Knowledge process outsourcing or KPO is a type of outsourcing that is one step ahead of business process outsourcing (BPO).
In this process, all information- and knowledge-related operations are performed by a different company or a subsidiary of the same firm, which can either be offshore or in the same country. Key benefits offered by KPO include:
In this process, all information- and knowledge-related operations are performed by a different company or a subsidiary of the same firm, which can either be offshore or in the same country. Key benefits offered by KPO include:
· Improved productivity
· Cost savings
· Standard operational efficiency
· Increased profits
· Improved time management and human resource management
· Provides high-end services at low costs
· Allows users to focus more on the core business operations
Knowledge process outsourcing has a wide range of applications in various sectors such as manufacturing, retails, healthcare, pharmaceutical, Banking, Financial services and Insurance (BFSI), and IT and telecom. Among these, BFSI is the leading application segment.
BFSI offers an Array of Applications for KPO
The BFSI segment was estimated at USD 9.66 billion in 2016 and is expected to reach at USD 37.94 billion by 2025. This segment includes sensitive information of clients and financial databases of a number of banks. Thus, to maintain such data efficiently, many firms outsource processes such as equity research and data management. This is likely to fuel KPO expansion in coming years. Rapid adoption of KPO services in the IT and telecom segment is gaining traction. This segment is predicted to expand at a healthy growth rate of 20.8 % during the forecast years (from 2017 to 2025).
Market Insights
The findings of a study conducted by Grand View Research, Inc. say that the worldwide market for knowledge process outsourcing would reach at USD 124.29 bn. by 2025. Factors such as need for cost cuttings and enhanced flexibility in Service Level Agreements (SLAs) are predicted to boost the KPO market growth during the next few years. Moody’s Investors Service, Inc.; Accenture PLC; Wipro Ltd.; RR Donnelley & Sons Co.; and EXL Service are some of the leading companies in the global KPO market. Accenture PLC has launched a new Digital Hub in Singapore. This facility majorly focuses on helping the clients in the region to invent and employ disruptive solutions to boost up their digital transformation. The new hub is also equipped with various latest technologies clients would need.
In-Depth Research Report On Knowledge Process Outsourcing (KPO) Market:
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