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Knowledge Process Outsourcing Market is anticipated to grow up to USD 231.4 Billion by 2032 | EXL Services, Genpact, McKinsey and Company, Moody's Investors Service
Knowledge Process Outsourcing Market
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Knowledge Process Outsourcing (KPO) is the process of outsourcing certain business tasks or processes that require specialized knowledge or expertise. KPO is a type of business process outsourcing (BPO) where the tasks or processes outsourced require a high level of knowledge or expertise. The main difference between KPO and BPO is that KPO involves tasks or processes that are more knowledge-intensive, while BPO involves tasks or processes that are more labor-intensive. KPO can be used to outsource a variety of tasks or processes, including research and development, market research, financial analysis, legal research, and medical coding and billing. KPO providers typically have a high level of expertise and experience in the area they are providing services.
Market Trends and Drivers:
Rising Adoption Of KPO In The Retail Sector.
In the modern world, practically all organizations are driven by data or information, which enables them to develop new goods and provide services to clients more effectively. The need for knowledge process outsourcing in the retail industry is rising as the value of data in firms grows. To help retail businesses discover solutions to their complicated issues, KPO service providers are providing KPO services to them. KPO service providers offer retail businesses with comprehensive analytics solutions that include research on consumer behavior and shopping preferences.
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Market Restraints and Challenges:
Problems with data security among enterprises.
Giving a third-party organization access to the company's information is not possible without danger for a variety of reasons. One must have faith in the KPO suppliers to keep the data as secure as possible, even if that means at times adhering to compliance rules. Transferring data between parties will also inevitably increase the chances of data loss or theft. The businesses will almost certainly be transmitting or receiving data of some kind from the KPO partners at all times, so the team would always be facing the danger of data security.
COVID-19 Impact:
The knowledge process outsourcing market has been negatively impacted due to the outbreak of COVID-19. This is because the COVID-19 outbreak has reduced overall IT spending as a result of businesses temporarily closing and layoffs. The organizations in the various regions are changing their work-from-home policies as a response to the problem. Companies that outsource are moving toward cloud-based work platforms that reduce manual labor and enable work automation, increasing worker productivity.
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Major Players in the Global Knowledge Process Outsourcing Market:
The key players in the market EXL Services, Genpact, McKinsey and Company, Moody's Investors Service, Inc., Mphasis, RR Donnelley & Sons Company, Wipro Limited, HCL, and SAP SE, among others.
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