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Knowledge Process Outsourcing (KPO) Market Segmented By Services such as Market Research and Data Analysis, Legal Services, Financial Process Outsourcing, Publishing Outsourcing, Engineering and Design, Others
Knowledge Process Outsourcing (KPO) is a procedure of outsourcing core information that are related to data and combines the process of managing, gathering, analyzing and delivering the actionable insights into business. Companies utilize KPO while looking for specialized knowledge and expertise or when they have a shortage of skilled professionals.
KPO can help organizations reduce the cost of their operations and also need for skilled employees for particular field. Outsourcing some of the processes allows the organizations to focus on core functions and improve efficiency and results. Different type of services that are being outsourced include research and analytics, data management, contract search, remote education, contract research and biotech, market research and content publishing.
COVID-19 crises has huge and severe impact on domestic and international businesses across countries and sectors. Due to COVID-19 pandemic the overall IT spending is dampen as companies have shut down temporarily and employees are laid off. According to estimates, the growth of IT sector has fallen down by approximately 3% to 8% in Q1-Q2 2020. As the solution to the crisis the organizations are shifting work from home policy.
Outsourcing companies are shifting towards cloud-based work platform that help in reducing the manual work and lead to work automation so the efficiency of employees is improved. However, IT industry would recover soon and for outsourcing companies must focus on long-term investments, maintain engagement with prospects and partners.
The companies need to implement their business continuity plans by ensuring that their business continues as much as possible and should consider taking action to reduce the impact.
Increasing Adoption of KPO in Retail Industry is Driving the Market Growth
In the present day world, almost all the businesses are data or information driven and this information or data helps businesses in innovating new products and offer services to customers in better manner. With the increasing importance of the data in businesses, the demand for knowledge process outsourcing is increasing in retail industry.
The KPO service providers are offering KPO services to retail companies to find out solutions to the difficult queries that retail companies face. KPO service providers offer advanced analytics solution to the retail companies that include study of customer behavior, their purchasing habits. The information provided by KPO service provider include customer buying behavior, preference and pattern, sales forecast and information on the market share.
KPO services provider also use predictive modelling for creating actionable insights into customer behavior. Also the retail companies are provided innovative solutions such as competitive intelligence that tracks the competitors on their pricing strategy and launching of new products.
KPO service providers also help the retail companies to improve their brand image with proper marketing techniques and streamline the business activities, so the demand of KPO services is increasing in retail industry.
The key players in the Knowledge Process Outsourcing (KPO) are IBM Corporation, HPE, Accenture, TCS, McKinsey & Company, Oracle Corporation, Wipro Ltd, SAP SE, WNS Ltd, among others.