WASHINGTON, March 09, 2023 (GLOBE NEWSWIRE) -- The Global Knowledge Process Outsourcing (KPO) Market is 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 (Compound Annual Growth Rate) of 7.3% over the forecast period 2022-2028.
Market Overview
One of the main causes that have enabled the rise is the enormous amount of available data, which needs to be processed and analyzed. The KPO market also noticed how the business evolved into a consultative model. One of the biggest issues the worldwide KPO market faces is compliance with the laws and regulations issued by various governments.
We forecast that the legal services category in Knowledge Process Outsourcing (KPO) market sales will account for more than 27% of total sales by 2028. The legal process outsourcing service category is expected to develop the fastest in the knowledge process outsourcing market due to the efficiency of the given services and the cost savings.
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Market Dynamics
KPO Adoption in the Retail Sector is Increasing, Driving the Market
In the modern world, almost every firm is driven by data or information, allowing them to create new products and serve customers more successfully. The retail sector increasingly needs knowledge process outsourcing as data value within businesses rises. KPO service providers offer KPO services to retail businesses to aid them in finding answers to their complex problems. Retail firms can benefit from KPO service providers' extensive analytics solutions, including consumer behavior and buying preferences studies.
Fill Knowledge & Skill Gaps in the Industry to Promote Market Expansion
Companies commonly employ KPO service providers to create an organizational knowledge map to bridge known and undisclosed gaps in their team's knowledge and skills. There are times when using a third-party service is essential. In this scenario, the companies might hire a supplier to improve a certain internal procedure or to compensate for a talent gap in the workforce. In other instances, though, the corporation might work with a specialized outsider since they must be made aware of what must be addressed within the organization.
Top Players in the Global Knowledge Process Outsourcing (KPO) Market
- Accenture (Ireland)
- EXL Services (United States)
- Genpact (India)
- McKinsey & Company (United States)
- Moody's Investors Service Inc. (United States)
- Mphasis (India)
- RR Donnelley & Sons Company (United States)
- Wipro Limited (India)
- HCL (India)
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Top Trends in the Global Knowledge Process Outsourcing (KPO) Market
- One trend that Vantage Market Research (VMR) expects to see in the Knowledge Process Outsourcing (KPO) industry is the surging demand for KPO services. KPO service providers provide organizations a cost-effective substitute. Businesses of all kinds, large and small, participate in the development of KPO services as third-party service providers. Utilizing third-party service providers has the benefit of allowing operations to be scaled up as needed.
- Another trend that VMR predicts will continue in the Knowledge Process Outsourcing (KPO) industry is increased technological developments. There is a significant requirement for outsourcing component design due to technological advancements in engineering. This should, in turn, stimulate the market for knowledge process outsourcing.
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Top Report Findings
- Based on Services, most of the Knowledge Process Outsourcing (KPO) market's revenue is controlled by the legal services category because the services are more effective and less expensive. Contract management, litigation management, and legal analytics are typical legal tasks outsourced.
- Based on Industries, the IT and telecom category controls most of the Knowledge Process Outsourcing (KPO) market's revenue. Since KPO applies to many industries where technically trained professionals and highly talented individuals have established specialized expertise, the prospects for KPO in the IT and telecom sectors are enormous.
Recent Developments in the Global Knowledge Process Outsourcing (KPO) Market
- 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.
IT & Telecom Category in Knowledge Process Outsourcing (KPO) Market to Generate Over 23% Revenue
Vantage Market Research has analyzed the Knowledge Process Outsourcing (KPO) market to understand its current state and potential future growth factors. For better understanding, based on the industry, the Knowledge Process Outsourcing (KPO) market is divided into BFSI, IT & Telecom, Manufacturing, Retail, Healthcare, Energy & Power, and Other Industries.
During the forecast period, the Knowledge Process Outsourcing (KPO) market is anticipated to experience the highest CAGR for the IT & telecom category. The market growth is anticipated to be fueled by the vast, fragmented IT and Telecom databases.
On the other hand, the BFSI category is anticipated to grow significantly over the forecast period. Sensitive data about consumers and financial databases from multiple banks are included in the BFSI category. Companies outsource tasks like financial analytics, equities research, and data administration, among others, to keep information effective.
Asia Pacific Region in Knowledge Process Outsourcing (KPO) Market to Generate Most of the Global Revenue
The Asia Pacific dominates the market for Knowledge Process Outsourcing (KPO) throughout the projection period due to benefits including a good business climate, the availability of skilled individuals who are also highly productive, and low labor expenses. Due to the need for these advantages in industrialized nations, many companies are opening operations in emerging markets.
Browse Market Data Tables and Figures spread through 141 Pages and in-depth TOC on Knowledge Process Outsourcing (KPO) Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 33.9 Billion |
| Revenue Forecast by 2028 | USD 51.7 Billion |
| CAGR | 7.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Accenture, EXL Services, Genpact, McKinsey & Company, Moody's Investors Service Inc., Mphasis, RR Donnelley & Sons Company, Wipro Limited, HCL |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Global Knowledge Process Outsourcing (KPO) Market Segmentation
By Services
- Market Research & Data Analysis
- Legal Services
- Financial Process Outsourcing
- Publishing Outsourcing
- Engineering & Design
- Other Services
By Industries
- BFSI
- IT & Telecom
- Manufacturing
- Retail
- Healthcare
- Energy & Power
- Other Industries
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Questions Answered in the Report:
- What is the current size and growth rate of the KPO market?
- What are the main drivers and challenges affecting the KPO market?
- Which industries or sectors are the largest consumers of KPO services?
- What are the different types of KPO services available, and what are their respective market shares?
- Who are the major players in the KPO market, and what are their market shares?
- What are the emerging trends in the KPO market, and how are they expected to impact the market in the future?
- What are the regulatory and legal frameworks governing the KPO market in different regions?
- What are the key factors that companies should consider when outsourcing knowledge processes?
- What are the key risks and challenges associated with outsourcing knowledge processes, and how can they be mitigated?
- What are the potential cost savings and benefits that companies can achieve through KPO, and how can they be measured?
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