Albany, NY -- (SBWIRE) -- 09/21/2018 -- Outsourcing is a process where an organization selects an efficient third party service provider to effectively manage and operate its customer relationship management unit. Outsourcing of the CRM activities has emerged as a promising solution to meet increasing demand for quality CRM activities and rising costs associated with it. The CRM industry is in the process of revolutionizing itself with the addition of new services offerings such as modern communication and social media platforms.
In addition, the CRM activities, which provide flexibility for both clients and workers, are posed to generate greater revenue opportunities. In the last few years, trend of CRM outsourcing has grown significantly among large-sized organizations and it is further expected to attract large numbers of mid-sized organizations in following years. In some cases of outsourcing, the entire information technology and management system is outsourced, while in some other cases, only key application services such as CRM, billing system, and Enterprise risk management (ERM) are outsourced.

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High cost of in-house customer support is the major driving factor for outsourcing the CRM activities. The need for CRM services was in earlier stage driven by sales of technical services and products; however, eventually increasing cost of customer support and management lead to rise in adoption of CRM outsourcing. In addition, "Follow the sun" service provisioning can be done by outsourcing the CRM activities.

This provides the customers of the company with no time delays and high quality services. CRM outsourcing eventually results into lower employee turnover allowing the companies to focus on development of their core offerings. However, higher training costs associated with the CRM outsourcing and costumer-agent cultural differences inhibiting quality of CRM services are some of the factors hindering the growth of global CRM outsourcing market. Integration of social media outreach, media channels, video chatting, and mobile phone application is expected to be the next major phase in the CRM development.

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Global CRM outsourcing market is segmented on the basis of service, industry, and geography. On the basis of industry, the CRM outsourcing market is segmented into Banking, Financial services and Institutions (BFSI), telecommunication industry, travel and hospitality industry, healthcare sector, retail industry, government, manufacturing, insurance, education industry, and utility sector. Retail and BFSI are the industries holding major market shares in the CRM outsourcing market.