USD 33.31 Billion
Knowledge Process Outsourcing Market Size, Share, Growth Analysis, By Service(research and analytics, data management, market intelligence, financial and accounting services), By Industry Verticals(IT and telecommunications, healthcare and life sciences, BFSI (Banking, Financial Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45C2060 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
72
|Figures:
75
Knowledge Process Outsourcing Market Insights
Knowledge Process Outsourcing Market size was valued at USD 48.92 Billion in 2022 and is poised to grow from USD 57.24 Billion in 2023 to USD 200.98 Billion by 2031, at a CAGR of 17.0% during the forecast period (2024-2031).
The knowledge process outsourcing (KPO) industry is poised for growth due to several key factors. Businesses are increasingly seeking higher flexibility in Service Level Agreements (SLAs) and simplified change management practices, along with cost-cutting measures. By outsourcing critical processes, industries can save time and resources. The demand for professional services such as training, research, managed services, and maintenance is also contributing to the industry's acceleration. Emerging economies like China, India, and the Philippines boast a pool of highly skilled professionals, including engineers, lawyers, and architects, who offer their expertise at more competitive rates compared to their western counterparts. In today's data-rich environment, extracting valuable insights from vast datasets has become challenging. Consequently, companies turn to KPO firms, which employ knowledgeable experts from various fields and utilize advanced tools to analyze business processes and facilitate decision-making.
Despite the industry's growth potential, certain challenges may hinder its progress. Stricter regulations related to unemployment in specific regions, coupled with talent shortages, may present obstacles. Additionally, KPO firms facing high attrition rates may struggle to maintain skilled workforces at affordable costs, posing further challenges to market growth.
US Knowledge Process Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Research And Analytics
Fastest Growth
Research And Analytics
Growth Rate
7.2% CAGR
Global Knowledge Process Outsourcing Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Knowledge Process Outsourcing Market Segmental Analysis
The global Knowledge Process Outsourcing market is segmented on the basis of service, industry verticals, and region. By service, the market is segmented into research and analytics, data management, market intelligence, financial and accounting services, legal services, content development, and others. By industry verticals, the market is segmented into IT and telecommunications, healthcare and life sciences, BFSI (Banking, Financial Services, and Insurance), legal, manufacturing, and retail sectors. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Knowledge Process Outsourcing Market Analysis By Service
The "Research and Analytics" segment holds the largest share of the KPO market, accounting for a substantial portion of the overall industry revenue. With the vast amount of data available in the digital age, businesses are increasingly seeking expert insights and meaningful analysis to make informed decisions and gain a competitive edge. The "Research and Analytics" segment offers a wide array of services, including market research, industry trends analysis, consumer behavior studies, and predictive modeling, among others. By leveraging cutting-edge technologies and skilled professionals, KPO firms provide businesses with actionable intelligence that enhances their strategic planning and drives innovation. This segment's dominance is driven by the growing demand for data-driven decision-making across various industries, making it a cornerstone of the KPO market's success.
The "Market Intelligence" segment is the fastest-growing segment within the KPO market, experiencing remarkable expansion in recent years. In today's highly dynamic and competitive business landscape, companies need accurate and up-to-date information about their target markets, competitors, and emerging trends. The "Market Intelligence" segment fulfills this critical need by offering comprehensive data analysis, competitor benchmarking, consumer insights, and market entry strategies. As businesses strive to stay ahead of the curve and seize new opportunities, the demand for real-time market intelligence has skyrocketed. KPO firms equipped with advanced tools and subject matter experts deliver actionable insights that enable companies to identify untapped markets, refine their marketing strategies, and optimize their operations. The "Market Intelligence" segment's impressive growth trajectory is a testament to its ability to empower businesses with the knowledge required to succeed in today's rapidly evolving business landscape.
Knowledge Process Outsourcing Market Analysis By Industry Verticals
The BFSI segment commands the largest share of the KPO market, capturing a substantial portion of the total demand for knowledge-based outsourcing services. With the ever-evolving financial industry, the need for specialized expertise in data analysis, risk management, regulatory compliance, and customer support has surged. The BFSI sector's increasing reliance on advanced technologies like AI and data analytics to drive decision-making further boosts the demand for KPO services. As the global financial services landscape continues to expand, the BFSI segment remains the anchor of the KPO market, presenting a lucrative opportunity for service providers.
Amidst the competitive realm of KPO, the healthcare and life sciences segment has emerged as the fastest-growing segment, with impressive year-on-year growth rates. As the healthcare industry experiences unprecedented advances in medical research, patient care, and digital health solutions, the demand for specialized knowledge services has surged. KPO firms are now at the forefront of supporting medical research, clinical trials, data analytics, and healthcare information management, driving innovation and efficiencies in the sector. With an increasing focus on personalized medicine and digital healthcare, the healthcare and life sciences segment's growth trajectory is set to skyrocket, making it one of the most attractive segments for investors and service providers alike.
Global Knowledge Process Outsourcing Market By Service
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Knowledge Process Outsourcing Market Regional Insights
Asia-Pacific is emerging as the dominating region in the KPO market, fueled by its abundant pool of highly skilled professionals and favorable cost advantage. Countries like India, with their thriving IT industry and vast talent pool of engineers, data analysts, and legal experts, have become a preferred destination for KPO services. India's leading position in the global KPO market is evident in its substantial market share, attracting a wide range of industries seeking specialized knowledge services at competitive rates.
Latin America is rapidly gaining traction in the KPO sector, showcasing significant growth potential. With a growing number of educated professionals proficient in multiple languages, countries like Mexico and Brazil have become key players in the market. Their expertise in providing high-value services like market research, financial analysis, and legal support has attracted international businesses seeking efficient KPO solutions. As a result, Latin America has witnessed a substantial increase in its market share, indicating its ascending prominence in the global KPO landscape.
Global Knowledge Process Outsourcing Market By Region
- Largest
- Fastest
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Knowledge Process Outsourcing Market Dynamics
Knowledge Process Outsourcing Market Drivers
Increasing demand for specialized knowledge and expertise
- The global Knowledge Process Outsourcing market is being driven by the growing need for specialized knowledge and expertise across various industries. Businesses often require in-depth analysis, research, and domain-specific insights to make informed decisions and remain competitive in the market. KPO firms offer access to skilled professionals with expertise in fields such as data analytics, legal services, financial research, and engineering, enabling companies to gain valuable insights and strategic advantages. For example, a pharmaceutical company outsourcing drug research and development to a KPO firm with experienced scientists can accelerate the discovery process and potentially reduce costs.
Knowledge Process Outsourcing Market Restraints
Data security and privacy concerns
- One of the significant restraints facing the Knowledge Process Outsourcing market is the heightened concern over data security and privacy. Many companies deal with sensitive information, including intellectual property, financial data, and customer information. Outsourcing such critical processes to third-party providers raises potential risks of data breaches and unauthorized access. As a result, businesses may hesitate to outsource certain tasks, especially in highly regulated industries like finance and healthcare, where data protection compliance is crucial.
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Knowledge Process Outsourcing Market Competitive Landscape
The global Knowledge Process Outsourcing (KPO) market is highly competitive, characterized by the presence of several established players and a growing number of new entrants. Key market players are continuously focusing on enhancing their service offerings, expanding their geographic presence, and investing in advanced technologies to maintain a competitive edge. Established companies are also engaging in strategic partnerships, mergers, and acquisitions to broaden their service portfolios and strengthen their market position. Additionally, with the emergence of niche and specialized KPO providers, the competition is intensifying, particularly in sectors like finance, healthcare, legal, and research. As businesses across various industries increasingly recognize the benefits of KPO services, the competitive landscape is expected to remain dynamic, with companies vying for market share through innovation, cost-effectiveness, and superior service quality.
Knowledge Process Outsourcing Market Top Player’s Company Profile
- Accenture (US)
- Genpact (US)
- IBM Corporation (US)
- Cognizant Technology Solutions (US)
- Wipro Limited (India)
- Infosys Limited (India)
- Tata Consultancy Services (India)
- HCL Technologies (India)
- EXL Service Holdings (US)
- WNS Global Services (India)
- Capgemini (France)
- IQVIA Holdings Inc. (US)
- Ernst & Young (UK)
- PwC (UK)
- Deloitte (UK)
- KPMG (UK)
- NTT Data Corporation (Japan)
- Sutherland Global Services (US)
- Syntel Inc. (US)
- WNS Holdings Limited (India)
Knowledge Process Outsourcing Market Recent Developments
- In February 2023, Genpact announced that it had acquired KPO firm Innoplexus for $1.1 billion. Innoplexus is a leading provider of KPO services in the life sciences industry. This acquisition will strengthen Genpact's position in the KPO market and expand its reach into the life sciences industry.
- In March 2023, Accenture announced that it had won a $1 billion contract to provide KPO services to the U.S. Department of Defense. This contract will see Accenture provide KPO services in the areas of intelligence analysis, data analytics, and financial management.
- In April 2023, EXL Service announced that it had opened a new KPO center in India. This center will focus on providing KPO services in the areas of risk management, compliance, and customer service.
Knowledge Process Outsourcing Key Market Trends
- Artificial Intelligence and Automation Integration: KPO firms are increasingly incorporating artificial intelligence (AI) and automation technologies to enhance efficiency and accuracy in their service delivery. AI-powered chatbots can handle customer support queries, while robotic process automation (RPA) can streamline repetitive tasks. For instance, a customer support KPO firm might utilize AI chatbots to provide 24/7 customer assistance, reducing response times and human intervention.
Knowledge Process Outsourcing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Knowledge Process Outsourcing market analysis, the market is experiencing significant growth and is expected to continue expanding in the coming years. Key factors driving this growth include the increasing demand for higher flexibility in Service Level Agreements (SLAs) and the need for streamlined change management practices, which are enabling businesses to achieve cost-cutting objectives. Additionally, the rising demand for professional services such as training, research, managed services, and maintenance is playing a crucial role in accelerating the industry's development. The presence of skilled professionals in emerging economies, such as China, India, and the Philippines, who offer their services at competitive costs, further boosts the market. However, the industry faces challenges related to talent shortages, high attrition rates, and tightening regulations in certain regions, which may impact its growth trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 48.92 Billion |
| Market size value in 2031 | USD 200.98 Billion |
| Growth Rate | 17.0% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Knowledge Process Outsourcing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Knowledge Process Outsourcing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Knowledge Process Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Knowledge Process Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Knowledge Process Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Knowledge Process Outsourcing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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