Knowledge Process Outsourcing Market size was valued at USD 28.94 billion in 2016 and is anticipated to reach USD 124.29 billion by 2025. The huge availability of data is one of the key factors that have enabled the growth as it needs to be analyzed and processed. The KPO market also observed the transformation of the market into a consultative model. Though, rules set by several governments regarding compliance and legal clauses are one of the major challenges faced by the global KPO market.
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The key driving factors responsible for the growth of Knowledge
Process Outsourcing market :
With global perceptions on
outsourcing business activities, companies are looking for more specialist and
analytical expertise, hence KPOs are seen to be gradually fulfilling such
requirement of enterprises that are keen to outsource third party service
providers. With competitive market scenario and increasing globalization the
time for commercialization of services and products are thinning down. For
example, in BFSI capital markets, with the modification in demand for complex
global products, investment managers are needed for making faster strategic
decisions. This has driven the demand for middle office outsourcing as it has
improved from cost driven abilities to strategic platforms, thus letting
investment managers to perform business strategies easily.
With respect to end users, the
global market for KPO is segmented into Healthcare, BFSI, and Retail.
Healthcare sector is the fastest growing segments in the outsourcing for
knowledge intensive services. Bio-tech and pharmaceutical are the sub
industries of healthcare segment for drug discovery and clinical research.
Types of services carried out by KPO include consultancy, research and
development, legal and medical services, intellectual property research for patent
applications, market research, business research, and training.
Geographically the global market
for KPO is segmented into North America, Asia Pacific, Middle East and Asia,
Europe and Latin America. Emerging economies such as Latin America and Asia Pacific
have been able to appeal KPO service providers owing to the advantages such as
favorable business environment, availability of trained professionals combined
with high productivity, and low labor costs. These advantages are not
prevailing in developed countries, and as a result, many companies are setting
up businesses in developing markets.
The future forecasts for KPO in
India are immense as KPO is applicable to several industry sectors in which
India’s technically educated professionals and highly skilled workers have
developed particularized expertise. These sectors include engineering, law,
education, publishing, media, entertainment, industrial machinery, textiles,
automotive, aerospace, software, electronics, insurance, biotechnology, healthcare,
pharmaceuticals, and finance.
Although India has traditionally
been a KPO destination for Australian, British and North American companies, a
growing number of European companies are looking to Eastern Europe, especially
the Baltic countries, to satisfy their KPO needs. Several U.S. businesses have
already made successful ventures into the KPO field in India to leverage
India’s knowledge class including Caterpiller, General Motors, Ford, United
Airlines, Morgan Stanley, Reuters, Goldman Sachs, McKinsey, Citigroup, JP
Morgan, Motorola, Philips, Sun Microsystems, Texas Instruments, Cisco, Oracle,
Intel, Microsoft, HP, IBM, and GE. In the pharmaceutical industry, global
pharmaceutical firms such as Eli Lilly, GlaxoSmithKline, AstraZeneca, Novartis,
and Pfizer have moved part of their clinical drug testing to India to tap
India’s diverse and vast population of highly skilled and low wage demanding
labors. This can considerably accelerate the time to market for new drugs, and
offers potential cost savings of up to 50.0 % relative to the U.S.
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