DUBLIN--(BUSINESS WIRE)--The "Contact Center Outsourcing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Contact Center Outsourcing Market is expected to reach a CAGR of 9% over the forecast period (2021-2026).
Key Market Trends
Multi Channel Customer Engagement Trends are Expected to Boost the Market Growth
- Being viewed as a strategic customer engagement tool, the multi-channel approach by contact centers enable more robust relationships with customers. The rise of data collection, analysis, and data science can be considered as a prime driver for the same. The access to data, businesses are basing their decision on actionable insights, thus, leading to better solutions for both customers and companies. Therefore, tech-savvy organizations are observed to have been opting for a multi-channel approach where customers' needs can be addressed across multiple platforms.
- With digital transformations and customers being available at multi-platforms, the creation of satisfied customers is dependent on a smooth, hassle-free experience. This is possible via catering to their preferred mode of communication for their customers as the communication technology adoption on the contact center level. Key considerations to opt for multi-channel customer engagement has been attributed to the need for personalized content and availability at all platforms. The personalized experience delivery has led the engagement strategies to retain an average of 89% of customers, as compared to companies without such plans retaining 33%.
- Currently, 95% of organizations believe that customer service plays into brand loyalty, as per Microsoft 2018 studies. Another study by American Express suggests that about 33% of consumers switch brand preferences after one instance of poor customer service.
- Among various services, chat has developed as the most preferred channel of engagement over the past few years. By offering real-time chat options during the shopping experience and across post-purchase needs, 73% of customers suggested that live chat has been the most satisfying way of communicating with a business. With the increasing demand for seamless and efficient multi-channel engagement trends, the market for contact center outsourcing is expected to increase.
North America is Expected to Hold Major Share
- The primary reason behind the growth of voice service being shifted offshore was reduced cost. Still, after the 2008 recession, the cost to operate locally dropped, which in turn reduced the profit gained by moving overseas, and this proved as a significant growth driver for the growth of contact center outsourcing in the United States and other parts of North America.
- Earlier contact center service was generally managed in-house and increased the operational challenges which further resulted in poor customer service experience, but with the increased demand for personalized service and real-time access to resources needed to solve their problems, there is a shift in business focus towards enhanced customer experience to increase the level of customer retention, the trend of on-shore outsourcing is experiencing an upward trend in the region.
- Back in December 2019, a study by the Genesis company revealed that nearly 52% of U.S. respondents become frustrated when soliciting customer support. This figure matches with U.K. respondents as well. But in comparison to the responses from India, the number is around 60%. This is a highlight of the major issue being faced when outsourcing contact center needs.
- The region is also witnessing growth in the field of analytics, cloud, and network infrastructure. With the rapid technological growth, increasing multichannel trends, and high level of technology adoption, the cloud adoption in the contact center outsourcing market is expected to witness an upward trend shortly.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Multi-channel Customer Engagement Trends (Chatbots - Social Media Etc.)
4.4 Other Emerging Trends Like Growth Of Advanced Analytics In The Contact Center
4.5 Impact of COVID-19 on the Facial Recognition Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Challenges
6 MARKET SEGMENTATION
6.1 By Service Type
6.1.1 Email Support
6.1.2 Chat Support
6.1.3 Voice (Off-shore, On-shore)
6.1.4 Other Services
6.2 By End-user Industry
6.2.1 BFSI
6.2.2 Government and Defence
6.2.3 Healthcare
6.2.4 IT and Telecom
6.2.5 Retail
6.2.6 Manufacturing
6.2.7 Other End-user Industries
6.3 Geography
6.3.1 North America (US, Canada)
6.3.2 Europe (Western and Eastern)
6.3.3 Asia-Pacific (India, Philippines, etc.)
6.3.4 Latin America
6.3.5 Middle East & Africa
7 COMPETITIVE INTELLIGENCE
7.1 Company Profiles
7.1.1 Sykes Enterprises, Incorporated
7.1.2 DATAMARK Inc.
7.1.3 Scicom Berhad
7.1.4 Firstsource Solutions Limited
7.1.5 Teleperformance, SA
7.1.6 TTEC Holdings Inc.
7.1.7 Startek
8 INVESTMENT ANALYSIS
9 FUTURE OPPORTUNITIES
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