The global knowledge process outsourcing market size is expected to reach USD 124.29 billion by 2025, according to a new report by Grand View Research, Inc. The outsourcing of knowledge processes facilitates the maximum utilization of resources at much lower costs. In addition, growing opportunities in legal process outsourcing and increasing applications in the IT & telecom, healthcare, and pharmaceutical segments are driving the market growth.
The
presence of a large pool of resources in emerging economies is resulting in the
growth of knowledge process outsourcing firms. Currently, companies prefer
outsourcing work that involves critical processes and a large amount of time so
that they can employ their resources in other revenue-generating tasks, which,
in turn, saves the time and money of organizations.
The
IT and telecom segment is expected to grow at a faster rate with a CAGR of
20.8% over the forecast period. Increasing data in the IT and telecom
industries is resulting in larger usage of analytical tools and R&D in the
field to extract useful information thereby resulting in growth of the market
over the years.
The
engineering and design segment has a large market share and is valued at USD
5.53 billion. Owing to technological advancement in the engineering sector,
there is a high demand for outsourcing the designing part of the components.
The Latin American region is expected to witness the fastest growth in
the global KPO market due to the increasing emphasis laid on research and
analysis of data by many large and medium size companies present in the region.
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Further key
findings from the report suggest:
- The analytics & market
research segment dominated the knowledge process outsourcing market in
2016 and is estimated to generate a revenue of over USD 45.18 billion by
2025. The growing data over the globe has resulted in increasing demand
for analytical tools and market research to segregate useful information
from the massive chunk of available raw data
- The legal process
outsourcing segment is anticipated to witness the fastest growth at a CAGR
of 21.5% over the forecast period. Many companies outsource their legal
tasks to experts in order to reduce time and costs incurred.
- The BFSI segment was valued
at USD 9.66 billion in 2016 and is estimated to reach USD 37.94 billion by
2025.Increasing concerns for revenue cycle and managing the customer data
requires lot of time and hence companies in this segment are outsourcing
these tasks
- The industry in Latin America
is projected to witness a substantial growth over the forecast period,
which is attributed to the increasing number of skilled workforce. The
regional market is expected to attain USD 9.13 billion by 2025
- Key players including
McKinsey & Company, Moody’s Corporation, ExlService Holdings, Inc.,
Wipro Ltd., and HCL Technologies Ltd. dominate the global knowledge
process outsourcing market
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Grand View Research has segmented
the global knowledge process outsourcing market on the basis of service,
application, and region:
Knowledge Process
Outsourcing Service Outlook (Revenue, USD Million; 2014 - 2025)
- Analytics & Market
Research
- Customer & Marketing
Analytics
- Operations & Supply
Chain Analytics
- Competitive Intelligence
& Industry Analysis
- Engineering & Design
- Financial Process
Outsourcing
- Legal Process Outsourcing
- Publishing Outsourcing
- Research & Development
Outsourcing
- Others
Knowledge Process
Outsourcing Application Outlook (Revenue, USD Million; 2014 - 2025)
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Pharmaceutical
- Retail
- Others
Knowledge Process
Outsourcing Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Philippines
- Latin America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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