Global Outbound Telemarketing Market: Snapshot
Outbound Telemarketing is a marketing method to create new clients/customers and to retain existing ones. In sectors such as Banking, Financial services and Insurance (BFSI), IT & Telecom and consulting, outbound telemarketing is predominantly used to find prospective customers through telephone calling where they are requested to buy products or services. Owing to direct human interaction in the outbound telemarketing market, there are several advantages such as low cost of communication, strengthening of customer base, and building of goodwill and public image. As businesses across the globe are exploring opportunities to reach out to a larger consumer base, outbound telemarketing is increasingly emerging as one of the leading, most effective, and economical marketing strategies.
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The global outbound telemarketing market is envisioned to exhibit a CAGR of 3.7% over the period between 2017 and 2025, rising to a valuation of US$12,201.4 mn by 2025 from US$8,848.9 mn in 2016.
IT and Telecom Industries to Remain Key Takers
On the basis of application type, the outbound telemarketing market is segmented into banking, financial services, and insurance (BFSI), consumer goods and retail, IT and telecom, government, and others. Others include manufacturing, healthcare, life science sector. Over the forecast period, the IT and telecom sector is predicted to dominate the outbound telemarketing market over the forecast period.
In order to retain the competitive edge in the diverse telecommunication industry, enterprises are focusing on providing enhanced services to their consumers with respect to aspects such as connectivity and quality of communication. Outbound telemarketing strategy helps companies to reach out directly to the suitable customers, provide upgraded services and also get their feedback at the same time. The BFSI segment, followed by consulting, are also some of the dominant revenue contributors to the global outbound telemarketing market.
Business to Consumer Segment to Contribute Significant Share in Revenue
On the basis of type, the outbound telemarketing market is segmented into business to business and business to consumer. Business to business type involves contacting other businesses to sell products and services, gauge views or opinions, and generate leads for a client while business to consumer involves contacting consumers to sell products and services, gauge views or opinions, and understand the feedback of a client for a product or service. Business to consumer helps in reducing operational costs and creates more opportunities for sales and marketing in various industries. It is anticipated to contribute a significant share in the global revenue consistently over the forecast period.
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Asia Pacific Expected to Dominate Throughout Forecast
Geographically, the global outbound telemarketing market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Asia Pacific is expected to dominate the global Outbound Telemarketing market. Moreover, it is expected to expand rapidly among all the other regions. Low labor cost for outsourcing services in specific countries like China, India and others is expected to create new opportunities for the industry during the forecast period. Thus, Asia Pacific holds major share in the overall Outbound Telemarketing market followed by North and South America.
The report also includes a detailed account of the competitive dynamics of the global outbound telemarketing market and presents detailed business profiles of some of the leading companies in the market. The key players operating in the global outbound telemarketing market profiled in the report include TeleTech Holdings, Inc., Atento S.A., Concentrix Corporation, Alorica Inc., Arvato AG, MarketOne International LLP, Teleperformance Group, Inc., and Convergys Corporation. Regional players such as MarketMakers Inc. Ltd and OnBrand24, Inc. have also been profiled in the report.
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Adherence of Companies to Traditional Sales Channels to Drive Demand within the Global Outbound Telemarketing Market
The demand within the global outbound telemarketing market is expended to grow alongside advancements in product promotions. Sellers of consumer goods and services have shown aggressiveness in promoting their products to reach out to new consumer bases. Furthermore, the quest of the retail sector to ensure seamless inflow of revenues has also given an impetus to market growth. It is worthwhile to mention that telemarketing has turned out to be an ineffective and obsolete way of product promotion. However, several countries and companies continue to follow telemarketing practices as a part of their core strategies. Knowledge of new products and offerings plays a vital role in ensuring seamless growth and expansion of that products market.
- The aforementioned trends suggest that telemarketing has become an inherent part of the marketing approach of companies. Despite the evident misfits associated with outbound telemarketing in the contemporary scenario, the use of this traditional mode of marketing continues to remain high. Henceforth, the global outbound telemarketing market is projected to expand at a stellar pace in the times to follow. Certain sections of the consumer base are adherents of traditional marketing practices. Telemarketing can be a strong means for attracting and tapping into the psyche of these audiences. This is a stellar driver of demand within the global outbound telemarketing market.
- The COVID-19 pandemic gave rise to the development of several products and services for the purpose of utility and safety. Therefore, it was important for companies to dispel names and information about their nascent offerings. This has also led to an increase in the use of outbound telemarketing across sales channels and industries. The quest of the consumer goods segment in promoting their products during the pandemic situation has played an integral role in market growth and expansion. New companies are also resorting to outbound marketing practices in recent years.
