Outsourced Customer Care Services Market – Companies have traditionally been relying on Customer Relationship Management (CRM) for dealing with customers. Improving overall customer experience involves offering customized and personalized interaction, which is a continuous process.
Asia Pacific outsourced customer care services market was valued USD 10 billion in 2013 and is likely to grow at 7% over the forecast period. Emergence of India and Philippines as preferred outsourcing destinations owing to the availability of cheap labor and fluency in English have played a pivotal role in regional demand growth. The focus on effective mobile customer care is steadily rising, with buyers looking for mobility services across different platforms. Growing cloud and host-based services, along with trends such as big data and social media are expected to intensify market competition over the next few years.
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Vendor selection is one of the key deciding factors for the success of an outsourced customer care services market. Companies conduct several checks to ensure that they are about to commence business process outsourcing with a trusted vendor. The increasing use of host-based and cloud-based services has made customer care services affordable and has enabled greater penetration into broader sets, particularly SMBs resulting in an increase in industry growth.
North America outsourced customer care services market size, by service activity, 2012-2020 (USD million)
Customer interaction market size was valued over USD 51 billion in 2014, and was the foremost service activity segment. It is accountable to observe substantial gains, with forecast of USD 68.5 billion by 2020. It comprise of communications across several different channels, such as telephone, e-mail, instant messaging, social media and SMS. Currently, process-centric service platform for multi-channel customer communications are being designed to enhance the quality of customer interaction which in turn drive the industry growth.
CRM technology hosting was likely to achieve USD 7,500 million by 2020, at a CAGR of 11.7% from 2014 to 2020. It enhances customer satisfaction levels at reduced costs, as companies need not develop and maintain in-house capabilities, and employ the services of outsourcing specialists. This is expected to excite the industry growth over the next six years.
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North America outsourced customer care services market was valued over USD 32.5 billion in 2013, with gains estimated at over 4% during the forecast period. Developing infrastructure facilities and delivering dynamic customer care services has surge the growth in the region. Further, the region is expected to witness an increased demand for tech support services and CRM hosting services, which can be attributed to the tech savvy and sophisticated population. EMEA was likely to attain USD 16 billion by 2020, with gains estimated of over 4% from 2014 to 2020.
Competitive Market Share
The global outsourced customer care services market share is lead by a few major companies in 2013. The players are indulged into mergers & acquisitions activities in order to expand its workforce and operation across the globe. For instance, infosys announced an extension to its partnership with Microsoft Corp in 2015. As part of this collaboration, the Finacle suite of solutions will be available on Microsoft Azure. Other major companies include Accenture, Aegis, Amdocs, Expert Global Solutions, Convergys Corporation, Synnex Corporation, StarTek Inc and Transcom Worldwide among others.
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