Global CX BPO market to hit $65Bn by 2032: HTF Market Intelligence
MAHARASHTRA, INDIA — The global customer experience business process outsourcing (CX BPO) market is expected to experience significant growth, reaching a massive scale by 2032, with an anticipated value of $65 billion, according to a report by HTF Market Intelligence.
Many organizations worldwide are outsourcing their customer service, sales, and technical support to reduce expenditures and improve efficiency, with the Asia-Pacific region being the fastest-growing offshore location.
Surging demand for outsourced CX services
The report notes that an 8% year-on-year growth of the market is a sign of the increasing reliance on specialized BPO firms to handle complex customer interactions.
Key players in this regard are TP (previously known as Teleperformance), Concentrix, and Accenture, which are already establishing themselves in emerging economies to meet such demand.
North America has maintained its top status as an innovation hub, with notable examples like Silicon Valley. However, a slight challenge is already on the way, as the Asian-Pacific region is also gaining ground due to its cost efficiency and skilled workforce.
Strategic expansion by key market players
To secure their market grounds, major CX BPO players are intensively focusing on high-growth markets. Corporations like Genpact are leveraging their customer engagement skills to dominate the market in emerging economies.
This growth can be attributed to the expansion of the industry, where companies must find cost-effective solutions to scale their business in terms of customer interactions.
The competition becomes more intense, and companies must differentiate themselves by offering a high level of analytics, AI-based assistance, and multilingual features. Accenture and IBM Global Services are also investing heavily in automation to enhance efficiency. With the maturation of the market, the industry is expected to continue consolidating as mergers and acquisitions increase.
The direction the CX BPO market is taking leads to a fundamental transformation in the way businesses approach managing relationships with their customers. Outsourcing can no longer be viewed as a cost-cutting measure but rather as a strategic initiative.
The future of the industry will depend on producing improved and innovative products, expanding into new geographical regions, and meeting various consumer needs.
