Deep Analysis of Impact of COVID-19 on “Knowledge Process Outsourcing Market 2019-2025” Growth Worldwide….


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.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
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.
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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.
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
The global knowledge process outsourcing market size was valued at USD 28.94 billion in 2016 and is expected to grow over the forecast period. The increasing need for higher flexibility in Service Level Agreements (SLAs) and ease in change management practices along with cost cutting is anticipated to boost the growth of knowledge process outsourcing (KPO) industry.
Outsourcing critical processes involved in their system enables industries to save a significant amount of time and money. The rising demand for professional services such as training, research, managed services, and maintenance is further instrumental in accelerating the industry growth. In emerging economies such as China, India, and Philippines, there are highly skilled professionals such as engineers, lawyers, architects among others who are ready to provide professional services at lower costs as compared to their western counterparts.
The presence of abundance of data across the globe has made it difficult to extract useful information from the available sources. In such a case, companies approach KPO firms that hire knowledge experts in various fields and apply different tools for analyzing business processes and simplifying decision making.
However, increasing regulations pertaining to unemployment in specific regions, owing to lack of talent, are expected to hamper the growth of the market. Moreover, skilled workforces are paid average salaries and expected to perform tasks at a low cost as KPO firms are facing high attrition issues, thereby posing a challenge to the market growth.
Legal process outsourcing is estimated to emerge as the fastest growing service segment in the knowledge process outsourcing market, owing to the efficiency of services provided and reduction in cost. The segment is expected to grow at a CAGR of 21.5% from 2017 to 2025. Legal functions that are usually outsourced include legal analytics, contract management, and litigation management.
Analytics and market research services have captured the largest market share in the KPO industry due to an increased demand for business intelligence and analytical tools that reduce employee burden. The analytics and market research segment was valued at a market size of USD 10.54 billion in 2016.
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Grand View Research has segmented the global knowledge process outsourcing market on the basis of service, application:
Knowledge Process Outsourcing Service Outlook (Revenue, USD Million; 2014 - 2025)
·         Analytics & Market Research
o    Customer & Marketing Analytics
o    Operations & Supply Chain Analytics
o    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
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.


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