KPO market to generate US$103.7 billion by 2023

KPO market to generate US$103.7 billion by 2023
KPO market to generate US$103.7 billion by 2023

Due to the robust information technology and telecom sectors, the knowledge process outsourcing (KPO) market is expected to witness significant growth. According to Crystal Market Research-Technology it is set to grow at a compound annual growth rate of 23.13%, or US$122.59 billion, by 2023. In 2014, the market was worth US$18.85 billion. The research showed that services in IT and telecom divisions will significantly develop in the following years. It added that the increased need for higher flexibility in Service Level Agreements (SLAs), and simplicity in change administration, alongside cost cutting will also help develop the KPO industry. The market’s leading players are Moody’s Investors Service, HCL Technologies, Accenture, Mphasis, Wipro, EXL Service Hadapsar, McKinsey and Company, and Genpact. In 2016, the Asia Pacific region dominated the market with the highest number of KPO firms and consultancies. This was attributed to fast off-shoring of critical procedures and expert administrations.

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