Challenges and Opportunities in the Sales And Marketing Business Process Outsourcing Market
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.
Gather more insights about the market drivers, restrains and growth of the Sales And Marketing Business Process Outsourcing Market
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
Sales And Marketing Business Process Outsourcing Market Segmentation
Grand View Research has segmented the global sales and marketing business process outsourcing market based on service type, end-use, and region:
Sales And Marketing Business Process Outsourcing Service Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Sales
• Marketing
Sales And Marketing Business Process Outsourcing End-use Outlook (Revenue, USD Billion, 2018 - 2030)
• BFSI
• Healthcare
• Manufacturing
• IT & Telecommunication
• Retail
• Others
Sales And Marketing Business Process Outsourcing Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Asia Pacific
o China
o India
o Japan
o Singapore
o Malaysia
o Philippines
o Rest of Asia Pacific
• Africa
o Nigeria
o South Africa
o Rest of Africa
Order a free sample PDF of the Sales And Marketing Business Process Outsourcing Market Intelligence Study, published by Grand View Research.
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