Vantage Market Research
Mar 09, 2023
In terms of revenue, the Global Knowledge Process Outsourcing (KPO) Market is expected to reach USD 51.7 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 7.00% from 2023 to 2030.
Outsourcing important system processes can help businesses save time and money. The increasing demand for professional services, including training, research, managed services, and maintenance, is another element driving the industry's growth. In developing nations like China, India, and the Philippines, highly skilled professionals, such as lawyers, engineers, and architects, may provide professional services at a lower cost than their western counterparts. However, due to the wealth of information available, it may take time to extract helpful information from the available sources. In addition, the cycle time for developing new products and services has lowered due to enhanced global industrial competitiveness. Customers need high-quality services; therefore, businesses must have organizational frameworks and policies in place that not only increase productivity but also strategically advance their products and services. Key hardware management, product and service research, market and competitor research, boosting organizational performance in business administration, and coping with volatile business situations are all areas where KPO helps firms. The major objective of KPO is to provide better services and specialized solutions. There is a significant requirement for outsourcing component design due to technological advancements in the engineering area. This is expected to increase the market for knowledge process outsourcing as a result.
Key Highlights from the Report
· Based on Services, the Legal Service segment dominates the Knowledge Process Outsourcing (KPO) market with the maximum market share and will continue its dominance in the forecast period. This is due to various services, including legal analytics, contract management, and litigation management.
· Among Industries, the IT & Telecom segment accounted for the highest CAGR in the forecast period. This is due to the rising adoption of knowledge process outsourcing services within the IT and telecom sectors.
· In terms of region, North America holds the major market share within the Knowledge Process Outsourcing (KPO) market due to the rapid off-shoring of critical processes.
The cycle time for introducing new products and services has decreased due to the growing competitiveness in the global industry. Customers desire high-quality services; therefore, firms must adopt procedures and organizational structures that boost productivity and strategically boost their goods and services. KPO helps companies manage essential hardware effectively, perform market and competitor research, product and service research, increase organizational effectiveness in business administration, and deal with ever-changing business scenarios. The core proposition of KPO is to provide improved services and specialized solutions. KPO service providers are an affordable option for companies. Large and small companies of all sizes contribute to improving KPO services as third-party service providers. Utilizing third-party service providers has several benefits, including that operations may be ramped up as necessary. Conversely, clients receive more personalization and flexibility from third-party vendors.
Engineering design outsourcing (also known as Engineering Services Outsourcing or ESO), which is outsourcing engineering-related work to other organizations to take advantage of the cost advantage, is one segment that demonstrates proper growth. Nowadays, almost all businesses are driven by data, which helps them create new products and give customers better service. Therefore, each industry is seeing a rise in demand for knowledge process outsourcing due to the increasing importance of data in organizations.
On the other hand, the KPO sector is confronted with obstacles such as a lack of skilled labor and knowledge, worries about data security, inadequate infrastructure, and an increase in real estate expenses. These characteristics collectively provide significant obstacles to the industry's expansion and development.
Geographically, North America market is anticipated to witness significant market growth with the highest growth rate during the forecast period. This results from the quick offshoring of crucial procedures and expert services. The development of the market is being driven by the rising number of trained professionals, such as engineers, architects, and lawyers, in developing nations such as China, India, and the Philippines.
The Global Knowledge Process Outsourcing (KPO) Market is Segmented as follows
- Market Research & Data Analysis
- Legal Services
- Financial Process Outsourcing
- Publishing Outsourcing
- Engineering & Design
- Other Services
- IT & Telecom
- Energy & Power
- Other Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Knowledge Process Outsourcing (KPO) Market is
Accenture (Ireland), EXL Services (U.S.), Genpact (U.S.), McKinsey & Company (U.S.), Moody's Investors Service Inc. (U.S.), Mphasis (India), RR Donnelley & Sons Company (U.S.), Wipro Limited (India), HCL (India)
The Global Knowledge Process Outsourcing (KPO) Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|