CRM Outsourcing Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4249
CRM Outsourcing Market size is expected to grow significantly over the forecast period due to increasing need for client management among organizations on a larger scale. The growing trend of analytics services and the arrival of Big Data will further lead to market growth. Analytics services assist in the transformation of unstructured data into structured data, which is gathered from several online channels. Advanced analytical CRM tools & solutions, such as predictive analytics, help in understanding consumer behavior patterns, increasing the demand for CRM outsourcing services. The increasing need for modernizing customer experience through mobile CRM applications in diversified sectors, such as BFSI and retail, will further result in market growth.
CRM outsourcing deals with the management of enterprises CRM components with the help of third-party service providers or outsourcing vendors. CRM outsourcing services include communications management, analytic solutions, and multi-channel customer engagement. The growing adoption of multi-channel solutions as they help firms to deliver services more efficiently by enhancing marketing communications will accelerate the demand for CRM solutions. Upholding the proficient CRM process is a critical part for organizations to make strategic decisions. Several organizations are using this software to maintain and manage a detailed customer database. As the volume of the database is increasing, it is becoming difficult for organizations to rely completely on the in-house CRM software; hence, organizations are adopting CRM outsourcing that helps in managing complex CRM databases & systems.
CRM outsourcing services assist in process automation, better client management, and increasing profitability. Companies need CRM solutions to understand and meet the requirements of changing customer interaction patterns for supporting multiple engagement channels at the same time. Cloud-based CRM helps in cost-saving and reducing database downtime, which will further increase the demand for CRM outsourcing market. The organizations that deliver CRM outsourcing services also provide individual customization of software, monitoring of operational applications, back-up service, automated updates, consistency testing of content and evaluation of data, regular service quality, and quantity reports.
North America is expected to hold a significant share in the CRM outsourcing market due to favorable government initiatives and growing investments by market players to advance their products. The increasing U.S. government initiatives to improve G2C (Government to Citizen) services thereby enhancing their customer-driven value chain will further increase the demand for CRM outsourcing market in this region. For instance, the U.S. Department of Labor (DOL) has an E-Government strategic plan focused on redefining its relationships with other agencies, businesses, and suppliers to enhance customers’ perspective in terms of government services. In North America, CRM outsourcing players are focusing on advancing their CRM solutions by collaborating with other technically advanced CRM software providers. For instance, in January 2018, IBM and Salesforce collaborated to provide an advanced solution by integrating IBM Cloud & Watson services with Salesforce Quip & Service Cloud Einstein. This solution enables organizations to connect with their customers more effectively and helps them to make smarter business decisions.
APAC is expected to show rapid growth in the CRM outsourcing market over the forecast period due to the increasing number of Small and Medium Enterprises (SMEs) and the growing adoption of CRM services in the government sector. CRM helps public sectors to serve citizens by delivering government services and increasing transparency of government works by enabling automated & rationalized interactions among citizens and government agencies. SMEs are focusing on outsourcing CRM services due to the high cost associated with CRM software and its required implementation infrastructure. SMEs are inclined toward Software as a Service (SaaS) that are cloud-based solutions for improving customer experience & customer-centricity. The players operating in the APAC region are involved in making strategic partnerships to focus on product innovations by designing advanced and automated platform. For instance, in September 2018, TCS entered into a partnership with Maxim to design a cloud-based, intelligent, collaborative, and automated platform on the Microsoft Dynamics 365 CE to increase its CRM sales.
The companies operating in the CRM outsourcing market are involved in making strategic alliances and collaborations to integrate their products with advanced technologies and provide more effective solutions for the audience. For instance, in June 2019, Hewlett Packard enterprise entered into a strategic partnership with ABB to deliver high-performance wireless connectivity solution for large industrial customers by integrating ABB smart sensor technology with HP products such as Aruba Wi-Fi and Bluetooth-enabled access points. These wireless connectivity solutions help enterprises to plan maintenance in advance, avoiding unplanned & costly downtime.
In November 2017, Accenture and Vlocity, Inc. entered into a strategic partnership to enhance delivery, systems integration, and marketing of industry-specific cloud applications for organizations operating in customer-centric industries including insurance, communications & media, health insurance, and the public sector. Some of the prominent players operating in the CRM outsourcing market are Accenture PLC, Aegis, Allscripts Healthcare Solutions, Inc., Anthelio Healthcare Solutions, Cognizant Technology Solutions, AMDOCS, Dell, Inc., HCL Technologies Ltd., Hewlett-Packard Company, IBM Corporation, Infosys Limited, Mckesson Corporation, Siemens AG, Tata Consultancy Services Ltd., Wipro Limited, Concentrix Corporation, Convergys Corporation, and Xerox Corporation.
CRM Outsourcing Market, By Enterprise size, 2014-2025 (USD Million)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
CRM Outsourcing Market, By Type, 2014-2025 (USD Million)
- Communications Management
- Multi-Channel Customer Engagement
- Analytic Solutions
CRM Outsourcing Market, By End-user 2014-2025 (USD Million)
- IT & Telecom
- Transportation & Logistics
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Accenture PLC
- Allscripts Healthcare Solutions, Inc.
- Anthelio Healthcare Solutions
- Cognizant Technology Solutions
- Concentrix Corporation
- Convergys Corporation
- Dell, Inc.
- HCL Technologies Ltd.
- Hewlett-Packard Company
- IBM Corporation
- Infosys Limited
- Mckesson Corporation
- Siemens AG
- Signity Software Solutions
- SiT Global GmbH
- Tata Consultancy Services Ltd.
- Wipro Limited
- Xerox Corporation
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