Global Outsourced Customer Care Services Market to Penetrate the 110 Billion USD Business Realm by 2024
Jul 9, 2019
The outsourced customer care services market is expected to witness steady growth over the forecast timeline, owing to the increase in inclination of organizations towards serving the consumers in the most optimum way
Selbyville, United States - July 9, 2019 /MarketersMedia/ —
Outsourced Customer Care Services Market is projected to surpass USD 110 billion by 2024. The rising demand for non-voice interaction channels, such as chat, web, video, and social media, is anticipated to serve as a key driving force for the industry. Growing cloud-based and hosted services along with trends such as BYOD, social media, and big data are expected to augment the market competition over the coming years. The market is anticipated to witness a decline in the use of voice as the preferred communication channel and is displaying a steady transition toward digital and self-service channels.
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Improving the overall customer experience through personalized or customized interaction enables organizations to improve their performance and retain clients. Organizations often face challenges related to the lack of expertise offered by the customer care service personnel. To overcome such issues, organizations have been focusing on hiring outsourcing partners catering to the client-serving industry. This enables them to save time and function smoothly by enabling the partner to tackle common issues and challenges related to customer care.
The presence of multi-lingual and bilingual agents coupled with the availability of resources at a low cost enables organizations to offer customer care services with a global presence to manage their customers in a better manner. However, hidden costs associated with the outsourcing of customer care services and lack of transparency may hinder the market growth. In addition, security and data privacy concerns also act as inhibiting factors for the outsourced customer care services market. Social platforms are estimated to offer revenue growth opportunities for market players.
The shift in consumer preferences related to voice-based communication and reduction in inbound call volumes have pushed outsourcing vendors in the market to expand their technology platforms and meet the changing communication needs of clients. The surge in mobility and social media penetration are the key factors influencing the outsourced customer care services market, particularly in developed regions including the U.S., the UK, and Germany. The wireless subscriber base in the U.S. is anticipated to expand steadily, driving the regional growth.
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Factors, such as changes in consumer behavior and growing technological advancements, augment the need for efficient outsourced customer care services. The penetration of hosted services, particularly into the SMBs segment, is anticipated to lead to an increase in outsourced customer care services market growth over the next few years. Growing trend of consumer interaction, apart from voice calls across multiple channels such as chat, web, video, and social media, has encouraged organizations to partner with outsourcing specialists.
CRM technology hosting enables organizations to enhance the satisfaction levels of buyers in a cost-effective manner by employing the expertise of outsourcing specialists and eliminating the need for maintenance and development of in-house capabilities. CRM offers a flexible feature selection with various configuring options to match the exact client requirements. In addition, the adoption of CRM has been enabled by the hesitance of enterprises to shift to new multi-channel modes of communication. The growing demand from tech-savvy and sophisticated population has propelled the CRM outsourced customer care services market growth.
Asia Pacific outsourced customer care services market is likely to witness a rapid growth owing to the emergence of the Philippines and India as preferred outsourcing destinations due to the availability of English-proficient cheap labor in the region. The development of infrastructure facilities to adapt to wireless customer care services has surged market growth in the region. Companies operating in the industry have been aiming to capitalize on the growing trend of mobility by focusing on enhancing security and infrastructural development. Internet penetration and ubiquity of wireless connectivity serve as key drivers for market growth in the region.
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Companies operating in the outsourced customer care services market include Stream Global Services, Teleperformance SA, Sykes Enterprises, West Corporation, and Convergys Corporation, among others. Vendors have been aiming to provide multi-channel customer care by focusing on offering newer forms of service delivery. Market players cater to a huge customer base and customer-centric industries such as financial, telecom, retail, and internet solution providers, among others. Continued investments by such end-use verticals to retain customers are expected to ensure sustained market growth for outsourced customer care service providers.
Table of Contents (ToC) of the report:
Chapter 3 Outsourced Customer Care Services Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.5.3 APAC
3.5.4 RoW
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Transition towards host based customer service
3.6.1.2 Demand for low cost services
3.6.1.3 Low cost of resources
3.6.1.4 Presence of bilingual and multi lingual agents
3.6.1.5 Rising demand and presence of tax free zones
3.6.2 Industry pitfalls & challenges
3.6.2.1 Lack of transparency
3.6.2.2 Hidden costs associated with outsourcing
3.7 Growth potential analysis
3.8 Competitive landscape, 2016
3.9.1 Strategy dashboard
3.9 Porter’s analysis
3.10 PESTEL analysis
Chapter 4 Outsourced Customer Care Services Market, by Service
4.1 Global outsourced customer care services market share by service, 2016 & 2024
4.2 CRM technology hosting
4.2.1 CRM technology hosting market, 2013 - 2024
4.2.2 CRM technology hosting market, by region, 2013 - 2024
4.3 Fulfillment/Logistics
4.3.1 Fulfillment/Logistics market, 2013 - 2024
4.3.2 Fulfillment/Logistics market, by region, 2013 - 2024
4.4 Customer interaction
4.4.1 Customer interaction market, 2013 - 2024
4.4.2 Customer interaction market, by region, 2013 - 2024
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