Outsourced Customer Care Services Market Size
Outsourced Customer Care Services Market size was over USD 70 billion in 2016 and is predicted to grow at an estimated CAGR of 6% from 2017 to 2024.
To get key market trends
Download Free Sample
The demand for mobility services on various platforms is anticipated to drive the outsourced customer care services market growth over the forecast timeline. Consumers have become increasingly connected due to the use of smartphones which necessitates the need for modernizing the overall user experience.
A multi-channel solution enables the firms to deliver services more efficiently accompanied with insights and information to enhancing the marketing communications. As requirements are growing speedily, a more rapid shift in preference from enriched to transformational services is being witnessed in the outsourced customer care services market. There is a rising demand for instant messenger form of customer service which can be employed on various platforms. This is done to ensure that the firms are in constant touch with their clientele and can resolve the issues rapidly.
Outsourced Customer Care Services Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2016 |
| Outsourced Customer Care Services Market Size in 2016 |
70 Billion (USD) |
| Forecast Period |
2017 – 2024 |
| Forecast Period 2017 – 2024 CAGR |
6% |
| 2017 – 2024 Value Projection |
110 Billion (USD) |
| Historical Data for |
2013 to 2016 |
| No. of Pages |
120 |
| Tables, Charts & Figures |
48 |
| Segments covered |
Service and Region |
| Growth Drivers |
- Transition towards host based customer service
- Demand for low cost services
- Low cost of resources
- Presence of bilingual and multi lingual agents
- Rising demand and presence of tax free zones
|
| Pitfalls & Challenges |
- Lack of transparency
- Hidden costs associated with outsourcing
|
What are the growth opportunities in this market?
Download Free Sample
The outsourced customer care services market enables firms to focus on their core competencies and offer cost savings. A large number of firms are turning towards outsourcing to attain benefits such as minimizing overhead cost, enhancing operational flexibility and increasing service levels.
Outsourced Customer Care Services Market Analysis
Customer service is more important than ever before. People want their problems solved quickly and easily, and they want help that is tailored to their specific needs. That's why companies are turning to outsourced customer care services. These companies specialize in building strong relationships with customers and providing support that is convenient and effective. They can help businesses improve customer retention, increase revenue, and stay competitive in today's market. Customer service providers know that satisfied customers are key to success. They focus on delivering high-quality pre-sales and post-sales services that add value and improve the customer experience. This helps businesses build long-term relationships with their customers and drive growth.
Services such as managed charging and routing, and contact center are predicted to augment sales and gain loyalty in the outsourced customer care services industry. Helpdesk services enhance the overall user experience, and improves retention. Therefore, the companies are delivering multi-channel and multi-tiered support, along with advanced services such as network troubleshooting, software and hardware support.
North America is anticipated to increase its focus on outsourcing customer care services due to the rising demand for delivering active customer care and the increasing infrastructure facilities. In addition, the high cost of resources has led to offshoring to various Asian countries such as Philippines and India. The changing consumer behavior and less inbound call volumes will impact the regional outsourced customer care services market growth. The service providers in the region are expanding their technology platforms to cater to the consumers in a more efficient manner.
The low cost of resources and presence of English speaking individuals characterize the LATAM market. The reduction in telecom rates, rising penetration of internet, and presence of educated, bilingual agents will escalate the demand in the region. Furthermore, the time zone and geographic proximity similarity of Latin America to the U.S. also makes it a popular outsourcing destination.
Outsourced Customer Care Services Market Share
Industry players include
- Aegis
- Synnex Corporation
- Accenture
- Expert Global Solutions
- Amdocs
- StarTek
- Convergys Corporation
- Transcom Worldwide
Owing to the presence of several industry players, players are concentrating on expanding their services and increasing acquisitions to gain prominence. For instance, in 2015, Microsoft Corp and Infosys partnered to provide the Finacle suite of solutions on Microsoft Azure. Outsourced customer care services market players have to comply with varying consumer requirements and deliver multichannel solutions.
Vendor selection is the major decision maker for this process. Companies conduct numerous tests to confirm that they are commencing outsourcing with a reliable vendor. The growing usage of cloud-based and host-based services have made them relatively inexpensive and has increased the penetration into SMBs resulting in an increase in the market growth.
Outsourced Customer Care Services Industry Background
Hey there! The customer care industry is booming, and for good reason. Companies are realizing the value of outsourcing their customer service to companies that specialize in keeping customers happy. Outsourcing gives businesses the power to manage their customers and meet their needs more effectively. Thanks to the rise of big data and cloud technology, the market for outsourced customer care is expected to skyrocket in the next seven years. With outsourcing, companies can focus on what they do best, while also saving money. And thanks to multi-channel solutions, businesses can reach their customers on the channels they prefer. As technology advances and consumer behavior changes, the demand for efficient customer service is only going to grow. So if you're not already outsourcing your customer care, now's the time to consider it.
