CRM BPO Global Market Report 2024

“CRM BPO Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on crm bpo market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for crm bpo? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The crm bpo market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product: Back-Office Outsourcing; Front-Office Outsourcing
• 2) By Market Type: Large Enterprises; Small And Medium Enterprises
• 3) By Application: Telecom And Information Technology (IT); Banking, Financial Services and Insurance (BFSI); Healthcare And Life Sciences; Government And Public; Retail And Consumer Goods; Other Applications
• Companies Mentioned: Alorica Inc.; Atento S.A.; Comdata Corporation; System International Telemarketing; Sykes Enterprises Incorporated
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Customer Relationship Management (CRM) in the context of Business Process Outsourcing (BPO) involves managing essential tasks outsourced by companies. CRM BPO is employed by businesses to attract and convert leads, retain customers, and enhance service delivery.

The primary product types of CRM BPO include back-office outsourcing and front-office outsourcing. Back-office outsourcing entails the delegation of routine business tasks to a third-party service provider that doesn't directly involve delivering the goods or services offered by the business to its clients. These outsourcing solutions find application in various enterprises, including large enterprises and small to medium enterprises (SMEs). Additionally, CRM BPO is utilized across diverse sectors such as telecom and information technology (IT), banking, financial services and insurance (BFSI), healthcare and life sciences, government and public services, retail and consumer goods, and others.

The CRM BPO market research report is one of a series of new reports from The Business Research Company that provides CRM BPO market statistics, including CRM BPO industry global market size, regional shares, competitors with a CRM BPO market share, detailed CRM BPO market segments, market trends, and opportunities, and any further data you may need to thrive in the CRM BPO industry. This CRM BPO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The CRM BPO market size has grown steadily in recent years. It will grow from $108.34 billion in 2023 to $111.05 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth observed in the historical period can be attributed to factors such as business scalability, cost efficiency, a focus on core competencies, the globalization of business, and improvements in customer experience.

The CRM BPO market size is expected to see steady growth in the next few years. It will grow to $126.57 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The anticipated growth in the forecast period can be attributed to factors such as evolving customer expectations, the utilization of data analytics and insights, multichannel customer engagement, flexibility, and agility, as well as industry-specific expertise. Notable trends in the forecast period encompass the adoption of personalization and targeted marketing, the globalization of customer relationship management (CRM) operations, an increased focus on employee training and skill development, the integration of automation for operational efficiency, and the promotion of strategic partnerships and collaborations.

The escalating demand for automation is poised to propel the CRM BPO market's growth in the foreseeable future. Automation, characterized by technology requiring minimal human intervention to complete tasks, significantly enhances customer satisfaction by improving service delivery speed, efficiency, and accuracy across outsourced front office services. These services encompass customer communications, marketing, and sales, thereby fostering increased demand for automation within the CRM BPO market. For example, a Zapier report in April 2021, based on a survey of 2,000 U.S. knowledge workers from small and medium businesses, highlighted that 63% of SMBs attested to automation aiding swift business adaptation during the pandemic. Currently, 66% of employees believe workplace automation enables them to focus on more innovative tasks and projects. Moreover, 88% of SMBs highlighted that automation aids in competing with larger businesses by facilitating faster movement, quicker lead closures, reduced busywork, minimized errors, and improved customer service. Hence, the rising demand for automation serves as a driving force behind the CRM BPO market's growth.

The burgeoning e-commerce industry is anticipated to bolster the expansion of the CRM BPO market moving forward. E-commerce, denoting online buying and selling, heavily relies on CRM BPO services to ensure seamless customer interactions, personalized experiences, and efficient operations, ultimately enhancing customer satisfaction and loyalty. For instance, as per a report by the International Trade Administration in October 2021, it is projected that e-commerce transactions for consumer goods will constitute approximately 22% of global retail sales, experiencing over 1% average growth by 2024. The report also forecasts an 8% consistent long-term surge in global retail e-commerce sales until 2024. Consequently, the flourishing e-commerce industry drives the growth trajectory of the CRM BPO market.

Product innovation emerges as a prominent trend gaining traction within the CRM BPO market. Major players in this sector are dedicated to developing innovative solutions, aiming to gain a competitive edge. For instance, in June 2021, Intellinetics, Inc., a U.S.-based content services software company, launched its new suite of Business Process Outsourcing (BPO) services. These services stand out for their adaptability to evolving client needs and their expansion of service portfolios into new markets. The integrated solutions by Intellinetics represent a seamless expansion of their core expertise in document conversions, digital and physical mail processing, enterprise content management solutions, and records storage and retrieval. These solutions are supplemented by Accounts Payable invoice processing, digital mailroom services, and claims processing capabilities.

Key players in the CRM BPO market are strategically embracing partnership models to drive digital transformation and bolster their offerings in artificial intelligence (AI). These strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For example, in August 2023, Arvato CRM Solutions, a German IT service management corporation, collaborated with KYP.ai, a German innovator in productivity mining solutions. This partnership is set to elevate Arvato's existing AI and robotic process automation solutions, marking a significant leap in digital transformation through AI-driven intelligent automation. Introducing the pioneering product, Arvato's Discovery Engine (ADE), empowered by KYP.ai's unique productivity mining platform, ADE identifies opportunities, potential cost reductions, utilization gaps, and areas ripe for automation. This groundbreaking solution aims to revolutionize customer service and experience by optimizing the synergy between human resources and processes. The partnership empowers Arvato with enhanced capabilities to offer clients data-driven decisions and recommendations, ultimately enhancing productivity based on real-world data insights.

In December 2022, InflowCX, a U.S.-based provider offering strategic advisory, consulting, professional, and managed services for contact center and unified communications technologies, acquired BPO Partners in an undisclosed transaction. This acquisition aligns with InflowCX's strategic objectives to bolster technical services, outsourcing, and consulting for contact center operations and technologies. BPO Partners, based in the U.S., specializes in assisting clients in achieving top-tier customer experiences.

Major companies operating in the crm bpo market report are Alorica Inc., Atento S.A., Comdata Corporation, System International Telemarketing, Sykes Enterprises Incorporated, TTEC Holdings Inc., Teleperformance SE, Webhelp India Private Limited, Concentrix CVG Philippines Inc., Startek Inc., Amdocs Development Centre India LLP, Serco Group plc, Infosys Limited, Accenture plc, Hewlett Packard Enterprise company, Chinetek Group Co. Ltd., SyaRose Technology Services Inc., SAP SE, International Business Machines Corporation, Fujitsu Limited, Capgemini Service SAS, Cognizant Technology Solutions Corp., Dell Technologies Inc., Atos SE, HCL Technologies Ltd., Genpact Limited, Wipro Limited, Tech Mahindra Limited, Convergys Corporation, Arvato AG

North America was the largest region in the CRM BPO market in 2023. The regions covered in the crm bpo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the crm bpo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The CRM BPO market includes revenues earned by entities through automatic data entry, inbound and outbound support, chat and technical support, and telemarketing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.