CRM Outsourcing Market size is expected to witness sizeable growth over 2023-2032 owing to the rising number of SMEs across the world, mainly in developed and developing economies.
According to the U.S. Small Business Administration, nearly 99% of all businesses in the U.S. are small-sized, accounting for more than 33 million establishments nationwide. Some of the key hotspots include California, Texas, Florida, and New York with small businesses ranging between 3 to 5 million. This emerging trend is expected to represent the substantial need for business management tools and CRM solutions.
The rapid adoption of CRM outsourcing services can also be attributed to their ability to increase competitiveness, optimize sales processes, reduce business risks, ensure automatic data entry and save operational costs. With a significant emphasis on superior customer experiences, enterprises across several different business verticals are looking to outsource CRM services. Moreover, the rising advancements in big data-powered CRM systems have further helped to cater to the complex and large volumes of data sets via personalized customer experience.
During the COVID-19 pandemic, the CRM outsourcing market endured significant impacts due to stringent lockdowns and social distancing norms, hindering multiple businesses worldwide. The outbreak also hampered logistics and freight activities, negatively affecting the demand for CRM services and solutions. However, the pandemic-driven digitization of businesses has encouraged SMEs to focus on outsourcing services to maintain operational efficiency and perform repetitive tasks effectively.
With regards to end-user, the BFSI segment is expected to hold a substantial share of the CRM outsourcing market by 2032. This is ascribed to the increasing adoption of CRM services to improve operations across banks and financial services. Outsourcing banking operations have also picked pace considering the enhanced accessibility to big data specialists. The growing focus on the employment of full-time processors to save costs will also proliferate the product demand.
Regionally, the Europe CRM outsourcing market size is poised to expand at a significant rate from 2023-2032 led by the growing preference for digital technologies across SMEs. Europe is home to a massive footprint of small and medium-sized businesses seeking advanced analytical tools and sophisticated CRM services. These factors are likely to complement the industry expansion across the region.
The competitive landscape of the global CRM outsourcing market consists of Xerox Corporation, Concentrix, Tata Consultancy Services Ltd., Wipro Limited., Siemens AG, Infosys Limited, Mckesson Corporation, IBM Corporation, HCL Technologies Ltd., Hewlett-Packard Company, Dell, Inc., Cognizant Technology Solutions, AMDOCS, Anthelio Healthcare Solutions, Aegis, Allscripts Healthcare Solutions, Inc., and Accenture PLC, among others. These firms are focusing on the development of highly sophisticated services compatible with next-generation technologies to improve their market foothold.