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Outsourcing is a process where an organization selects an efficient third party service provider to effectively manage and operate its customer relationship management unit. Outsourcing of the CRM activities has emerged as a promising solution to meet increasing demand for quality CRM activities and rising costs associated with it. The CRM industry is in the process of revolutionizing itself with the addition of new services offerings such as modern communication and social media platforms. In addition, the CRM activities, which provide flexibility for both clients and workers, are posed to generate greater revenue opportunities. In the last few years, trend of CRM outsourcing has grown significantly among large-sized organizations and it is further expected to attract large numbers of mid-sized organizations in following years. In some cases of outsourcing, the entire information technology and management system is outsourced, while in some other cases, only key application services such as CRM, billing system, and Enterprise risk management (ERM) are outsourced. 
 
High cost of in-house customer support is the major driving factor for outsourcing the CRM activities. The need for CRM services was in earlier stage driven by sales of technical services and products; however, eventually increasing cost of customer support and management lead to rise in adoption of CRM outsourcing. In addition, “Follow the sun” service provisioning can be done by outsourcing the CRM activities. This provides the customers of the company with no time delays and high quality services. CRM outsourcing eventually results into lower employee turnover allowing the companies to focus on development of their core offerings. However, higher training costs associated with the CRM outsourcing and costumer-agent cultural differences inhibiting quality of CRM services are some of the factors hindering the growth of global CRM outsourcing market. Integration of social media outreach, media channels, video chatting, and mobile phone application is expected to be the next major phase in the CRM development. 
 
Global CRM outsourcing market is segmented on the basis of service, industry, and geography. On the basis of industry, the CRM outsourcing market is segmented into Banking, Financial services and Institutions (BFSI), telecommunication industry, travel and hospitality industry, healthcare sector, retail industry, government, manufacturing, insurance, education industry, and utility sector. Retail and BFSI are the industries holding major market shares in the CRM outsourcing market. Furthermore, on the basis of services, the market for CRM outsourcing is segmented into telemarketing services (outbound sales activities, inbound sales, cross-sell, up-sell), order management services (book/order taking, subscription services, account activation, cancellations), customer services (general inquiries, billing management), and technical support services (equipment installation service, troubleshooting, software usage/activation, remote resolution). Asia Pacific was one the fastest growing geographical region in terms of revenue and market share for CRM outsourcing market. India and Philippines are the most prominent call center destinations, however offshore destinations are becoming broader including regions such as Eastern Europe and Latin America. 
 
Accenture PLC, Allscripts Healthcare Solutions, Inc., Anthelio Healthcare Solutions, Dell, Inc., Cognizant Technology Solutions, HCL Technologies Ltd., IBM Corporation, Hewlett-Packard Company, Mckesson Corporation, Infosys Limited, Siemens AG, Wipro Limited, Tata Consultancy Services Ltd., and Xerox Corporation are some of the major players in the global CRM outsourcing market.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 
  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World  
This report provides comprehensive analysis of 
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for upcoming years 
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 
 
Reasons for Buying this Report
  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth 
  • It provides a six-year forecast assessed on the basis of how the market is predicted to grow 
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
  • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments 
  • It provides distinctive graphics and exemplified SWOT analysis of major market segments 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Crm Outsourcing Market