Knowledge Process Outsourcing: The Next Big Thing in Outsourcing

Knowledge process outsourcing or KPO is a type of outsourcing 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. This company 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, retail, 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

BFSI segment emerged as the dominant application segment for knowledge process outsourcing in the past. It is anticipated to witness impressive growth in the forthcoming years. BFSI has sensitive information of clients and financial databases of a number of banks. Thus, many firms outsource processes such as equity research and data management to maintain such data efficiently. This is likely to fuel demand for KPO services in the forthcoming years. Rapid adoption of these services in IT and telecom is anticipated to create business opportunities for the KPO service providers in near future.

Market Insights

Recent findings of a study conducted by Grand View Research, Inc. say that the global knowledge process outsourcing market would reach USD 124.29 billion 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. A large pool of resources, especially across emerging regions like Asia Pacific is anticipated to bode well for market growth over the forecast period (from 2018 to 2025).

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. Most companies are primarily focusing on exploring new business opportunities across untapped regions. Accenture PLC recently launched a new Digital Hub in Singapore. This facility majorly focuses on helping regional clients 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 Market:

https://www.grandviewresearch.com/industry-analysis/knowledge-process-outsourcing-kpo-market