasis (India)
- Moody's Investors Service Inc. (U.S.)
- RR Donnelley & Sons Company (U.S.)
- Wipro Limited (India)
- HCL (India)
Knowledge Process Outsourcing Market Dynamics:
Knowledge Process Outsourcing (KPO) Market is outsourcing core information-related business activities. KPO further involves contracting work to individuals that typically have advanced skills and educational backgrounds within a specialized area. The global Knowledge Process Outsourcing (KPO) Market is expected to rise during the forecast period due to the rising adoption of service level agreements (SLA) and easing change management practices. Additionally, these services are expected to be offered cost-effectively. IT firms have begun realizing the advantages of outsourcing, such as saving time and money. These factors will contribute to the global market demand.
Additionally, the rising demand for professional services, including training, services, managed services, and maintenance, will accelerate the growth of the global Knowledge Process Outsourcing (KPO) Market during the forecast period. Rising adoption of such outsourcing practices among emerging economies, including, China, India, and Japan will help with an increased market footprint. The rising number of engineering, medicine, and law professionals is expected to create incremental opportunities for the market to flourish. Integrating KPO services at a cost-effective measure will fuel the global Knowledge Process Outsourcing (KPO) Market during the forecast period.
Utilization of big data in many end-use verticals, such as BSFI and IT & telecom, has made it extremely difficult to extract useful information from the available source. In such cases, many companies outsource their data extraction tasks to KPOs. Since KPO firms hire numerous experts in various fields, they can apply a wide range of tools to analyze different requirements, which can help simplify decision-making. However, rising regulations in various regions about unemployment and a severe lack of talent are expected to hamper the growth of the global Knowledge Process Outsourcing (KPO) Market during the forecast period. Also, the skilled workforce is being paid a median salary, which leads to KPO firms facing higher attrition rates. This will further cause hindrances to market growth.
Overview of Knowledge Process Outsourcing (KPO)
Knowledge Process Outsourcing (KPO) is a form of outsourcing where organizations outsource their complex and knowledge-intensive processes to external service providers with specialized expertise in the relevant field. KPO involves outsourcing high-value processes such as research and development, legal services, financial analysis, business analytics, and market research, among others.
KPO services require specialized knowledge, expertise, and analytical skills, and are typically more complex than traditional Business Process Outsourcing (BPO) services. KPO providers employ highly skilled professionals with advanced degrees and specialized knowledge in their respective domains.
Organizations across various industries increasingly adopt KPO to reduce costs, improve efficiency, and access specialized expertise. KPO service providers leverage digital technologies such as artificial intelligence, machine learning, and data analytics to provide customized solutions to their clients.
Some key benefits of KPO include cost savings, improved quality, access to specialized expertise, increased flexibility, and the ability to focus on core business functions. KPO also allows organizations to access a global talent pool, as service providers can be located in different parts of the world.
The KPO market is expected to grow significantly in the coming years, driven by the increasing demand for specialized services and the availability of cost-effective outsourcing solutions. However, the market also faces some challenges, such as data security and privacy concerns, regulatory compliance, and the need for effective communication and collaboration between service providers and clients.
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Knowledge Process Outsourcing Market Challenges
Data Security and Privacy Concerns: KPO providers often deal with sensitive and confidential data of their clients. Therefore, ensuring data security and privacy is a significant challenge for service providers. Data breaches and cyber-attacks can lead to significant financial losses and damage to the service provider's reputation.
Regulatory Compliance: KPO providers need to comply with various regulations and standards such as GDPR, HIPAA, and PCI DSS, depending on the industry they serve. Compliance with these regulations can be complex and costly, and non-compliance can result in severe penalties and legal action.
Talent Retention: KPO providers employ highly skilled professionals who have specialized expertise in their respective domains. Retaining such talent is challenging, as these professionals are in high demand and can be lured away by competitors or better-paying jobs.
Communication and Collaboration: Effective communication and collaboration between service providers and clients are critical for the success of KPO projects. The lack of effective communication and collaboration can lead to misunderstandings, delays, and errors, impacting the service quality.
Technological Advancements: KPO providers must keep up with technological advancements and invest in new technologies to remain competitive. However, the rapid pace of technological advancements can make it challenging for service providers to stay updated and make the right investments.
- April 2022: HealthPartners chose ExlService Holdings, Inc. as their official care management platform. HealthPartners can link their population with the health data that can lead to more targeted actions in a higher member-involved manner.
- July 2021: Accenture announced that they acquired HRC Retail to increase their retail strategy capabilities. Accenture states that HRC Retail has a long history of assisting large retailers across North America in improving profitability and working capital while satisfying the expanding customer, employee, and investor expectations.
- May 2022:Wipro Limited and Informatica announced they could sell cloud-based data analytics with Wipro's full stride cloud data platform. With the aid of Informatica's complete AI-based powdered data management solution and Wipro's well-known analytics, data, and artificial intelligence (AI) capabilities.
- October 2020:Contour, a worldwide leader in the decentralized platform, announced that they collaborated with Mphasis. This cooperation was aimed at fastening the widespread adoption of the Contour network. Through this partnership, Mphasis can implement Contour's network among various industry verticals, such as banks, corporations, and ecosystem partners.
Knowledge Process Outsourcing Market Regional Analysis
The Knowledge Process Outsourcing (KPO) Market in the North America is expected to account for the largest market share during the forecast period. The rising number of KPO firms and consultancies in the region and the rising presence of skilled professionals, including engineers, architects, and lawyers among emerging economies such as India, China, and the Philippines, will boost sales. China, the world's second-largest economy, will contribute the largest share of growth to the North America market. Integration of service level agreements (SLAs) and ease of change management practices within the region will further increase the footprint of the Knowledge Process Outsourcing (KPO) Market during the forecast period.
Latin America is expected to grow with the fastest-growing CAGR during the forecast period. Factors such as the rising number of enterprises in the region are growing incrementally. Additionally, regional players are focused on increasing their research and development departments and developing their analytical insights, which will propel the market growth during the forecast period.
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