The growing relevance of client communications has played an integral role in driving demand within the global outbound telemarketing market. Companies and organizations thrive on their ability to retain customers, while reaching out to potential and new customers. In this scenario, outbound telemarketing has become a core business strategy of global firms. Furthermore, the quest of these entities to give personalized experiences to consumers has led them to contact customers for feedback and promotions. Use of telephonic calls from a central unit in a company is used to accomplish several forms of communications with consumers. Therefore, the total volume of revenues in the global outbound telemarketing market.
Transparency Market Research (TMR), in its report on the global outbound telemarketing market, tabulates the CAGR of this market at 3.70% for the forecast period between 2017 and 2025. The steady pace of market maturity can be attributed to the emergence of new modes of promotion such as email marketing and inbound channels. The total value of the global outbound telemarketing market is set to reach US$12,201.4 mn by 2025, rising up from a value of US$8,848.9 mn in 2016. Use of telemarketing services in the retail industry could fetch fresh revenue for the market vendors.
Use of Outbound Telemarketing Across Financial Institutes to Aid Market Growth
The finance and banking industries have engulfed several new technologies and methods for customer retention. Financial institutes dodge the pitfalls of weak marketing by placing direct calls to consumers and potential clients. Moreover, introduction of new products and software services in the financial sector necessitates dissipation of due information. Since outbound telemarketing is an economical mode of promotion, financial institutes and consultancies use this method for large-scale promotions. Availability of new credit schemes in banks has become a known trend to the masses. The ease of using outbound telemarketing to promote such schemes has also driven sales across the market.
Reluctance of the Masses to Take Promotional Telephonic Calls Could Hamper Market Growth
Despite the economic feasibility of using outbound telemarketing, companies are not assured of positive results from employing it for promotions. The reluctance of the masses to speak to customer care executives renders telemarketing unproductive and futile. Moreover, a large population of people use SPAM detectors to block calls from unauthorised entities or telemarketing channels. In order to reach out to customers, companies could be using private and untraceable numbers to prevent their calls from being blocked. Furthermore, the indispensability of outbound telemarketing across multiple industries shall continue to garner fresh revenues for the key vendors.
Some of the prominent players operating in the global outbound telemarketing market are Atento S.A., TeleTech Holdings, Inc., Concentrix Corporation, Arvato AG, Alorica Inc., MarketOne International LLP, and Teleperformance Group, Inc.
This review is based on TMR’s report titled, “Outbound Telemarketing Market (Application - BFSI, Consumer Goods & Retail, Consulting (Education and Job), IT & Telecom, Government, Manufacturing, Healthcare, and Life Sciences; Type - Business to Business and Business to Consumer) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
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