Sales And Marketing Business Process Outsourcing Market Size, Share & Trends Analysis growing at a CAGR of 9.4% from 2023 to 2030
The global sales and marketing business process outsourcing market size was estimated at USD 28.65 billion in 2022 and is projected to reach USD 57.46 billion by 2030, growing at a CAGR of 9.4% from 2023 to 2030. The increasing popularity of cloud computing has significantly boosted the sales and business outsourcing industry.
Key Market Trends & Insights
- North America is expected to witness high growth during the forecast period.
- Asia Pacific is expected to witness significant growth during the forecast period.
- Based on service type, the marketing segment is expected to witness the highest CAGR during the forecast period.
- Based on end use, the BFSI segment holds the largest share of the market in 2022.
Market Size & Forecast
- 2022 Market Size: USD 28.65 Billion
- 2030 Projected Market Size: USD 57.46 Billion
- CAGR (2023-2030): 9.4%
- North America: Largest market in 2022
- Asia Pacific: Fastest growing market
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Cloud computing enables business process outsourcing (BPO) solution vendors to achieve higher production speeds, better quality control, and reduce costs.
Cloud computing also ensures universal access, flexible provisioning, and instant computing support & system access for various business requirements. All the benefits mentioned above of cloud computing have contributed to the market’s growth during the forecast period. Cloud computing also facilitates various transactional processes, including application processing, order fulfillment, collection, and billing, among others. All these attributes are crucial for companies that deal with a large amount of data.
Several businesses have been adopting cloud computing in sales and marketing business process outsourcing to fulfill these requirements. For instance, in January 2023, Genesys, one of the pioneers in experience orchestration, partnered with Amazon Web Services, Inc. to assist organizations in creating a unique experience through deeper technology coordination and intelligent, automated solutions.
Genesys Cloud CX platform is a cloud-native solution built on Amazon Web Services, Inc. By using this platform, over 4,000 business process outsourcing solution providers today, enable their clients to focus valuable resources on core activities such as operations, supply chain, and management. This trend has been on the rise regarding the high competition in the market, as companies are looking to expand their customer base and market presence, resulting in outsourcing non-core activities.
