KPO Growth in next decade in India
New business avenues have been presented due to technological evolution and rise of knowledge enterprises. This article looks at the emergence of KPO sector in the present time and the opportunities available in India for growth in the next decade.
The maturity of BPOs in India has fostered the growth of KPO’s or Knowledge Process Organizations. Globally the market trends have changed and become more competitive, this has reduced the time for introducing a new product in the global market. As we are aware of the ever rising demands of the customers, global enterprises have incorporated new business models and techniques which enhance operational efficiency. These new responses have added tactical values to their services and products wherever they want to set their business operations.
Major business enterprises have initiated with high end knowledge outsourcing to low wage destinations. There is tremendous potential left for the KPO industry to mature and evolve in India. There are more than 2 Lakh knowledge professionals working in this industry. The growth rate of KPO sector in India is more than 45 percent which is almost double to the growth in the BPO industry.
In India more than 3 million graduates get out of college every year. India prides itself in possessing the second biggest pool of scientists and engineers in the world. As India provides major businesses valuable human capital for outsourcing knowledge there is not a doubt that KPOs in India are bound for further growth in this decade.
According to authentic sources the KPO sector is expected to grow from $ 12 billion to $ 1.1 trillion in 2020.
Why Indian KPO sector?
Readily available, skilled knowledge workers are acquainted with expertise in diverse domains. Work involves extraction of technical data, data mining, data creation and management etc. The KPO has transformed into a lucrative sector with a huge lack of knowledge professionals in the developed countries. India offers the best services in Research & Development possessing the largest number of scientific and technological experts after the United States. In R&D, Indian KPO’s are also venturing into other domains such as pharmaceutical and biotechnology.
In India, the KPO sector specializes in market research, equity, finance, and market analytics and data management. The present capital world is witnessing rapid transformation from an industrial economy to knowledge economy. Indian KPO’s offer exclusive knowledge services in Business intelligence and knowledge consulting.