(MENAFN- GlobeNewsWire - Nasdaq) New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CRM BPO Global Market Report 2023" -
, Infosys Limited, and Accenture.
The global CRM BPO market is expected to grow from $105.29 billion in 2022 to $108.37 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The CRM BPO market is expected to reach $118.77 billion in 2027 at a CAGR of 2.3%.
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.
Customer relationship management (CRM) refers to the managing main tasks in outsourced companies. CRM BPO (business process outsourcing) is used by businesses to help them draw in and convert leads, keep customers, and provide better services.
North America was the largest region in the CRM BPO market in 2022. The regions covered in the CRM BPO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of CRM BPO are back-office outsourcing and front-office outsourcing.Back-office outsourcing refers to the practice of using a third-party business to undertake the mundane duties of a business that don't directly involve providing the goods or services the business offers to its clients.
These are used in various enterprises that include large enterprises, small and medium enterprises, and various applications such as telecom and information technology (IT), banking, financial services and insurance (BFSI), healthcare and life sciences, government and public, retail and consumer goods, and others.
The increasing demand for automation is expected to boost the growth of the CRM BPO market going forward.Automation refers to the technology that uses less human assistance to complete tasks.
Customer satisfaction is increased by boosting the speed, efficiency, and accuracy of service delivery by automating manual operations across all outsourced front office services, including customer communications, marketing, and sales; hence, the increasing demand for automation is expected to boost the CRM BPO market. For instance, in April 2021, according to a report published by Zapier, a US-based software company that surveyed 2,000 U.S. knowledge workers from small and medium businesses, 63% of small and medium businesses (SMBs) claimed that automation helped their business quickly pivot in response to the pandemic. Currently, 66% of employees claim that automation at work enables them to concentrate on more innovative jobs and initiatives. Furthermore, 88% of SMBs conveyed that, automation helps them compete with larger businesses by enabling them to move more rapidly, close leads more quickly, spend less time on busywork, lower errors, and provide better customer service. Therefore, the increasing demand for automation is driving the growth of the CRM BPO market.
Product innovation is the key trend gaining popularity in the CRM BPO market.Major companies operating in the CRM BPO market are focusing on developing innovative solutions to gain a competitive edge in the market.
For instance, in June 2021, Intellinetics, Inc., a US-based content services software company, launched its new Business Process Outsourcing (BPO) services. The unique feature of this service is its capacity to adapt to the changing needs of current clients and broaden its service portfolio into new markets. The integrated solutions from Intellinetics are a strategic and seamless expansion of their core competencies in document conversions, digital and paper-based mail processing, enterprise content management solutions, and records storage and retrieval. They are supported by Accounts Payable invoice processing, digital mailroom services, and claims processing.
In December 2022, InflowCX, a US-based provider of strategic advisory, consulting, professional, and managed services for contact center and unified communications technologies, acquired BPO Partners for an undisclosed amount.The acquisition aims at InflowCX's development of technical services, outsourcing, and consulting for contact center operations and technologies.
BPO Partners is a US-based company that specializes in helping clients achieve best-in-class customer experiences.
The countries covered in the CRM BPO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The CRM BPO market research report is one of a series of new reports 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.
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