Knowledge process outsourcing (KPO) refers to is the contracting out of central, data-associated business activities. This includes outsourcing work to people that usually have expertise and advanced degrees in a particular domain. The data-related work can be performed by employees in a different firm or by the same organization’s subsidiary. The subsidiary can be in the same region or in an offshore site to save expenses or other resources.
The growth of global knowledge process outsourcing (KPO) market can be contributed to the existence of huge pool of resources in budding nations leading to the expansion of knowledge process outsourcing companies. At present, firms choose to outsource work that entails critical processes and more time so that they can use their resources in other income-producing tasks that save their money and time boosting the market growth. Also, increasing openings in legal process outsourcing and growing uses in the healthcare, pharmaceutical, and IT & telecom segments will also fuel the market growth during the forecast period.
The global knowledge process outsourcing (KPO) market is bifurcated based on application, service, and region. Based on application, the market is divided into healthcare, BFSI, manufacturing, IT & telecom, retail, and pharmaceutical. The global market, on the basis of service, is segregated into analytics & market research, research & development outsourcing, financial process outsourcing, engineering & design, publishing outsourcing, legal process outsourcing, and others. Further, the analytics & market research segment of the market is sub-divided into operations & supply chain analytics, customer & marketing analytics, and competitive intelligence & industry analysis.
Regionally, the global knowledge process outsourcing (KPO) market is projected to be ruled by Asia Pacific region during the forecast period on account of the swift off-shoring of professional services and critical processes. Also, the rising manifestation of skilled experts like lawyers, architects, and engineers in budding nations, like China, Philippines, and India, is fueling the expansion of the market in Asia Pacific. Further, Latin America is projected to surface as the quickly budding region owing to the growing focus on research & development and building their analytical insights.
The prominent players within the global knowledge process outsourcing (KPO) market consist of RR Donnelley & Sons, Wipro, Mphasis, Genpact, Adventity, Cognizant, The smart cube, Syntel, Aranca, Mu Sigma, EXL Services, Accenture, Infosys, Inductis, Pangea3, McKinsey, Oracle, Pulsar knowledge center, TechBooks, SAP, Moody’s, Grail Research, WNS, TCS, Pipal Research, EXL Service, IP Pro, and RocSearch. Market players are mainly focusing on looking at opportunities so as to build newer approaches and methods for presenting their services to customers. To cite, in 2017, a Digital Hub was established by Accenture PLC (US) that was accountable for building and delivering solutions to the customers.
