Owing to various
advantages of outsourcing, most companies are looking for third-party
specializations and analytical expertise for their businesses. Hence, high
preference of enterprises to outsource businesses to third party service
providers may bode well for adoption of KPO solutions in near future. However,
highly competitive market scenario and increasing globalization may hinder the
pace of commercialization of services and products.
BFSI capital
markets require investment managers to better and faster strategic decisions.
This factor is anticipated to drive demand for middle office outsourcing. It
improves cost driven abilities of strategic platforms and allows investment
managers to carry out business strategies more efficiently. This, in turn, is
expected to have a positive impact on demand for knowledge process outsourcing
in the forthcoming years.
Healthcare,
BFSI, and retail are the major end users in the global market. Healthcare is
anticipated to witness the most significant growth in outsourcing knowledge
intensive services. Biotech and pharmaceutical are the sub-industries of
healthcare sector for drug discovery and clinical research. Types of services
carried out by KPO include consultancy, research and development, legal and
medical services, intellectual property research for patent applications,
business and market research, and training.
Browse Details of Report @ https://www.hexaresearch.com/research-report/knowledge-process-outsourcing-kpo-market
North America,
Asia Pacific, Middle East and Africa, Europe, and Latin America are the major
market regions. Emerging economies such as Latin America and Asia Pacific are
anticipated to witness impressive growth over the forecast period. Advantages
such as favorable business environment, availability of trained professionals,
high productivity, and low labor costs are some of the major regional drivers.
These benefits are projected to encourage various leading companies to set up
businesses in these developing markets.
India is said to
have immense growth potential for KPO solutions and services. Presence of
highly skilled professionals and workers with particularized expertise in
engineering, law, education, publishing, media, entertainment, industrial
machinery, textiles, automotive, aerospace, software, electronics, insurance,
biotechnology, healthcare, pharmaceuticals, and financial services is poised to
bode well for growth of this region.
Healthcare is
one of largest sectors in India in terms of volume and revenue. Employment rate
in India has increased exponentially and the trend is expected to continue over
the forecast period. Healthcare KPO solutions comprise medical devices,
hospitals, clinical trials, telemedicine, outsourcing, health insurance,
medical equipment, and health insurance. The Indian healthcare sector is
growing at a fast pace on account of rising private and public expenditure and
strengthening coverage among many other factors.
India’s
advantage lies in its abundance of well-trained medical professionals. The
country is cost competitive compared to Western nations and other Asian
countries. Although India is a KPO destination for companies from Australia,
U.K., and North America; growing number of enterprises in Europe is expected to
give a fillip to market in the forthcoming years. Numerous U.S.-based including
Caterpillar, Inc.; General Motors; Ford Motor Company; United Airlines, Inc.;
Morgan Stanley; Reuters, Goldman Sachs Group, Inc.; McKinsey & Company,
Citigroup, Inc.; JP Morgan Chase & Co.; Motorola, Inc.; Koninklijke Philips
N.V.; Sun Microsystems, Inc.; Texas Instruments, Inc.; Cisco Systems, Inc.;
Oracle Corporation, Intel Corporation; Microsoft Corporation; Hewlett-Packard
Company (HP); IBM; and GE have successfully ventured into India.
Global
pharmaceutical firms such as Eli Lilly and Company, GlaxoSmithKline plc,
AstraZeneca plc, Novartis, and Pfizer have moved part of their clinical drug
testing units to India to tap into the country’s large number of highly skilled
and low wage demanding labors. It can considerably accelerate the time to
market for new drugs and can offer potential cost savings of up to 50.0%. This
factor is expected to have a positive impact on the market over the forecast
period.
Key vendors in
the global knowledge process outsourcing (KPO) market include Wipro, RR
Donnelley & Sons, Genpact, and Mphasis. Other prominent vendors include
Cognizant; Adventity Global Services Pvt. Ltd.; Syntel, Inc.; The Smart Cube
Limited; Mu Sigma; Aranca Research; Accenture; EXL Services; Infosys Limited;
McKinsey & Company; Pangea3; Pulsar Knowledge Center; Oracle Corporation;
SAP SE; TechBooks, Inc; Grail Research; Moody's Corporation; Tata Consultancy
Services; WNS Global Services; Pipal Research; RocSearch; and IP Pro.
Investments in
digitally-powered business processes through patented processes and operating
models for end-to-end, including the back and middle offices can positively
influence demand for KPO solutions. Research and development and business
collaborations are also expected to propel business opportunities for the
companies operating in this market.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/communication-services-industry
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