Global Sales And Marketing Business Process Outsourcing Market Size, Share & Industry Trends Analysis Report By End-use (IT & Telecommunication, BFSI, Healthcare, Manufacturing, Retail, and Others), By Service Type (Sales and Marketing), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Sales And Marketing Business Process Outsourcing Market
Market Report Description
The Global Sales And Marketing Business Process Outsourcing Market size is expected to reach $49.2 billion by 2028, rising at a market growth of 9.5% CAGR during the forecast period.
Business process outsourcing (BPO) that particularly work as sales and marketing arm of a company are known as sales and marketing BPOs. BPO is the practice of firms contracting with an outside entity to handle specific business operations. Sales and marketing business process outsourcing has become widely relevant, as firms today heavily rely on outsourcing. By outsourcing, the business may collaborate with knowledgeable markets who complete the task of sales and marketing for them and also provide them with guidance.
Being surrounded by professionals is usually advantageous, particularly if they are focused on advancing company growth and supplying the customer with fresh market perspectives. Simply put, sales and marketing business process outsourcing will efficiently and swiftly increase revenue. A successful business relies heavily on business process outsourcing (BPO) for sales and marketing. Working with teams worldwide is now simpler than ever owing to the quickly evolving technologies of today.
Today's vertical functions range from traditional back-office duties like accounting, data processing, and payroll processing to digital services like customer support positions, contact center operations, as well as social media interactions. As a result, the staff can concentrate more on its core responsibilities instead of trying to pick up new abilities by outsourcing the task to a firm that excels in it instead of having to assist in-house resources.
For brands, providing meaningful consumer experiences is the emerging front in the market. Today's consumers want marketers to provide the appropriate user experiences at the appropriate times during each engagement. However, due to the growing complexity, creating a seamless brand experience is still a challenge.
Therefore, chief marketing officers (CMOs) look for knowledgeable international partners who can engage, run, and scale marketing administration projects, resulting in enhanced impact and marketing-led growth. An adaptive marketing operating model centered on the consumer and powered by intelligence to create amazing experiences across the organization is necessary to sustain this growth.
COVID-19 Impact Analysis
The effects of COVID-19 caused social and economic upheavals and complicated the process of outsourcing tasks. Nonetheless, these disruptions' effects on corporate operations are anticipated to ultimately fuel the industry. By reorganizing Business Continuity Plans or BCP to a distributed crew, BPO organizations have altered their business models. To create a more dependable business model that can withstand an unanticipated interruption like the COVID-19 pandemic, businesses acknowledged the significance of disaster recovery and continuous operations planning. Therefore, the pandemic harmed the sales and marketing business process outsourcing market.
Market Growth Factors
Rising use of cloud computing in the business process outsourcing industry
Industry insiders claim that during the past five years, customer demand for multi-channel communications has skyrocketed. This transformation in customer management presents a substantial opportunity for BPO service providers. BPOs have been investing in the equipment and skills necessary to provide a variety of social media and digital content management services over the past few years. These services include anything from monitoring social media to gathering company analytics and taking client feedback into account.
Increasing requirements for business agility, time effectiveness, and overall efficiency
In today's era of digitization, BPO has developed into a simple and affordable approach used worldwide. Every firm in the world is characterized by a perpetual dynamic. With a constantly changing internal and external environment, business agility aids a company in maintaining its highest capability in terms of profitability and personnel. Moreover, it enables businesses to create and provide goods and services more efficiently, transforming market disruption into a competitive asset and flourishing in challenging situations.
Market Restraining Factors
Growing concerns about privacy and data security
Since data security is now more crucial than ever, many individuals are interested in learning how BPO businesses handle data security. However, even though BPO is becoming more and more popular, many businesses worry that dealing with a third-party business process outsourcing company for their operations like sales and marketing would compromise their data security. As a result, strict government laws and regulations are needed to maintain privacy and data security. However, laws are not always efficient and helpful.
Service Type Outlook
Based on service type, the sales and marketing business process outsourcing market is categorized into sales and marketing. The marketing segment procured a considerable growth rate in the sales and marketing business process outsourcing market in 2021. Reduced staffing needs, training expenses, and resource allocation are a few advantages of offshoring or nearshoring the marketing process. One of the key drivers of the segment's expansion has been the widespread use of digital marketing, particularly with the start of the COVID-19 outbreak.
On the basis of end-use, the sales and marketing business process outsourcing market is divided into BFSI, healthcare, manufacturing, IT & telecommunication, retail, and others. The IT & telecommunication segment acquired the largest revenue share in the sales and marketing business process outsourcing market in 2021. In response to telecommunications companies' needs, BPO has proven to be a wise strategy for telecommunications companies looking to broaden and improve their offerings. The cost and resources associated with in-house hiring are high and include office space, wages, IT infrastructure, training, and maintenance.
|Market size value in 2021||USD 26.5 Billion|
|Market size forecast in 2028||USD 49.2 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 9.5% from 2022 to 2028|
|Number of Pages||193|
|Number of Table||280|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Service Type, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on region, the sales and marketing business process outsourcing market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the maximum revenue share in the sales and marketing business process outsourcing market in 2021. Major market participants may be found in North America. Many firms have led to the wider adoption of sales & marketing BPO services and solutions throughout the region's diverse businesses and industries. Moreover, Mexico has a large BPO industry because of affordable labor prices and a time zone comparable to that of the United States, making it attractive to businesses operating in the neighboring nations for services like call centers.
Free Valuable Insights: Global Sales And Marketing Business Process Outsourcing Market size to reach USD 49.2 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Capgemini SE, Genpact Limited, Infosys Limited, NCR Corporation, Teleperformance SE, Wipro Limited, Amdocs Limited, Automatic Data Processing, Inc., and Tata Consultancy Services Ltd.
Strategies deployed in Sales And Marketing Business Process Outsourcing Market
» Partnerships, Collaborations and Agreements:
- Oct-2022: Accenture expanded its partnership with Google Cloud, a cloud computing services provider, for the generation of new solutions with the use of data and AI. Through this partnership, Google cloud would enable Accenture to deliver an enhanced digital core to the clients by providing Google Cloud infrastructure and the best cloud experience.
» Product Launches and Product Expansions:
- Oct-2021: Wipro Limited introduced Technology Business Management (TBM) Practice, developed in partnership with Apptio, a business management software technology company. TBM would empower Wipro to offer solutions that facilitate businesses to comprehend the cost, quality, and worthiness of their technology investments.
» Acquisitions and Mergers:
- Aug-2022: Accenture took over The Stable, a business that links consumers with brands. With this acquisition, The Stable would provide omnichannel commerce potentiality and proficiency which would make revenue growth all over DTC channels and marketplaces and thus would enable Accenture to serve customers effectively.
- Jan-2022: Genpact acquired Hoodoo Digital, a full-service digital experience consultancy provider. With this acquisition, Hoodoo digital's expertise in providing excellent customer experience through innovation all over multiple industries would be utilized in adding Genpact's Rightpoint capabilities to empower clients to manage content, commerce, and marketing functioning.
- Dec-2021: Teleperformance completed the acquisition of Senture, a BPO operator in the US. Through this acquisition, Senture expertise in delivering crucial services to clients in the US would empower Teleperformance's citizen lines of service.
- Oct-2020: Accenture completed the acquisition of B2B Sales Firm N3, a B2B sales firm. This acquisition would fuse N3’s cloud-based AI/ML technology with Accenture’s SynOps platform allowing Accenture to synthesize multiple interactions points into useful insights facilitating clients to accelerate sales growth.
Scope of the Study
Market Segments Covered in the Report:
By End Use
- IT & Telecommunication
By Service Type
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Accenture PLC
- Capgemini SE
- Genpact Limited
- Infosys Limited
- NCR Corporation
- Teleperformance SE
- Wipro Limited
- Amdocs Limited
- Automatic Data Processing, Inc.
- Tata Consultancy Services Ltd.
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North America Sales And Marketing Business Process Outsourcing Market Report 2022-2028
Europe Sales And Marketing Business Process Outsourcing Market Report 2022-2028
Asia Pacific Sales And Marketing Business Process Outsourcing Market Report 2022-2028
LAMEA Sales And Marketing Business Process Outsourcing Market Report 2022-2028
How valuable will the Sales And Marketing Business Process Outsourcing Market be in the future?
The global Sales And Marketing Business Process Outsourcing Market size is expected to reach $49.2 billion by 2028.
What are the key driving factors and challenges in the Sales And Marketing Business Process Outsourcing Market?
Increasing requirements for business agility, time effectiveness, and overall efficiency are driving the market in coming years, however, Growing concerns about privacy and data security restraints the growth of the market.
What are the major top companies in the competitive landscape?
Accenture PLC, Capgemini SE, Genpact Limited, Infosys Limited, NCR Corporation, Teleperformance SE, Wipro Limited, Amdocs Limited, Automatic Data Processing, Inc., and Tata Consultancy Services Ltd.
At what CAGR is the Sales And Marketing Business Process Outsourcing Market estimate to grow in the forecast period?
The expected CAGR of the Sales And Marketing Business Process Outsourcing Market is 9.5% from 2022 to 2028.
Which segment shows a high revenue share of the Sales And Marketing Business Process Outsourcing Market in 2021?
The Sales segment acquired maximum revenue share in the Global Sales And Marketing Business Process Outsourcing Market by Service Type in 2021 thereby, achieving a market value of $34.8 billion by 2028.
Which region dominated the Sales And Marketing Business Process Outsourcing Market in 2021?
The North America market dominated the Global Sales And Marketing Business Process Outsourcing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $18 billion by 2028.