Outsourced customer care services market revenue to cross the 100-billion-dollar milestone by 2024, LATAM to drive the global industry
In a bid to concentrate on their core competencies, renowned firms have been outsourcing their operations. Outsourced Customer Care Services Market is expected to carve a profitable growth graph subject to this very factor. As per statistics, this market is anticipated to cross USD 110 billion by 2024, with a CAGR projection of 6% over 2017-2024. Outsourcing services provides several benefits to the firm, including improved operational flexibility, lowered overhead costs, and an elevated level of assured services. Of late, the demand for mobility services on a multitude of platforms have been increasing, which will further drive outsourced customer care services industry over the years ahead.
Philippines Outsourced Customer Care Services Market Share, By Service, 2016
Outsourced customer care services market is moderately fragmented and involves the presence of numerous SMBs. In order to sustain their business position, companies have been focusing on enhancing their service portfolio. In addition, the tried-and-tested strategy of acquisitions is also a rage in outsourced customer care services industry, which players have been adopting, in order to gain global prominence. For instance, Infosys and Microsoft Corporation had partnered in 2015 to provide the Finacle solutions suite on the Microsoft Azure, the enterprise-grade, cloud computing platform.
Many companies have been exploiting the numerous opportunities offered by outsourced customer care services market to extend their profit margins and meet client requirements. These services help businesses better manage their consumer base and cater to their requirements in a rather efficient manner. Companies of late, have been adopting cloud technology and big data analytics, which will spur outsourced customer care services industry. In addition, the rising technological advancements and varying customer requirements will propel the business trends.
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LATAM outsourced customer care services market is anticipated to carve out a lucrative growth path over the coming seven years. This growth can be credited to the increasing English-speaking population and the growing penetration of the Internet. Besides, the reduction in telecom rates and the presence of highly educated agents will also spur the regional growth. LATAM also has a significantly large Spanish-speaking population, and offers the advantage of bilingual agents. Besides, the geographic proximity to the U.S. is another driving factor that makes the region a popular outsourcing destination, propelling LATAM outsourced customer care services industry.
Outsourced customer care services market can be characterized by increased sales and high revenue, provided the players offer high-grade services such as contact center and managed charging & routing. In order to enhance the overall user experience, companies have been offering multichannel and multitiered technical and business support, in addition to network troubleshooting and other services. Helpdesk services are also provided by companies to improve retention, thereby fueling outsourced customer care services industry.
CRM technology hosting is one of most lucrative service segments of outsourced customer care services market. The demand for low cost services is expected to augment the growth of this service segment over the coming seven years. CRM technology provides flexible solutions for various consumer problems and helps them use the features as they desire. Besides, it has been observed that most firms are reluctant to shift their service offering to multiple channels, which will further spur outsourced customer care services industry share from CRM technology hosting services.
Outsourced customer care services market share from customer interaction is expected to rise significantly over the coming years. This growth can be attributed to the huge demand for quick problem recovery solutions. The primary aim of outsourced customer care services industry providers is consumer satisfaction, which will propel the business demand for customer interaction in the future. Subject to the goal of building and maintaining consumer relationships and fulfilling their demands in a way that they find convenient, outsourced customer care services market from customer interaction will gain a competitive edge over the next few years.
North America is one of the most lucrative business grounds for outsourced customer care services. Pertaining to huge demand for high quality consumer care and the rise in the infrastructural facilities, North America outsourced customer care services industry is anticipated to grow remarkably over 2017-2024. Besides, pertaining to the presence of skilled labor at low costs, companies have been outsourcing their operations to Asian countries such as India and Philippines, which will substantially propel North America outsourced customer care services market. Besides, the high cost of resources in the continent is further stimulating the regional demand. The U.S. is slated to be one of the key revenue contributors.
The competitive landscape of outsourced customer care services industry includes the participation of numerous giants such as Transcom Worldwide, Expert Global Solutions, Convergys Corporation, Aegis, Accenture, StarTek, Synnex Corporation, and Amdocs. While outsourcing services, it is essential to choose the most appropriate vendor. On these grounds, companies execute several testing methodologies to verify if their outsourced service portfolio is being launched with a reliable, well-known vendor. These corporations are being increasingly drawn toward the adoption of cloud computing and host-based services pertaining to their high efficiency and reasonable costs. Players operating in outsourced customer care services market also have to comply with the changing requirements of consumers and must be able to deliver services via multichannel solutions.
Author Name : Saipriya Iyer