Outbound Telemarketing Market Size, Share, Growth, and Industry Growth, By Type (Business to Consumer and Business to Business), By Application, (BFSI, IT & Telecom, Retail, Consulting, Government, Healthcare, Manufacturing, Life Sciences, And Others), Regional Forecast To 2031

Updated On: 20 November 2023

Outbound Telemarketing Market REPORT OVERVIEW

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The global outbound telemarketing market size was USD 10230 million in 2021 and is projected to touch USD 14139.89 million by 2031, exhibiting a CAGR of 3.0% during forecast period.

Outbound telemarketing is a marketing strategy to gain new customers and maintain relationships with already existing customers. This solution provides direct interaction with the customers and offers extra advantages such as customer base building, building public image and goodwill, and strengthening customer relationships. This solution contains sales chips, sales closing, and lead generation processes. These processes help in market expansion. Telemarketing is proven to be one of the easiest and most intractable ways to reach out to customers. Additionally, it is expected to be more effective in encouraging customers to make purchases.

COVID-19 Impact: Demand for Telemarketing to Increase Due to Lockdown

The pandemic impacted every market and has had a long-lasting effect on its growth. On the contrary, pandemics positively impacted the market growth as the lockdown boosted the development of various products and services. The launch of various products required marketing, and field marketing was not possible during the lockdown. Thus, companies had to adopt the telemarketing strategy. The requirement for product promotion in the consumer goods sector played a significant role in boosting the outbound telemarketing market growth. The companies are also shifting to outbound marketing practices to grow consistently.

LATEST TRENDS

"Various Strategic Approaches Offered by Companies to Bolster Growth"

Outbound telemarketing helps promote business and allows quick interaction with potential customers. It also creates a quick harmony with the customers along with generating leads. The telemarketing services offer an easy approach to marketing strategy. It gives a cost-effective and quick method of identifying and contacting potential customers for selling a service or product. Such strategic approaches are expected to propel outbound telemarketing market growth.

Outbound Telemarketing Market Segmentation

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• By Type Analysis

By type, the market is segmented into business to consumer and business to business.

• By Application Analysis

Based on application, the market is classified into BFSI, IT & telecom, retail, consulting, government, healthcare, manufacturing, life sciences, and others. 

IT and telecom are expected to dominate the market as it is the rapidly growing sector. This sector helps the market provide enhanced services to the consumers as it offers better connectivity and quality of communication.

DRIVING FACTORS

"Adoption of Technological Advancements to Surge Growth"

The steady adoption of technological advancements is expected to drive growth in the market. The awareness of retailers showing aggressiveness in promoting their products is also estimated to contribute to the expansion of outbound telemarketing market share. The bundling of services such as analysis of customer call data and analytics to help the buyers understand the buyer’s needs is forecasted to drive major growth in the market.

"Global Urbanization and Digitization to Bolster Growth"

With the consistently rising digitization, urbanization, technological advancements, and expanding sales of networks and communication, the global outbound telemarketing market is expected to grow. The expansion of urbanization is coupled with the demand for telemarketing. The increasing trend for digitization boosts the demand for digital devices, systems, and operations, which eventually leads to higher demand for outbound telemarketing. Moreover, telemarketing is cost-effective and builds strong contacts with the customers. It involves two-way communication with customers, which strengthens the customer relationship.        

RESTRAINING FACTORS

"Negative Image of Telemarketing to Affect Market Progress"

The legal restrictions on telemarketing may hamper the growth of the market. It can be resented, especially while dealing with the customers, from business to consumers. These days, smartphones also offer the function where the user can add numbers to the “do not call lists,” which would block customer contact. Moreover, telemarketing has a negative image which is expected to hinder the business's reputation. Training the staff for telemarketing may consume a lot of time and could cost a lot. These factors are expected to hinder market growth.

Outbound Telemarketing Market REGIONAL INSIGHTS

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"Low Labour Cost to Fuel Market Growth in Asia Pacific "

Asia Pacific is anticipated to show significant growth due to its steady expansion in telemarketing. The shifting from traditional telemarketing to Omni channel marketing is estimated to help the service providers gain more customers. Additionally, the low cost of labour to outsource the services in countries such as India, China, and others is expected to drive outbound telemarketing market growth. Furthermore, the steady adoption of smartphones is supporting the demand for outbound telemarketing services. 

KEY INDUSTRY PLAYERS

"Companies Focused On Offering Customized Solutions to Customers to Progress Rapidly"

The major players strive to directly connect with their customers and enhance brand equity. Major competitors also emphasize delivering customized solutions to expand the adoption of outbound services in all sectors. Key players also focus on delivering the service in less time. Delivering the services in less time is expected to help companies gain customers in the regional market. Companies are considering the development of strategies that offer long-term growth. Moreover, significant companies are focusing on enhancing their company’s portfolio by launching advanced technologies in the market. The higher inclination of the companies toward customer retention is also expected to help the key players grow. 

List of Market Players Profiled

• TeleTech Holdings, Inc. (U.S.)
• Atento S.A. (Spain)
• Concentrix Corporation (U.S.)
• Alorica Inc. (U.S.)
• Arvato AG (Germany)
• MarketOne International LLP (U.S.)
• MarketMakers Inc. Ltd (U.K.)
• OnBrand24, Inc. (U.S.)
• Teleperformance Group, Inc. (France)
• Convergys Corporation (U.S.)

INDUSTRY DEVELOPMENT

• April 2022- Infobird Co., Ltd. revealed that it signed an agreement of cooperation with Taikang Healthcare Industry Investment Holdings. Taikang Insurance Group owns the Taikang Healthcare Industry Investment Holdings. These companies merged to help the company and its customer service department create an omnichannel intelligent contact solution to enhance the quality and efficacy of the customer service.

REPORT COVERAGE

The report covers the demographic analysis of the market, which shows the dominant regions existing in the global market. It also emphasizes the new strategic activities occurring in the market. The report also depicts the ongoing and upcoming opportunities for the outbound telemarketing market growth. The recent developments are included in the report to offer insights into the market to our stakeholders. The report offers an all-inclusive compiled information on the market. The report on analysis of regions is also included, which covers the dominating region of the global market. The key companies and their headquarters are also mentioned in the report to provide detailed information about the major players existing in the market. This report is an effective tool to be used by the players to gain a competitive edge.