Knowledge Process Outsourcing Market to grow by USD 90.55 billion from 2022 to 2027, The growing digital transformation to Boost Growth - Technavio
NEW YORK, Jan. 24, 2024 /PRNewswire/ -- The knowledge process outsourcing market is estimated to grow by USD 90.55 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.5% during the forecast period. However, the growth momentum will progress. The growing digital transformation is notably driving the KPO growth. Companies are increasingly turning to Knowledge Process Outsourcing (KPO) to leverage advanced technologies like AI, machine learning, and robotics process automation. KPO entails outsourcing knowledge-intensive processes to specialized service providers equipped with the necessary expertise. This allows companies to tap into a skilled workforce and cutting-edge technologies for high-quality results. Notably, partnerships like Wipro's collaboration with Marelli in 2020 exemplify how KPO supports digital transformation, particularly in providing engineering services.
Technavio has segmented based on Type (Legal process outsourcing, Financial process outsourcing, Research and development outsourcing, Publishing outsourcing, and Others ), End-user (BFSI, Healthcare, IT and telecom, Manufacturing, and Others)
- The growth of the legal process outsourcing segment will be significant during the forecast period. Legal process outsourcing (LPO) entails outsourcing legal services, including research, contract management, document review, patent drafting, intellectual property management, and litigation support. Companies benefit from significant cost savings by avoiding the need for an in-house legal department. LPO services are often outsourced to countries with low labor costs, such as India, the Philippines, and South Africa.
Knowledge Process Outsourcing Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.5% |
Market growth 2023-2027 |
USD 90.55 billion |
By geography, the market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.
- North America is estimated to contribute 39% to the growth during the forecast period. The region for knowledge process outsourcing (KPO) solutions, particularly in BFSI, thrives due to early technology adoption. Top vendors, launching platforms, and forming partnerships, drive growth. For example, Accenture's acquisition of HRC Retail Advisory in July 2021 strengthened its retail strategy capabilities, contributing to overall growth.
The growing number of delivery centers is a key trend influencing the KPO market growth. However, the risk of data breaches may impede the KPO growth.
Knowledge Process Outsourcing: Major Benefits
Knowledge Process Outsourcing (KPO) offers a range of benefits, including outsourcing services, business process outsourcing (BPO), industry analysis, insights, competitive landscape assessment, service providers overview, growth analysis, insights into emerging technologies, knowledge-based services, information technology (IT) outsourcing, research and development (R&D) outsourcing, analytics outsourcing, legal process outsourcing (LPO), financial process outsourcing (FPO), healthcare knowledge outsourcing, pharmaceutical KPO, dynamics evaluation, drivers identification, challenges analysis, regulatory environment assessment, and identification of opportunities.
What are the key data covered in this Knowledge Process Outsourcing Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Knowledge Process Outsourcing Market between 2023 and 2027
- Precise estimation of the size of the Knowledge Process Outsourcing Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Knowledge Process Outsourcing Market industry across North America, APAC, Europe, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Knowledge Process Outsourcing Market vendors
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The engineering services outsourcing market size is estimated to grow at a CAGR of 18.75% between 2022 and 2027. The market size is forecast to increase by USD 203.04 million.
The human resource outsourcing (HRO) market size is estimated to grow at a CAGR of 5.65% between 2022 and 2027. The market size is forecast to increase by USD 13.65 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by End-user
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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