Knowledge Process Outsourcing Market Size, Share & Trends Analysis Report By Service, By Application (BFSI, Healthcare, IT & Telecom, Manufacturing, Pharmaceutical, Retail, Others), By Region, And Segment Forecasts, 2023 - 2030

Knowledge Process Outsourcing Market Size, Share & Trends Analysis Report By Service, By Application (BFSI, Healthcare, IT & Telecom, Manufacturing, Pharmaceutical, Retail, Others), By Region, And Segment Forecasts, 2023 - 2030

Knowledge Process Outsourcing Market Growth & Trends

The global knowledge process outsourcing market size is expected to reach USD 169.78 billion by 2030, registering a CAGR of 17.0% from 2023 to 2030, 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.

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.

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.

Knowledge Process Outsourcing Market Report Highlights

• The analytics & market research segment held the highest market share of 36.5% in 2022. It is attributed to an increased demand for business intelligence and analytical tools that reduce employee burden.
• The legal process outsourcing segment is estimated to register the fastest CAGR of 20.0% over the forecast period, owing to the efficiency of services provided and the cost reduction.
• The BFSI segment dominated the knowledge process outsourcing market with a revenue share of 32.8% in 2022. The BFSI segment includes sensitive information regarding customers and the financial databases of numerous banks.
• Latin America is projected to demonstrate growth at the fastest CAGR of 17.5% over the forecast period.Enterprises in the region are increasingly focusing on R&D and developing their analytical insights, which is estimated to propel market growth over the forecast period.

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