Fort Collins, Colorado, March 14, 2024 (GLOBE NEWSWIRE) -- The Knowledge Process Outsourcing Market was valued at USD 59.9 Billion in 2023 and is anticipated to grow CAGR at 15.5% to reach USD 218.4 Billion by 2032.
Organizations have been exploring ways to reduce costs and increase profitability for a long time. Outsourcing of knowledge processes facilitates maximum utilization of resources at comparatively lower costs. It allows enterprises to remain competitive in the global market by cutting costs and reducing the time-to-market for their services and products. Furthermore, it allows the offshore buyers to own intellectual property created by the KPO provider while working for them. Offshoring high-end services allows intellectual property to rest with the buyer of the offshore high-end (KPO) services. In addition to efficient management of critical hardware and reduced lead times, it provides services such as business research on competitors and customizing high-end processes.
The rapidly evolving and ever-changing market conditions have been responsible for continuously pressurizing companies to drastically reduce their existing cost structure and quickly adapt to new adjustments. In such situations, flexibility in agreements becomes an important aspect as it facilitates quick adjustments in costs and volumes. As a result, besides cost reduction, flexibility is considered a critical factor responsible for driving the market growth.
An increasing demand has been observed for professional services such as intellectual property, legal work, data analytics, and writing and content development, among others. A rise in the shortage of highly skilled and educated knowledge professionals in developed nations and recruitment of talents for higher-end knowledge-intensive sectors is becoming increasingly difficult for enterprises operating in Western nations. In addition, these nations have tightened their emigration norms, which has led to offshoring high-end services, proving to be the only viable option.
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Segmentation Overview:
The global knowledge process outsourcing market has been segmented into service, application, and region. Based on service, the knowledge process outsourcing market segmentation includes analytics & market research, engineering & design, financial process outsourcing, legal process outsourcing, publishing outsourcing, research & development outsourcing, and others. Analytics & market research hold a significant share of the service segment of the knowledge process outsourcing market.
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Knowledge Process Outsourcing Market Report Highlights:
- The global knowledge process outsourcing market growth is anticipated at a CAGR of 15.5% by 2032.
- The trend of KPO is rising due to the availability of highly qualified professionals in different parts of the world through online mediums. This helps businesses achieve better outcomes and provide services at reasonable costs.
- Asia Pacific holds a major share of the knowledge process outsourcing market. India, the Philippines, and China have a significant share in this region due to the availability of a highly qualified workforce with a comparatively cheaper pay scale than in the Western countries.
- Some prominent players in the knowledge process outsourcing market report include Atlas Copco AB, Coperion GmbH, Cyclonaire Corporation, Dongyang P & F, Dynamic Air Inc., Flexicon Corporation, Gericke AG, VAC-U-MAX, Schenck Process Holding GmbH, Pneumatic Conveying, Inc., Nol-Tec Systems Inc., Nilfisk Group, Gericke AG, and Flexicon Corporation.
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Knowledge Process Outsourcing Market Segmentation:
By Service: Analytics & Market Research, Engineering & Design, Financial Process Outsourcing, Legal Process Outsourcing, Publishing Outsourcing, Research & Development Outsourcing, Others.
By Application: BFSI, Healthcare, IT & Telecom, Manufacturing, Pharmaceutical, Retail, Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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