Outsourced customer care service providers help create strong customer relationships and cater to their requirements in a personalized manner. Customer service interaction is of crucial importance in order for organizations to drive revenue and ensure customer retention. The global outsourced customer care services market was valued at USD 56.75 billion in 2012, and is expected to grow at a CAGR of 5.2% from 2014 to 2020.
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. The use of voice as the preferred communication channel has been decreasing; however, transitioning to self-service or digital channels remains a challenge. Additionally, the focus on effective mobile customer care is steadily rising, with buyers looking for mobility services across different platforms. Surging demand for interaction through non-voice channels is expected to be a key driving force for the global market.
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Global Outsourced Customer Care Services Market, by Service Activity, 2012
Transition towards host-based customer care delivery is expected to open up opportunities, in order to enter emerging markets such as BRIC nations. In order to capitalize on this trend, companies operating in the industry have been focusing on enhancing security in order to avoid undesirable events such as outages or security breaches. 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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Companies operating in the market include Teleperformance SA, Stream Global Services, Convergys Corporation, Sykes Enterprises and West Corporation among others. Key players have been aiming to provide high quality customer care, as well as cover overall operating expenses in a profitable manner. Major industry participants serve industries including telecom, retail, financial services and internet service providers among others.
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