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Outsourced Customer Care Services Market in CRM Technology Hosting is Expected to Grow Exponentially by 2024

Author : Ronak Bora | Published Date : 2019-05-10 

CRM technology hosting is one of most lucrative service segments of outsourced customer care services market. The demand for low cost services is expected to augment the growth of this service segment over the coming seven years. CRM technology provides flexible solutions for various consumer problems and helps them use the features as they desire. Besides, it has been observed that most firms are reluctant to shift their service offering to multiple channels, which will further spur outsourced customer care services industry share from CRM technology hosting services.

Outsourced Customer Care Services Market is set to reach USD 110 billion by 2024. Rising demand for interaction via non-voice mediums will be the key driver for this industry. Customer relationship management is garnering importance from the industry owing to provide business support. Customized and personalized communications for an enhanced experience has pushed the companies to outsource these tasks in order to shift the management focus on core competencies of the organization. Pre-sales and post sales services are outsourced by the companies to reduce consumer relationship handling responsibilities.

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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.

Outsourcing customer care services to third party agencies can lead to degradation in quality of handling client grievances and requirements thus creating a bad reputation of the company. Continuous assessment of tasks is required to ensure quality delivery by third party service providers. These factors hamper the growth and act as restraints to the outsourced customer care services market.

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Rising social media trends owing to internet proliferation and providing support to client queries through this platform is expected to benefit the industry. Call center outsourcing, increasing use of social media platforms are some of the opportunities available for industry participants. Redistribution of client management tasks aid the companies to cater to consumer needs without managing human resource and infrastructure facilities.

North America is one of the most lucrative business grounds for outsourced customer care services. Pertaining to huge demand for high quality consumer care and the rise in the infrastructural facilities, North America outsourced customer care services industry is anticipated to grow remarkably over 2017-2024. Besides, pertaining to the presence of skilled labor at low costs, companies have been outsourcing their operations to Asian countries such as India and Philippines, which will substantially propel North America outsourced customer care services market. Besides, the high cost of resources in the continent is further stimulating the regional demand. The U.S. is slated to be one of the key revenue contributors.

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The competitive landscape of outsourced customer care services industry includes the participation of numerous giants such as Transcom Worldwide, Expert Global Solutions, Convergys Corporation, Aegis, Accenture, StarTek, Synnex Corporation, and Amdocs. While outsourcing services, it is essential to choose the most appropriate vendor. On these grounds, companies execute several testing methodologies to verify if their outsourced service portfolio is being launched with a reliable, well-known vendor. These corporations are being increasingly drawn toward the adoption of cloud computing and host-based services pertaining to their high efficiency and reasonable costs. Players operating in outsourced customer care services market also have to comply with the changing requirements of consumers and must be able to deliver services via multichannel solutions.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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