News for May 2016
Global Knowledge Process Outsourcing Market to Grow 23%Date Posted: Thursday, May 12, 2016 10:51:35 AM
The global knowledge process outsourcing (KPO) market is expected to grow at a compound annual growth rate (CAGR) of about 23 percent from 2015 to 2019, according to study published by Technavio. The growth of the KPO industry is mainly driven by companies looking for more analytical and specialized expertise. Technavio’s report found that the healthcare sector is the fastest growing segment in terms of outsourcing knowledge-intensive services.
In particular, the pharmaceutical and biotech sub-segments show a high demand for clinical research and drug discovery services. Healthcare providers are working with KPO vendors to update legacy revenue cycle management (RCM) processes and secure intellectual property protection for clinical databases. Meanwhile, the banking, financial services and insurance (BFSI) capital markets segment faces increased demand for more complex products, increasing middle office outsourcing activity.
Emerging markets like Asia and Latin America are among the top providers of KPO services due to the availability of skilled talent, lower labor costs and favorable business environments in these locations.
Philippines Outsourcing is known globally for its voice services, but there is increased pressure to diversify offerings and move towards higher-value and knowledge-intensive services. The Information Technology and Business Process Association of the Philippines (IBPAP) reported in 2014 that KPO already accounted for 40 percent of the country’s BPO industry.
Many BPO companies have branched out into non-voice services, which range from finance and accounting to animation to healthcare revenue cycle management. Revenue management firm ServiceSource started hiring Filipino knowledge workers in December 2015 to provide revenue-as-a-service solutions to global technology companies, including Microsoft, Dell, and GE Healthcare.
As the country’s BPO industry offers more knowledge-based services, analysts and organizations are pushing for increased government support and improvement of ICT (information and communications technology) infrastructure, among others.
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