The global customer relationship management (CRM) outsourcing market is expected to grow at a compound annual growth rate of 5.74%, reaching US$10.66 billion by 2023, according to ResearchAndMarkets.com. The sector was valued at only US$7.63 billion last year. The growth will be driven by the increase in the costs of providing customer support in-house. Global CRM outsourcing, however, may be hampered by customer-agent cultural differences and higher training costs to service industry transformation. The report says that Asia Pacific remains the fastest growing geographical region. The Philippines and India are the most prominent call center destinations, but Eastern Europe and Latin America are also upcoming offshore locations. CRM outsourcing is a professional service provided by outsourcing vendors comprising a range of third-party services, including analytic solutions, communications management, and multi-channel customer management.
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