USD 75.88 billion
Customer Experience (CX) Outsourcing Services Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment(On-premises, Cloud), By Application(IT or Administrative Support Outsourcing, Marketing & Sales Outsourcing, Processes Specific Outsourcing, Project outsourcing), By Industry(Healthcare, Government, BFSI, Real Estate), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2051 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|Tables:
118
|Figures:
77
Customer Experience (CX) Outsourcing Services Market Insights
Customer Experience (CX) Outsourcing Services Market size was valued at USD 75.88 billion in 2019 and is poised to grow from USD 78.92 billion in 2023 to USD 112.32 billion by 2031, growing at a CAGR of 4.01% in the forecast period (2024-2031).
Outsourcing customer experience enables businesses to concentrate on their core capabilities. The companies' additional expenditures can be reduced with the aid of outsourcing services. The need for outsourcing services is being driven by the increasing functional complexity of businesses. Additionally, outsourcing services' experience contributes to bettering customer service. By using customer outsourcing services, businesses may give equal attention to shareholders and consumers.
Due to their expanding consumer base and rapidly increasing business, huge corporations are unable to adequately respond to their inquiries. As a result, big businesses are quickly utilizing outsourcing services for customer experience. Small and medium-sized businesses, on the other hand, lack the resources to offer focused client services. This is fueling the market's expansion even further.
US Customer Experience (CX) Outsourcing Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
4.01% CAGR
Global Customer Experience (CX) Outsourcing Services Market ($ Bn)
Country Share for Europe Region (%)
Country Share for North America Region (%)
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Customer Experience (CX) Outsourcing Services Market Segmental Analysis
The Global Customer Experience (CX) Outsourcing Services Market is segmented based on component, deployment, application, industry, and region. Based on Components, the Customer Experience (CX) Outsourcing Services Market is categorized into Software and Services. Based on Deployment, the Customer Experience (CX) Outsourcing Services Market is categorized into On-premises and Cloud. Based on Application, the Customer Experience (CX) Outsourcing Services Market is categorized into IT or Administrative Support Outsourcing, Marketing & Sales Outsourcing, Processes Specific Outsourcing, and Project outsourcing. Based on Industry, the Customer Experience (CX) Outsourcing Services Market is categorized into Healthcare, Government, BFSI, Real Estate, and Manufacturing. Based on region, the Customer Experience (CX) Outsourcing Services Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Customer Experience (CX) Outsourcing Services Market Analysis by Deployment
On the basis of deployment, the on-premises segment is expected to dominate the global customer experience (CX) outsourcing services market over the forecast period. The on-premises consumer experience solutions are estimated to increase at the quickest rate. The on-premises systems offer superior administration and data security. Due to increasing regulatory compliances like GDPR, CCPA, and revised needs, on-premises-based solutions are being adopted more frequently.
The adoption of cloud-based consumer experience solutions is fueled by SMEs' growing use of cloud computing. Similar to this, the increasing use of cloud-based consumer experience solutions across a variety of industry verticals, including BFSI, healthcare, retail, government, and others, is anticipated to increase demand, and the segment is predicted to grow at the highest CAGR over the course of the forecast period.
Global Customer Experience (CX) Outsourcing Services Market By Component
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Customer Experience (CX) Outsourcing Services Market Regional Insights
Based on the region, the European region currently dominates the global customer experience (CX) outsourcing services market. This is due to the high cost of in-house services in the region. The decline in industry headcount is also accelerating market expansion in Europe. The corporations in the UK, Germany, and Denmark are heavily utilizing outsourcing services across industries, according to EY's Outsourcing.
North America is also estimated to command the market and account for the highest revenue share, during the forecast period. The region's large businesses are heavily utilizing outsourcing services. The US is expanding rapidly as a result of businesses' increased attention to consumer satisfaction. The country's dominant industries, including BFSI, healthcare, IT, and telecom, are moving toward outsourcing services in order to concentrate on their core capabilities.
Due to the region's accelerating industrial growth, Asia Pacific is projected to have substantial growth. Customers are interacting with businesses at a high pace in nations like China, India, and Japan. The need for customer experience outsourcing services is rising in China as a result of the country's expanding number of multinational corporations and businesses. Market for customer experience outsourcing services is expected to increase moderately across Latin America, the Middle East, and Africa.
Global Customer Experience (CX) Outsourcing Services Market By Region
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Customer Experience (CX) Outsourcing Services Market Dynamics
Customer Experience (CX) Outsourcing Services Market Drivers
- Technological developments are fueling the market expansion: Companies are implementing a variety of new technologies in response to the growing demand from customers for a better customer experience. Because of the vast potential and the investors who are investing to make money, this subject is receiving greater attention. In this competitive and dynamic industry, the use of artificial intelligence, advanced analytics, omnichannel capabilities, and effective security measures is becoming increasingly important. As an example, Amazon introduced "NOW" customer service, which strives to respond to consumer inquiries as quickly as possible. It utilizes cutting-edge technology services.
Customer Experience (CX) Outsourcing Services Market Restraints
- Increased regulatory compliance and data privacy concerns to limit the market growth: As more people use digital platforms, worries about data security and privacy have grown. Increased cybercrime and data theft have a significant negative influence on consumer experience. In response to an increase in data breaches and data protection, the government adopted new legislation. For instance, the European Union's General Data Protection Regulation establishes data protection laws and keeps track of a person's actions while they are inside the EU. To give customers access to or updated control over their personal data, the federal government introduced the California Consumer Privacy Act. Similar to this, other government regulations like the Family Educational Rights and Privacy Act (FERPA), Sarbanes-Oxley Act, Health Insurance Portability and Accountability Act, Payment Card Industry Data Security Standard (PCI), and Health Insurance Portability and Accountability Act (HIPAA) provide data protection regulations to secure customer sensitive information. While utilizing client data, vendors of customer experience solutions need to handle regulatory compliance. Such governmental rules are likely to slow market expansion.
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Customer Experience (CX) Outsourcing Services Market Competitive Landscape
Players collaborate and invest in businesses that are creating cutting-edge technology to enhance the capabilities of customer experience solutions. In order to increase their market position, the major firms participate in a number of acquisitions, partnerships, collaborations, and mergers.
Customer Experience (CX) Outsourcing Services Market Top Players Company Profiles
- Accenture plc
- Alorica Inc.
- Convergys Corporation
- Genpact Limited
- Sitel Group
- Teleperformance SE
- Transcom Worldwide AB
- Aegis Ltd.
- Arvato AG
- Atento S.A.
- HCL Technologies Limited
- Infosys Limited
- Sykes Enterprises, Incorporated
- TTEC Holdings, Inc.
- VXI Global Solutions LLC
- Webhelp SA
- Wipro Limited
- 24-7 Intouch Holdings Ltd.
- Capgemini SE
- Concentrix Corporation
Customer Experience (CX) Outsourcing Services Market Recent Developments
- In March 2022, Conectys partnered with one of the biggest nutrition and beauty firms in the world as their sole global partner for customer experience solutions. The client, who has operations in the United States, Dublin, and Seoul, creates nutrition solutions that are as convenient as possible for people at each stage of life.
- In March 2022, Conectys teamed with an inspirational television network, in order to assist clients streamline and manage the costs of their customer experience initiatives.
Customer Experience (CX) Outsourcing Services Key Market Trends
- Incorporation of Virtual Assistants: Virtual assistants use customer insights derived from historical data to automate customer interactions. By offering 24x7 customer assistance, multilingual support, quick and accurate response, and other services, integration of virtual assistants like Amazon's Alexa, Apple's Siri, and others help redefine client engagement. Similar to this, virtual assistants assist in automating routine operations, speeding up self-service responses, and condensing organizational hierarchies to enhance employee and customer experience. It is anticipated that this aspect would increase demand for consumer experience solutions. Virtual assistants are being created for applications by companies like SAP SE, Salesforce, and Oracle Corporation. The use of these virtual assistants, also known as bots, by businesses to study consumer sentiment and provide tailored customer suggestions will increase demand for these products in the upcoming years.
Customer Experience (CX) Outsourcing Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global customer experience (CX) outsourcing services market is currently led by countries in the European region, due to the high cost of in-house services in this region. Along with this, the on-premises segment is projected to lead the market due to the superior administration and data security provided by them, over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 75.88 billion |
| Market size value in 2031 | USD 112.32 billion |
| Growth Rate | 4.01% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Customer Experience (CX) Outsourcing Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Customer Experience (CX) Outsourcing Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Customer Experience (CX) Outsourcing Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Customer Experience (CX) Outsourcing Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Customer Experience (CX) Outsourcing Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Customer Experience (CX) Outsourcing Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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