Knowledge Process Outsourcing (KPO) Market 2019
KPO, precisely known as Knowledge process outsourcing, refers to the allotment of considerably high-level tasks to a different group within the same organisation or a completely external organization.
KPO tasks, in comparison, are generally integrated with a company’s core proficiency. The jobs comprise extra complex duties and may require a certification or an advanced degree. Knowledge process outsourcing needs advanced technology and analytical skills as well as a high grade of technical expertise.
The research report includes details about the latest trends in the market, market segmentation, market growth drivers, regional markets. Some of the key findings from the research report are mentioned below-
Knowledge process outsourcing facilitates the maximum use of resources at much lower prices. In addition to this, evolving opportunities in legal process outsourcing segment and increasing applications in healthcare, information technology & telecom, and pharmaceutical industries are supporting the market growth.
The existence of a pool of resources in developing countries is resulting in the growth of knowledge process outsourcing organizations. The telecom and information technology segment is expected to develop with a CAGR of about 20.8% over the forecast period. A growing amount of data in the telecom and IT industries is resulting in increased utilization of analytical tools and advanced research & development in the field to extract and maintain useful information thereby resulting in the growth of the market.
The top key players covered in this study
McKinsey and Company
Moody’s Investors Service
RR Donnelley & Sons Company
According to the report, the global knowledge process outsourcing market can be analyzed on the basis of the following segments-
Based on the type, the knowledge process outsourcing market can be segmented into-
Engineering & Design
Legal Process Outsourcing
Financial Process Outsourcing
Analytics & Market Research
Research & Development Outsourcing
The engineering and design market segment holds a substantial market share and is approximately valued at US$5.53 billion. Owing to recent technological advancement in the engineering field, there is an increased demand for outsourcing the designing part of the components.
The legal process outsourcing segment of the global KPO market is foreseen to register the fastest growth, developing at a CAGR of about 21.5% over the forecast period. Analytics and research segment led the overall market in the year 2016 and is expected to generate a revenue of about US$45.18 billion by the end of 2025.
Based on the crucial applications, the KPO market can be segmented into-
Manufacturing and Retail
IT & Telecom
The BFSI application segment was valued at about US$9.66 billion in the year 2016 and is expected to reach US$37.94 billion by the end of 2025.
Regions that contribute to the growth and development of the KPO market-
Central & South America
According to the research, organizations that engage in KPO offshore are generally doing so to reduce costs by hiring professional workers earning lower salaries in another location. KPO helps organizations to get professional workers at a lower cost.
The flexibility that comes with KPO enables an organization to increase or reduce staff effortlessly. For example, if economic conditions worsen, an organization can reduce its KPO staff to cut costs. Conversely, an organization can quickly hire specialized staff to boost productivity and revenue. KPO enables an organization to be more flexible and adaptive towards changes in its competitive landscape.
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