The digitalization of the world has lead to the generation of a huge amount of data. In the IT industry, this data is known as big data, taking into account its magnitude and size. With the increase in the magnitude of big data generated, a new trend is evolving in the analytics Knowledge Process Outsourcing (KPO) industry which can be possibly called big data KPO. This trend is expected to create changes in the KPO sector, which is one of the largest outsourcing industries.
The evolution of big data is set to create tremendous opportunities for businesses dealing with content and data in the KPO industry. International Data Corporation (IDC), the premier firm specializing in global market intelligence, has reported that revenue from big data KPO is expected to grow to $16.9 billion by 2015 from $ 3.2 billion estimated at 2010. IDC is also one of the leading global providers of advisory services and market analysis reports for IT, Telecommunications and other industries.
Big data KPO services are in great demand with increasing customer needs for generating more value from outsourcing providers. The recent studies conducted by NASSCOM reports an increase of 45 % CAGR (Compounded Annual Growth Rate). NASSCOM is the National Association of Software and Services Companies, which is a trade association for outsourcing and Information Technology services in India.
Reports from Crisil Global Research and Analytics show that the global analytics market is set to reach a whooping 25 billion US dollars by the year 2015. Crisil Global Research and Analytics is one of the world’s leading providers of analytic services and high end services.
Scope for big data KPO
With the emergence of the big data concept and its incorporation into the analytics KPO industry, the growth of this sector has been accelerated. The reasons for this can be enumerated as follows. The big data KPO industry is not likely to be short of resources as long as digitalization manages the core of business operations. With technological development, the amount of data is only set to increase in tons. Hence the KPO business dealing with content and data is expected to flourish.
Another main factor behind the growth of the industry is that this sector is reported to be the least affected by the economic crisis that had affected the global market. Thus global recession and the economic slowdown have not adversely impacted the KPO industry as for other fields. This stability would increase the attractiveness and scope of the industry in the coming years.