3 Oct 2018: The global Knowledge Process Outsourcing (KPO) 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.
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.
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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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The key vendors for global KPO market include Wipro, RR Donnelley & Sons, Genpact, Mphasis, while other prominent vendors include Cognizant, Adventity, Syntel, The smart cube, Mu Sigma, Aranca, Accenture, EXL Services, Inductis, Infosys, McKinsey, Pangea3, Pulsar knowledge center, Oracle, SAP, TechBooks, Grail Research, Moody’s, TCS, WNS, EXL Service, Pipal Research, RocSearch, and IP Pro.
Genpact are a global leader in digitally powered business process management and services. They architect the Lean Digital enterprise through their patented Smart Enterprise Processes framework that reimagines their clients operating models end-to-end, including the back and middle offices. This creates intelligent operations that help in transforming, designing and running. The impact on clients is a high return on investments through business agility, growth and efficiency.
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