Global CX Outsourcing Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

DELHI, India - Oct. 19, 2023 - PRLog -- The global CX outsourcing market was valued at US$98.57 billion in 2023, and is expected to be worth US$152.13 billion in 2028. CX outsourcing, also known as Customer Experience outsourcing, refers to the practice of partnering with external service providers or third-party companies to handle various aspects of a company's customer service and support functions. Outsourcing within the customer experience (CX) management sector has grown at unprecedented rates in the past few years, and it is predicted that a strong growth environment would continue to benefit the market, due to the increasing complexity of implementing new technology. The evolution of CX outsourcing is being significantly influenced by shifts in client demographics, particularly with the increasing presence of start-up and emerging brand companies deeply ingrained in the "new economy."

As digitalization continues to gain prominence, enterprises are actively seeking CX outsourcing solutions that encompass multi-channel customer support, adept social media management, and seamless chatbot integration. To meet these demands, CX outsourcing service providers are harnessing cutting-edge technologies like artificial intelligence (AI), cloud computing, and automation, enabling them to deliver highly efficient and effective services to their clientele. This technological progression is poised to be a significant catalyst for the expansion of the CX outsourcing market in the forthcoming years. The CX outsourcing market is determined to grow at a CAGR of 5.80% over the forecasted period of 2023-2028.

Competitive Landscape:

The global CX outsourcing market is highly fragmented, with eight major players holding a share around 30% of the global market. Leading companies within the CX outsourcing market are actively engaging in partnerships and investments to leverage innovative technology for augmenting their customer experience offerings. To bolster their market standing, these industry giants are involved in a variety of activities such as acquisitions, strategic alliances, collaborations, and mergers.

The key players in the global CX outsourcing market are:

Genpact
Teleperformance SE
Transcom Holding AB
Infosys Limited
TTEC Holdings, Inc.
Majorel
Concentrix Corporation
Atento S.A.
Alorica Inc.
Foundever
VXI Global Solutions
Intouch CX

The competitive landscape of the CX outsourcing market has witnessed significant shifts in recent years. Leading players such as Teleperformance, Concentrix, TTEC, Sitel, Majorel, and Sykes (acquired by Sitel in 2021) have substantially increased their collective global market share.

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