India’s KPO Industry Service Sector Include Emerging Field of Bioinformatics and Cheminformatics
In 2004, Evalueserve, a global market research and Intellectual Property services firm forecasted the success of business process outsourcing (BPO) and knowledge process outsourcing (KPO) in India, among the other global BPO/KPO service providers in the world. The organization cited the tandem of cost and quality benefits as the primary reason why organizations all around the world are looking to BPO and KPO service providers in India for several if not one of their business processes. By this year, the global Research and Analysis industry is estimated to reach US$ 17 billion, US$ 12 of which will be contributed by the KPO industry in India. Today, KPO service providers in India are already impacting other industries encompassed by Research and Analysis, including bioinformatics, data mining and analysis, biotech and pharmaceutical research (Contract Research) and Intellectual Property Research (IPR).
Today, India offers a wide array of KPO services that include the emerging fields of bioinformatics and cheminformatics, which utilizes several computer technologies in managing, mining and analyzing chemical structures and related property data and information. Because bioinformatics and cheminformatics are highly specialized, KPO firms in India are gearing to be the leader in providing unparalleled services that will utilize information technology for data management and analysis. The KPO industry in India is also looking to provide services in bioinformatics, an interdisciplinary research area that manage and analyze biological data through the use of various mathematical, statistical and information technology tools.
KPO service providers in India are offering core advantages that include a significantly decreased time from lab to market, increased efficiency and productivity, considerably minimized financial risk through minimized operational and ownership costs and direct access to an array of specialized talent. India’s KPO space boasts of experience in research and development areas such as molecular biology, DNA sequencing, molecular biology software packages, and molecular modeling.
The Indian biotechnology industry boasts of an impressive growth rate of 28.09% from year 2005, and is estimated to reach $5 billion by the end of this year. Because of this considerable growth, the local government took a step towards liberalization and deregulation by offering 10-year tax concessions on revenue to KPO firms in India making research and development investments.
More than just government incentives, the KPO industry in India is fully supported by a wide array of science and technology organizations including several Indian Institute of Technology (IITs), Indian Institute of Management (IIMs) in the country, ivy-league institutes of formal education where their workforce is honed to fill in highly-specialized jobs tailored for KPO clients. The Indian Institute of Information Technology (IIIT) was also established to generate highly competitive individuals to lead the research and development sectors in the KPO industry in India.
The KPO industry in India now serves as the ideal Research and Analysis watering hole with its scientific and research talent, high-quality R&D services and continuously improving infrastructure. These core competencies are just some of the many facets of India’s KPO industry that others have yet to compete against.
