Knowledge Process Outsourcing (KPO) is a method of outsourcing key data-related information that involves the management, gathering, analysis, and delivery of business-relevant insights. When there is a shortage of trained workers or when specific knowledge and skills are needed, businesses turn to KPOs.

New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Knowledge Process Outsourcing Market Size, Share & Industry Trends Analysis Report By Service Type, By Application, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06322140/?utm_source=GNW
KPO can assist businesses in lowering operational expenses and the demand for specialized workers. Organizations can concentrate on their core duties and increase productivity and outcomes by outsourcing certain of their procedures.

Research and analytics, contract search, data management, remote education, contract research & biotech, market research, and content publication are just a few of the services that are currently being outsourced. The KPO business is predicted to grow faster than other industries due to the rising demand for better flexibility in Service Level Agreements (SLAs) and convenience in change management procedures together with cost-cutting.

Industries can save a substantial amount of time as well as money by outsourcing key system processes. Another factor boosting the market’s growth is the increased demand for professional services like research, training, managed services, and maintenance. Highly skilled professionals, including lawyers, engineers, and architects, are available in developing nations like China, India, and the Philippines to offer professional services at lesser prices than their western countries.

It is challenging to extract valuable information from the sources accessible due to the volume of data present. In such a situation, businesses turn to KPO organizations that employ knowledge specialists in a variety of sectors and use numerous tools for analyzing company processes and streamlining decision-making. Customers desire high-quality services, therefore firms must adopt procedures and organizational structures that not only boost productivity but also provide their goods and services a strategic boost.

COVID-19 Impact Analysis

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.

Market Growth Factors

Rising Adoption Of KPO In The Retail Sector

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.

Plug The Knowledge & Skill Gaps In The Business

In an effort to fill both known and unidentified gaps in their team’s knowledge and skills, companies frequently hire KPO services providers to essentially build an organizational knowledge map. There are occasions when having a third-party provider is a necessity. In this situation, the businesses may hire a provider to fix a specific internal process or to fill a talent shortage on the staff. In other cases, though, the company might hire a specialized outsider since they are unsure of what should be improved within the company.

Market Restraining Factors

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.

Service Type Outlook

Based on service type, the knowledge process outsourcing market is segmented into analytics & market research; engineering & design; financial process outsourcing; legal process outsourcing; publishing outsourcing; research & development outsourcing and others. The research & development outsourcing segment garnered a promising revenue share in the knowledge process outsourcing market in 2021. 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.

Application Outlook

On the basis of application, the knowledge process outsourcing is classified into BFSI, healthcare & pharmaceutical, IT & telecom, manufacturing, retail and others. The healthcare & pharmaceutical segment covered a significant revenue share in the knowledge process outsourcing market in 2021. 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.

Regional Outlook

Region wise, the knowledge process outsourcing market is analyzed across North America, Europe, Asia Pacific and LAMEA. 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.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Wipro Limited, Genpact Limited, HCL Technologies Ltd. (HCL Enterprises), ExlService Holdings, Inc., McKinsey & Company, Moody’s Corporation, Mphasis Limited (Blackstone, Inc.), Ernst & Young Global Limited, and R. R. Donnelley & Sons Company.

Strategies deployed in Knowledge Process Outsourcing Market

Jan-2022: HCL Technologies extended its existing partnership with OSRAM, a German company that makes electric lights. The expansion of partnership aimed at digitalizing the company’s 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 OSRAM’s digital execution capabilities as well as drive global IT operations excellence by rising agility and scalability to accelerate innovation. To enable this, HCL would develop and operate a modern digital foundation through the data center, hybrid cloud, and network transformation.

Jul-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.

Jul-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 Wipro’s expertise to streamline operations for clients across a range of areas that includes finance, human resources, and supply chain management.

Jun-2021: Accenture completed the acquisition of Umlaut, an engineering consulting and services firm. This acquisition would significantly scale Accenture’s 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.

Jun-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.

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

Oct-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.

Feb-2020: McKinsey & Company signed an agreement to acquire Orpheus, a recognized innovator in digital procurement. By this acquisition, the company would now integrate Orpheus into its Operations practice, specifically into its offering for procurement leaders. The strategy and management consulting giant would combine Orpheus with its own expertise in the field to bring the latest offering to clients: Spend Intelligence by McKinsey.

Dec-2019: EXL extended its existing partnership with Direct Line Group, a British insurance company. The expansion focused on delivering better consumer and business outcomes using a team of insurance experts, automation, and analytics solutions.

Scope of the Study

Market Segments covered in the Report:

By Service Type

• Analytics & Market Research

o Customer & Marketing Analytics

o Operations & Supply Chain Analytics

o Competitive Intelligence & Industry Analysis

• Engineering & Design

• Legal Process Outsourcing

• Publishing Outsourcing

• Research & Development Outsourcing

• Financial Process Outsourcing

• Others

By Application

• BFSI

• Retail

• Manufacturing

• IT & Telecom

• Healthcare & Pharmaceutical

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Accenture PLC

• Wipro Limited

• Genpact Limited

• HCL Technologies Ltd. (HCL Enterprises)

• ExlService Holdings, Inc.

• McKinsey & Company

• Moody’s Corporation

• Mphasis Limited (Blackstone, Inc.)

• Ernst & Young Global Limited

• R. R. Donnelley & Sons Company

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