Sales And Marketing Business Process Outsourcing Market Size, Share & Trends Analysis Report Service Type (Sales, Marketing), By End-use (BFSI, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Sales And Marketing Business Process Outsourcing Market Size, Share & Trends Analysis Report Service Type (Sales, Marketing), By End-use (BFSI, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Sales And Marketing Business Process Outsourcing Market Growth & Trends

The global sales and marketing business process outsourcing market size is projected to reach USD 57.46 billion by 2030 and is expected to expand at 9.4% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. Cloud computing has significantly boosted the adoption of the business process outsourcing (BPO) solution, owing to better quality control and increased production speed, among others.

Moreover, cloud computing also ensures instant computing support & system access for various business requirements. These benefits include flexible provisioning, and universal access, among others. Additionally, cloud computing also enables several transactional processes, which include order fulfilment, application processing, and billing.

Several growing economies worldwide have been proactive in bringing BPO companies into the market. For instance, the Philippine Economic Zone Authority (PEZA) enables business operations by offering tax deductions for business process outsourcing firms. PEZA offers incentives that include a 5% tax on gross income from outsourcing companies, 50% training expense deductions, and permanent resident status for foreign investors whose initial investment is USD 150,000 or higher. Data privacy is another aspect various countries have pushed in line with the long-term growth goals of BPO companies. For instance, the Data Privacy Act of the Philippines ensures BPO companies comply with International Data Privacy Standards.

The lack of potential security due to BPO processes is among significant factors that are decelerating market growth. To reduce operational costs, businesses in various industries outsource several business processes to BPO providers who operate in regions with murky legal framework and implementation. This sometimes results in breach of data and infringement of intellectual property rights.

Outsourcing companies are investing heavily in cybersecurity to prevent data breaches. It not only leads to violations of data privacy, but also hampers the BPO provider's reputation. This may possibly derail the market growth during the forecast period. However, major companies in the sales and marketing process outsourcing industry have invested significant resources in data security solutions. Hence, the impact of the security concern is expected to decline over the years. However, the threat of data breaches can never be removed entirely.

Healthcare is among the top industries, leaving behind various other sectors in adopting business process outsourcing solutions. Healthcare businesses are offering better patient care as the market continues to remain competitive. Moreover, the availability of sales and marketing business process outsourcing solutions to cater to a wide range of healthcare institutions such as biotech firms, medical laboratories, pharmaceutical companies, medical equipment suppliers, and healthcare facilities remains a major positive for the market. This growing demand will likely fuel the growth of the healthcare industry in the sales and marketing business process outsourcing industry during the forecast period.

Moreover, the development of the next generation of services has enabled BPO providers to reduce costs while increasing productivity. Technologies such as machine learning and artificial intelligence are among the leading technologies which are being integrated into BPO solutions. Some of the major companies in the BPO market have been involved in various strategic initiatives to enhance sales and marketing of BPO solutions.

For instance, in November 2021, NTT MARKETING ACT ProCX Inc. (Japanese BPO vendor) selected NICE (Israeli customer experience software provider) to automate its quality management processes. NTT MARKETING ACT ProCX Inc. will utilize NICE's AI framework for automatically assessing the impact of call centre agent behavior in relation to customer satisfaction. Integrating the latest technology, such as AI, into the BPO solution is estimated to provide lucrative opportunities in sales and marketing in the BPO industry.

Sales And Marketing Business Process Outsourcing Market Report Highlights

• The sales business process outsourcing segment is expected to witness a significant CAGR of 8.9% over the forecast period. The development of this segment can be attributed to the benefits of outsourcing the sales process, such as reduced costs, improved services, better management of the business environment, accelerated organizational transformation, increased focus on core functions, and access to expert knowledge and talent
• The IT & telecommunication segment accounted for the largest market share of 34.56% in 2022 and is expected to register a CAGR of more than 9.0% over the forecast period. This industry is one of the main industries to be impacted by the launch of any new technology. For telecommunication firms, business process outsourcing has been an intelligent approach to expand and enhance their offerings
• Asia Pacific is expected to witness the highest CAGR in the market by region from 2023-2030. The growth of the Asia Pacific region can be attributed to the presence of a large number of BPO providers in the market
• Global players include Accenture, Amdocs, Capgemini, Digicall, Genpact, and NCR Corporation. These key players are adopting organic and inorganic growth strategies such as investments in R&D, product innovation, and M&A activities to acquire a larger industry share. In August 2022, Accenture announced the acquisition of The Stable, a commerce agency that helps customers build brands, operate digital commerce channels, and handle their brand and sales performance across major North American retailers. This acquisition will reinforce Accenture’s ongoing investments in commerce to accelerate growth and maintain relevancy

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