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(Hosting-NewsWire.com, March 27, 2020 ) Market Overview
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• The Global Contact Center Outsourcing Market is expected to grow at a CAGR of 4% during the forecasting period (2019-2026).
• The major drivers of this market include companies that aim to solely focus on core business functions as it saves their costs, hiring, and infrastructure.
• Contact center outsourcing is the business practice of contracting out call center services. Call centers handle all kinds of customer services problems, from your credit cards to appliance warranties. Companies outsource either in-house, through a separate division, or to an outside specialist.
• Organizations and businesses found it was more cost-effective to locate their call centers in areas with a lower cost of living. That way, they can pay their workers less. It helps if the area has few natural disasters to interrupt service. They also need a strong telecommunications network. In addition, When a company expands to foreign markets, it must have local call centers. The staff must understand the culture and speak the language. An outsourced call center can handle that problem on an as-needed basis.
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• The global Contact Center Outsourcing market growth is primarily driven by growing trend of automation in the industry. For instance, Chatbots are tiny programs that help simulate interactions with customers automatically based on a set of predefined conditions, triggers, and/or events. There are several advantages to using chatbots: They can be proactive or reactive. Their responses are consistent every time.
• Advanced Natural Language Processing (NLP) and Artificial Intelligence (AI) have made the chatbots much more advance then earlier and are solving business problems by providing better customer services by being available 24*7, also by giving quick solutions to the customers. Moreover, the businesses are adopting is quickly to enhance customer experience and engage a large number of customers cost-effectively. In addition, 25%-30% customer service costs can be reduced by organizations by implementing conversational solutions like virtual agents and chatbots.
• By Service Type, the global Contact Center Outsourcing market is segmented into Email Support, Chat Support, Voice (Off-shore and On-shore), and Others. In 2018, Voice support segment accounted for the majority revenue in the market. However, chat support segment is expected to witness exponenetial growth over the forecast period. The segment is further expected to increase owing to omnichannel strategies that provide holistic support and AI, enhancing and simplifying the customer engagement. In addition to these, the integration of contact centers with social media platforms helps in better understanding customers and their preferences that will lead to customer satisfaction.
• By End-User Industry, the global Contact Center Outsourcing market is segmented into IT and Telecom, BFSI, Healthcare, Retail, Government, and Other. In 2018, BFSI sector accounted for the majority share in the market. This is mainly due to capitalization of market opportunities over different geographies and the requirement for cross-selling and up-selling the products. The BFSI sector is gaining advantage by outsourcing the service, as it helps reduce operating cost and maximize customer service so that the companies in this sector can concentrate on their core business.
• By geography, the global Contact Center Outsourcing Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, Europe region is dominating the contact center outsourcing market with the highest number of call centers, followed by APAC, North America, and other regions. APAC is the having a majority share in outsourcing call center services, owing to the availability of low cost employees compared to other regions. In addition to this, the countries in APAC region have a large majority of people speaking multiple languages, which is an added benefit for call centers in this region.
• With the rising economies the greater number of mid and small-sized enterprises are growing which are investing in chatbots as it will enable the companies to engage large number of customers. Also, there is a huge investment made for the development of chatbots in APAC. For instance, Rulai launches ‘low-code’ chatbot development tool and raises $6.5 million. The development team at Rulai, with offices in Beijing and Campbell, Calif., is helmed by the renowned University of California, Santa Cruz, computer science professor Yi Zhang.
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. The major players include Conduent Inc., IBM, HP, Teleperformance SA, CGS Inc., HGS, Datamark, Inc., Infinit Contact, Five9 Inc, VADS, Alorica, Invensis, Transcosmos, Convergys, Arvato, Sykes Enterprises, Atento, and others.
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