Knowledge Process Outsourcing Market Higher Growth Rate & Forecast 2024-2033

The global Knowledge Process Outsourcing market was valued at USD 97.4 Billion in 2022 and it is anticipated to grow up to USD 231.4 Billion by 2032 at a CAGR of 9.0% during the forecast period.

Knowledge Process Outsourcing (KPO) is the process of outsourcing certain business tasks or processes that require specialized knowledge or expertise. KPO is a type of business process outsourcing (BPO) where the tasks or processes outsourced require a high level of knowledge or expertise. The main difference between KPO and BPO is that KPO involves tasks or processes that are more knowledge-intensive, while BPO involves tasks or processes that are more labor-intensive. KPO can be used to outsource a variety of tasks or processes, including research and development, market research, financial analysis, legal research, and medical coding and billing. KPO providers typically have a high level of expertise and experience in the area they are providing services.

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In the modern world, practically all organizations are driven by data or information, which enables them to develop new goods and provide services to clients more effectively. The need for knowledge process outsourcing in the retail industry is rising as the value of data in firms grows. To help retail businesses discover solutions to their complicated issues, KPO service providers are providing KPO services to them. KPO service providers offer retail businesses with comprehensive analytics solutions that include research on consumer behavior and shopping preferences.

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Market Restraints and Challenges

Problems with data security among enterprises.

Giving a third-party organization access to the company’s information is not possible without danger for a variety of reasons. One must have faith in the KPO suppliers to keep the data as secure as possible, even if that means at times adhering to compliance rules. Transferring data between parties will also inevitably increase the chances of data loss or theft. The businesses will almost certainly be transmitting or receiving data of some kind from the KPO partners at all times, so the team would always be facing the danger of data security.

Global Knowledge Process Outsourcing Market Segmental Overview

The report analyses the global Knowledge Process Outsourcing market based on service, application, and region

Global Knowledge Process Outsourcing Market by Service

Based on service, the market is segmented as Analytics & Market Research, Engineering & Design, Financial Process Outsourcing, Legal Process Outsourcing, Publishing Outsourcing, Research & Development Outsourcing, and Others. The research and development segment accounted for majority market share in 2022 and is anticipated to register a significant CAGR from 2022-2032. Businesses are increasingly hiring KPO firms to handle their research and development tasks. Along with that, businesses can access a pool of highly qualified people who can offer creative solutions to challenges and hasten the launch of new goods and services to the market by outsourcing research and development work.

Global Knowledge Process Outsourcing Market by Application

Based on application, the market is segmented as BFSI, Healthcare, IT & Telecom, Manufacturing, Pharmaceutical, Retail, and Others. The healthcare segment covered a significant revenue share in the knowledge process outsourcing market in 2022. Diagnostic or administrative projects could be part of a medical KPO. The most successful industry for outsourcing administrative jobs, such as medical coding, is the healthcare sector. To identify the correct billing codes that may be applied to a specific diagnosis of a patient, coding requires a skilled specialist.

Geographical Analysis of Global Knowledge Process Outsourcing Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, In 2021, the Asia Pacific region led the knowledge process outsourcing market by generating the largest revenue share. This is a result of the quick offshoring of crucial procedures and expert services. Because of the advancement of technology and the growth of knowledge-based businesses, new business opportunities have emerged.

Major Players in the Global Knowledge Process Outsourcing Market

The key players in the market Accenture, EXL Services, Genpact, McKinsey and Company, Moody’s Investors Service, Inc., Mphasis, RR Donnelley & Sons Company, Wipro Limited, HCL, and SAP SE, among others.

COVID-19 Impact

The knowledge process outsourcing market has been negatively impacted due to the outbreak of COVID-19. This is because the COVID-19 outbreak has reduced overall IT spending as a result of businesses temporarily closing and layoffs. The organizations in the various regions are changing their work-from-home policies as a response to the problem. Companies that outsource are moving toward cloud-based work platforms that reduce manual labor and enable work automation, increasing worker productivity. However, the IT sector will soon recover after the pandemic period, so outsourcing firms are required to concentrate on long-term investments and retain contact with customers and partners.

Recent Developments

In January 2022, HCL Technologies extended its existing partnership with OSRAM, a German company that makes electric lights. The expansion of partnership aimed at digitalizing the companys key business processes and drive enterprise resource planning and consumer relationship management systems standardization in the organization. The partnership would enable greater maturity in ams OSRAMs digital execution capabilities as well as drive global IT operations excellence by rising agility and scalability to accelerate innovation.

In July 2021, Accenture took over Linkbynet, a leading cloud services provider. This acquisition focused on strengthening the Accenture Cloud First capabilities. This acquisition would bring deep cloud and engineering specialization, managed services, sophisticated technology tools, and cybersecurity intelligence.

In July 2021, Wipro came into partnership with Celonis, the global leader in execution management. Under this partnership, Wipro would introduce the Global Celonis Center in order to drive operations transformation for clients. The partnership would leverage the Celonis Execution Management System and Wipros expertise to streamline operations for clients across a range of areas that includes finance, human resources, and supply chain management.

In June 2021, Accenture completed the acquisition of Umlaut, an engineering consulting and services firm. This acquisition would significantly scale Accentures deep engineering capabilities in order to help businesses use digital technologies such as cloud, artificial intelligence, and 5G to transform how they design, engineer, and manufacture their products and embed sustainability. The addition of Umlaut would add more than 4,200 industry-leading engineers and consultants across 17 countries to Accenture’s Industry X services, and expand the company’s capabilities across a range of industries.

In June 2021, Genpact expanded its geographical footprints in Germany. From this expansion, the company focused on meeting client demand for a range of process-driven transformation services solutions for supply chain management, finance and accounting, procurement, and analytics across key industries, including high tech, retail, consumer goods, life sciences, and industrial manufacturing.

In January 2021, Genpact acquired Enquero, a technology solutions company. The acquisition of Enquero would expand the companys strong foundation of present capabilities in delivering end-to-end transformation to enterprise clients.

In October 2020, Mphasis partnered with Contour, the global decentralized platform building the new standard. The partnership aimed at accelerating the scaled adoption and extend the reach of the Contour network by banks, enterprises, and partners across the globe. This partnership would help Mphasis would leverage its proven Front2Back Transformation approach and its portfolio of next-generation IT and operations capabilities to help accelerate the implementation and usage of the Contour network across the global community of banks, corporates, and ecosystem partners.