Outbound Telemarketing Market

The key drivers for outbound telemarketing market are the growing need for low-cost telemarketing services across enterprises to increase sales and need for compliance with government regulations. However, concerns related to cybersecurity acts as a major restraining factor, which is expected to limit the market growth. The market seeks opportunities with the emergence of new technologies such as chatbots and cloud-based contact center solutions that offer faster, easier, and affordable solutions to companies to fulfill their IT demands without having to come up with their own infrastructure or invest in developing, maintaining, and creating the required resources.

Low cost and best-in-class services offered by outbound telemarketing service providers are some of the key factors driving the outbound telemarketing market. There are several benefits offered by the outbound telemarketing service providers that help enterprises to retain their existing customers as well as acquire new ones. The end-to-end range of services included in outbound telemarketing covers lead generation, call handling, appointment settling, lead management, event marketing, and quality lead identification and conversion. The company also offers customer support services, which enable organizations to maintain the customer relationship, with call centers offering various facilities such as call routing or interactive voice response, call management, and customer services that enable the customers to contact the companies and raise their issues easily if any. Moreover, outbound telemarketing services also provide companies accurate and quick reporting, improves the productivity of the process by reassigning the resources swiftly according to requirement. Outbound telemarketing service providers also offer other add-on services, such as account management, order management, technical support, and document management that enhance the overall efficiency of the company at a very low cost as compared to similar in-house operations. A wide range of services offered at low cost has attracted enterprises to avail them and solely focus on their core business operation—research and development of products.

Over the years, outbound telemarketing service providers have been offering services with cost-effective solutions through the traditional way. However, the emergence of new cloud computing and artificial intelligence (AI) technologies is changing the process of telemarketing services by reducing the cost and accelerating the growth. Many IT companies have emerged in recent years that have developed intelligent chatbots for telemarketing and providing customer services. These solutions have been very useful in complementing the existing telemarketing services by reducing human efforts and improving the customer experience. Many enterprises have already adopted AI-based chatbots that are able to recognize human speech and understand the client’s intent irrespective of the phrases used by the client.

Many service providers are also investing in cloud computing for reducing the cost related to office space and infrastructure. Additionally, the small- and medium-sized enterprises are adopting virtual storage and systems to overcome the cost of hardware, data centers, and software and increase mobility. Moreover, with advancements in technology, the BPO sector is shifting towards robotic process automation (RPA). The introduction of RPA in BPO services is expected to reduce the number of employees and save the cost and time with the help of process automation. Moreover, AI and omnichannel solutions for clients to interact with businesses can prove to be an advantage for the organizations in the near future, with ongoing developments. Thus, the emergence and adoption of technologies in the coming years is expected to drive the market.

The outbound telemarketing service providers have to follow the rules and regulation set up by the government for maintaining the privacy of customer data or information. The threat of cyberattacks and data breaches faced by the organization and BPO service providers is increasing as hackers have developed sophisticated techniques to attack their systems and gain access to critical customer information. A BPO company [24]7.ai in India had witnessed a few instances of data breaches in 2017 as the company’s servers were hacked and information of online customer payment of a small number of clients was exposed. As outbound telemarketing is a service in which third-parties get involved, it increases the chances of a data breach which is likely to hamper the growth of the market. Cybersecurity is one of the major concerns among enterprises and due to this they hesitate to share their customer data with outbound telemarketing service providers, especially Tier 3 and Tier 4 companies with a higher risk of financial loss.