Knowledge Process Outsourcing market expected to reach $238.7 billion by 2032 with CAGR of 17.22%
From GlobeNewswire: 2024-12-10 09:00:00
The Knowledge Process Outsourcing (KPO) market was valued at USD 57.2 billion in 2023 and is projected to reach USD 238.7 billion by 2032, growing at a CAGR of 17.22%. Businesses are increasingly outsourcing data analytics, legal research, and financial processes to specialized KPO providers to enhance efficiency and cost-effectiveness.
The integration of AI, machine learning, and RPA in KPO services across industries like healthcare, finance, legal, and IT is driving market growth. Companies are leveraging advanced technologies for predictive modeling, financial analysis, and automation, leading to faster and more accurate service delivery.
AI-driven analytics adoption is on the rise, with 47% of organizations using AI for business analytics. Automation technologies like RPA are streamlining operations, especially in finance and legal sectors. This trend towards advanced technologies is fueling the growth of the KPO market, enabling businesses to optimize workflows and make data-driven decisions.
In the KPO market, major players like Genpact, Tata Consultancy Services, and Cognizant offer specialized solutions in areas like data analytics, business process services, and healthcare analytics. The market scope includes a CAGR of 17.22% from 2024 to 2032, with key regional coverage in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Segmentation analysis reveals that analytics & market research accounted for the largest market share in 2023, driven by the demand for business intelligence tools. Legal process outsourcing is expected to witness the highest CAGR, offering cost-effective solutions for legal research and document review. Other services like engineering, financial processes, and research & development outsourcing are projected to be the fastest-growing applications in the forecast period. Technological innovations are revolutionizing knowledge-based services for clients through Knowledge Process Outsourcing (KPO). Segmentation includes services like analytics, market research, legal outsourcing, and more, with applications in industries such as BFSI, healthcare, IT, and manufacturing. The Asia-Pacific region leads the market with a 44.0% revenue share in 2023, driven by a large workforce, affordability, and government support, while North America is expected to grow rapidly due to increased demand for advanced outsourcing solutions. Recent developments include Genpact’s AI platform for banking and Accenture’s expansion of KPO services for healthcare. SNS Insider offers consulting services for market analysis and insights.
Read more at GlobeNewswire: Knowledge Process Outsourcing (KPO) Market to Reach USD