With companies considering consumer satisfaction as the key mantra to enhance the firm’s success, outsourced customer care services market is likely to chart out a lucrative growth map over the coming years. Outsourcing is expected to improve the operational efficiency of the company and reduce the service cost. To attract more customers and expand the existing consumer base, companies have been focusing on solving client problems as quickly and efficiently as possible. Shifting trends toward the transformational service system will thus, stimulate outsourced customer care services industry share noticeably. As per the report by Global Market Insights, Inc., “Worldwide Outsourced customer care services market having had a revenue of USD 70 billion in 2016, will collect a revenue of more than USD 110 billion by 2024 with an annual growth rate of 6% over 2016-2024.”
Excellent communication skills are one of the key requirements of customer service centers. Speaking of which, Latin America outsourced customer care services industry will generate significant revenue over the years ahead, owing to the presence of the English-speaking crowd and low-cost resources. U.S. based organizations are also likely to give increased preference to the LATAM based customer care services pertaining to the geographic proximity and time zone similarity. In addition, the presence of highly educated individuals along with the increasing penetration of the Internet will favor outsourced customer care services industry growth. Decreasing telecom rates are also a major factor fueling the product demand across this region.
Philippines Outsourced Customer Care Services Market Share, By Service, 2016
Customer care executives are liable to deal with various problem statements and are expected to be well-prepared, with multichannel solutions. Satisfactory solutions to consumer queries will enhance the reputation of the company, thereby adding profitable benefits to its profile. Surging emergence of technological advancements such as cloud technology and the like, will also help to improve the service standard, which will propel outsourced customer care services industry size notably.
Customer interaction accounted for notable revenue contribution in outsourced customer care services market and is anticipated to exhibit considerable annual growth rate over the years ahead. Increasing requirement of rapid problem-solving capabilities will fuel the segment growth. The customer interaction service provides favorable support and services to the customers as per their requirement. The main focus of the organization is to fulfill the needs of the consumers for forging long-term relationships with them. This strategy will help organizations accrue considerable revenue in the future. Most of the companies operating in outsourced customer care services market have been investing significantly to develop a multi-tiered and multi-channel support system, which will help enhance the overall user experience and improve customer retention. This, in turn, will significantly boost outsourced customer care services market share.
To sustain the business position in this competitive market, organizations have been giving preferences to customer centric services and customer satisfaction. Post-sales and pre-sales are the two key services, that favorably enhance the interaction of the organization with customers. The growing penetration of information technology leads to the deployment of software based customer management systems, which will help employees handle multiple communication channels such as SMS, social media, e-mail, and telephone. This is bound to improve the overall efficiency of employees, which in turn, will stimulate outsourced customer care services industry share noticeably.
Surging advancement in technology based services will also fuel outsourced customer care services market over the years ahead. Many of the companies are adopting customer relationship management (CRM) technology to maintain and analyze customer interactions and data. CRM technology hosting service based outsourced customer care services industry will generate substantial revenue over 2017-2024, subject to the growing demand for this technology by various enterprises, owing to its availability at low costs. In addition, this technology helps to increase the problem-solving capability of customer care in addition to assisting in customer retention, which will drive CRM based outsourced customer care services industry noticeably.
Business players have been continuously working to improve the quality of customer care by complying with myriad consumer demands and increasing the feasibility of multichannel solutions. Market players are focusing on strategic acquisitions to sustain their business positions over the years ahead. The key participants in outsourced customer care services market are Accenture, Aegis Limited, Amdocs, Synnex Corporation, StarTek, Transcom Worldwide, Expert Global Solutions, and Convergys Corporation.