With a large number of small and large players across the globe, the vendor landscape of the global outbound telemarketing market is largely fragmented and intensely competitive, observes Transparency Market Research in a recent report. With the view of exploiting growth opportunities to their fullest, companies are focusing on offering specialist services for aspects such as multilingual marketing, lead generation, and data procurement. Provision of value-added services such as surveys, benchmarking, database intelligence, and social network monitoring are also increasingly becoming the key strategies adopted by leading players in the market so as to strengthen their hold on the market.
Some of the leading companies in the market are Concentrix Corporation, Atento S.A., TeleTech Holdings, Inc., Alorica Inc., Teleperformance Group, Inc., Arvato AG, MarketOne International LLP, and Convergys Corporation.
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TMR analysts suggest that the global outbound telemarketing market will reach a valuation of US$12,201.4 mn by 2025, registering a CAGR of 3.7% during the forecast period from 2017 to 2025.
Asia Pacific to Hold Dominant Share in Global Market over Forecast Period
On the basis of type, the business-to-consumer type segment is not only expected to account for a significant revenue share in the global outbound telemarketing market but is also projected to expand at a significant pace during the forecast period from 2017 to 2025. Several benefits of these services such as strengthening of customer base, building of goodwill and public image, and low cost of communication will work in their favor, increasing their rate of adoption. Also, it aids in customer engagement and customer retention for different products and services that are a part of BFSI sector.
Geographically, the market in Asia Pacific dominates the global market in terms of revenue owing to low labor cost for outsourcing services in specific countries like China, Philippines, India and others. In the region, China is the leading revenue contributor and is anticipated to drive the growth of the global market over the forecast period as well, followed by Japan. South America is anticipated to witness relatively faster growth rate as compared to other regional markets. Reasonable cost of implementing server-based contact center and reduction in travelling cost to resolve client queries is aiding the growth of business-to-business segment in this region.
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Declining Costs of Voice Transmission to Bode Well for Market Growth
Business organizations are more inclined toward outbound telemarketing due to reasonable cost of setting up a call center. Additionally, it saves travel expenses and addresses customer queries. Outbound telemarketing has been an important tool for customer engagement and retention for companies across the world. Also, consumers appreciate an extremely capable customer management procedure in the grievances or complaints incidents. They expect a fast resolution from the respective organizations as well.
Rise in demand for both business-to-business and business-to-consumer services is responsible for the overall growth of the global outbound telemarketing market in the recent years. Other leading factors responsible for the growth of the outbound telemarketing market include advanced capabilities of automation, focus on account-based marketing, the declining prices of data and voice transmission over the last decade, and advances in information technology. Declining prices of voice transmission helps companies to resort to outbound telemarketing practices as a key part of their marketing strategies by making it affordable for them to reach out the new customers daily.