Customer Experience Outsourcing Services Market to Reach $205.1 Billion, Globally, by 2032 at 11.1% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Customer Experience Outsourcing Services Market by Service Type (Inbound and Outbound), Support Channel (Voice and Non-Voice), and End-User (Automotive, BFSI, Healthcare, Manufacturing, Media & Entertainment, IT & Telecommunications, Education, Retail & E-commerce, Travel & Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the customer experience outsourcing services market was valued at $79.4 billion in 2023, and is estimated to reach $205.1 billion by 2032, growing at a CAGR of 11.1% from 2024 to 2032.
Prime determinants of growth
The global customer experience outsourcing services market has grown due to several factors such as the growing popularity of automated customer services among businesses, and growth in digital transformation. However, the lack of skilled experts in some regions and unawareness of technology act as restraints for the customer experience outsourcing services market. In addition, an increase in spending on IT infrastructure in some of the developing countries will provide many opportunities for the market's development during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $79.4 billion |
| Market Size in 2032 | $205.1 billion |
| CAGR | 11.1% |
| No. of Pages in Report | 350 |
| Segments Covered | Service Type, Support Channel, End User and Region. |
| Drivers | Surge in popularity of automated customer services among businesses |
| Growth in digital transformation | |
| Opportunities | An increase in spending on IT infrastructure in some of the developing countries |
| Restraints | Lack of skilled experts in some regions |
| Unawareness of technology |
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The outbound maintenance service segment held the highest market share in 2023
By service type, the outbound segment held the highest market share in 2023, as outbound services allow companies to analyze new markets, locations, and client segments so that companies can identify and connect with potential customers through focused outreach programs.
The voice segment held the highest market share in 2023
By support channel, the voice segment held the highest market share in 2023. As the voice segment focuses on addressing complex questions and providing technical help, and specialized services that require real-time interaction and professional intervention.
The IT & telecom segment held the highest market share in 2023
By end user, the IT and telecom segment held the highest market share in 2023. Various IT & telecommunications companies are shifting to subscription-based customer service models. Customer experience BPO services aid in the management of the complexities of client satisfaction recognition, customer support, and technical helpdesk.
North America held the highest market share in 2023
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for outsourcing services in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: -
- Teleperformance SA
- Acquire BPO
- Concentrix
- Datacom
- PROBE Group
- Serco
- Sitel
- Startek
- Stellar Global Solutions
- SYKES
The report provides a detailed analysis of these key players in the global customer experience outsourcing services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Recent Industry Development:
- In May 2024, Startek launched Startek Generative AI, a comprehensive suite of Generative AI solutions designed to expedite and enhance business processes, ensuring greater efficiency and effectiveness.
- In April 2024, Tech Mahindra partnered with Atento, to deliver end-to-end business transformation solutions and services that leverage generative AI-powered technologies, as well as customer experience (CX) consulting for customers in the U.S., Europe, the Middle East, and Africa, and Latin American regions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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