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2024 U.S. Industry Statistics & Market Forecast - Telephone Answering Services


Market Size & Industry Statistics

The total U.S. industry market size for Telephone Answering Services: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.

Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.

Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics        2019        2020        2021        2022        2023
Market Size
(Total Sales/Revenue)


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Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Average Revenue Per Employee
Statistics Source: U.S. Census, AnythingResearch Analysis of Federal Data



Market Forecast

Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.





Forecast / Industry Outlook 2024 2025 2026 2027 2028
Market Forecast ($ millions)
Projected Industry Growth Rate (%)
Source: AnythingResearch Economic Analysis

Industry Insights

The Telephone Answering Services industry has experienced significant growth in recent years, largely driven by advancements in technology and the increasing demand for outsourcing services. Key trends affecting this industry include the rise of virtual receptionist services, the adoption of artificial intelligence (AI) and chatbots, and the demand for multi-channel communication capabilities.

One of the most significant trends impacting the industry is the increasing popularity of virtual receptionist services, which are designed to provide the same level of customer support as a live receptionist but at a fraction of the cost. This trend is also being driven by the need for businesses to operate more efficiently, and the growing trend towards remote and flexible work arrangements.

Another emerging trend is the adoption of AI and chatbots, which allow businesses to automate their customer service operations and reduce costs. These technologies can be used to handle simple queries, freeing up human agents to deal with more complex issues. AI can also be used to personalize customer interactions, increasing engagement and loyalty.

Finally, businesses are increasingly demanding multi-channel communication capabilities, including text messaging, email, and social media. This trend is being driven by the increasing use of mobile devices and the growing preference for digital communication channels.

Overall, these trends are expected to shape the Telephone Answering Services industry in the coming years, driving increased demand for virtual receptionist services, AI and chatbots, and multi-channel communication capabilities.



Product & Services Breakdown

Research products and services in the Telephone Answering Services industry generating sales. Note that products are broken into categories with different levels of classification.

Product DescriptionNumber of Companies Sales ($ millions) Percent of Total Sales

Industry Total

Telephone Answering And Messaging Services, Including Contact/Call Center Services

All Other Receipts

All Other Operating Receipts



U.S. Geographic Distribution: Revenue Statistics by State

Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.

U.S. map by state

Income Statement (Average Financial Metrics)

Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.

Industry AveragePercent of Sales
(Industry Benchmark)
Total Revenue

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Operating Revenue
Cost of Goods Sold
Gross Profit

Operating Expenses
Pension, profit sharing plans, stock, annuity
Repairs
Rent paid on business property
Charitable Contributions
Depletion
Domestic production activities deduction
Advertising
Compensation of officers
Salaries and wages
Employee benefit programs
Taxes and Licenses
Bad Debts
Depreciation
Amortization
Other Operating Expenses
Total Operating Expenses
Operating Income
Non-Operating Income
EBIT (Earnings Before Interest and Taxes)
Interest Expense
Earnings Before Taxes
Income Tax
Net Profit
Net Income
 
Source: AnythingResearch Analysis of U.S. federal statistics




Financial Ratio Analysis

Financial ratio information can be used to benchmark how a Telephone Answering Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.

Profitability & Valuation RatiosIndustry Average
Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Telephone Answering Services industry is performing.
Profit Margin
Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues.
Return on Equity (ROE)
Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings).
Return on Assets (ROA)
Return on Assets (ROA) is net income relative to total assets. The market research on Telephone Answering Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets.


Liquidity RatiosIndustry Average
Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability.
Current Ratio
Measures a firm's ability to pay its debts over the next 12 months.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.


Efficiency Ratios - Key Performance IndicatorsIndustry Average
Measure how quickly products and services sell, and effectively collections policies are implemented.
Receivables Turnover Ratio
If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
Fixed-Asset Turnover
Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue.



Compensation & Salary Surveys for Employees

Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 5%

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Chief Executives0%
General and Operations Managers3%
Business and Financial Operations Occupations 7%
Business Operations Specialists 6%
Sales and Related Occupations 17%
Other Sales and Related Workers 8%
Telemarketers 8%
Telemarketers 8%
Office and Administrative Support Occupations 61%
Financial Clerks 9%
Bill and Account Collectors 7%
Bill and Account Collectors 7%
Information and Record Clerks 39%
Customer Service Representatives 36%
Customer Service Representatives 36%
Other Office and Administrative Support Workers 5%
Source: Bureau of Labor Statistics


Telephone Answering Services Competitor Landscape & Key Companies [PREMIUM]

The most influential companies in the Telephone Answering Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Telephone Answering Services industry and adjacent sectors:

Market Leaders:
Direct Competitors

Companies with the largest market share, focused in this industry
Market leaders:
Diversified Competitors

Largest companies that have diversified operations in this and other industries
Innovators:
Direct Competitors

Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry.
Innovators:
Diversified Competitors

Innovators and Disruptors in adjacent industries that may also affect the Telephone Answering Services industry.
Source:
IncFact




Innovation News



Recent Federal Contracts for Telephone Answering Services

  • Feb 27, 2024: CUNNINGHAM COMMUNICATIONS INC (Grand Rapids, MI) awarded $1,464
  • Feb 27, 2024: METROPOLITAN COMMUNICATION SERVICES, INC. (Melbourne, FL) awarded $11,400
  • Feb 26, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $13,183
  • Feb 23, 2024: AT&T CORP. (Columbia, MD) awarded $2,100
  • Feb 22, 2024: MAGELLAN SOLUTIONS USA INC. (Brisbane, CA) awarded $3,442,800
  • Feb 22, 2024: VERIZON MARYLAND LLC (Hagerstown, MD) awarded $7,569




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