Research firm Azoth Analytics valued the worldwide customer experience outsourcing market at $90.87 billion at the end of 2022 and expects it to reach $173.68 billion by 2029, growing at a compound annual rate of 9.9 percent.
Demand for outsourced CX services is growing steadily in today's consumer-centric marketplace, the firm said, noting that companies learned during the COVID-19 pandemic that it is more important than ever to have comprehensive CX and resilient contact center operations.
The firm also noted that the CX outsourcing market has experienced a profound transformation, driven by rapid technological advancements, including artificial intelligence, automation, and cloud-based solutions. It also noted that AI-powered chatbots and virtual assistants now enable companies to provide instant responses to customer queries, 24/7, significantly improving response times and customer satisfaction while freeing human agents to focus on more complex and high-value interactions, leading to greater efficiency and cost savings.