Outsourced Customer Care Services Market Will Grow at a Healthy CAGR by 2024

The outsourced customer care services market is anticipated to grow significantly over the coming years owing to increasing demand for customer support services via non-voice mediums. The need to offer support and resolve customer queries related to purchased products and services has led businesses to adopt outsourced customer relationship management (CRM) services.

Companies are shifting their focus on organizational core competencies, outsourcing personalized and customized customer communications. Pre-sales and post sales services are also being outsourced in order to lessen the load of customer relationship handling.

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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 market 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 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 the 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 market share noticeably.

Surging advancement in technology based services will also fuel 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 market 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 market noticeably.

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Excellent communication skills are one of the key requirements of customer service centers. Speaking of which, Latin America outsourced customer care services market 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 industry growth. Decreasing telecom rates are also a major factor fueling the product demand across this region.

Currently, companies like Amdocs, Aegis, Accenture, Transcom Worldwide, StarTek, Synnex Corporation and Convergys Corporation are leading the outsourced customer care services market landscape. These firms are emphasizing on collaborations, mergers and acquisitions in order to expand their geographical reach. Citing an instance, in 2018, Aegis and StarTek announced the completion of their merger with the mutual objective of enhancing outsourcing and technology services.

Major Key Points from Table of Content:

Chapter 4   Outsourced Customer Care Services Market, by Service

4.1    Global market share by service, 2016 & 2024

4.2    CRM technology hosting

4.2.1    CRM technology hosting market, 2013 - 2024

4.2.2    CRM technology hosting market, by region, 2013 - 2024

4.3    Fulfillment/Logistics

4.3.1    Fulfillment/Logistics market, 2013 - 2024

4.3.2    Fulfillment/Logistics market, by region, 2013 - 2024

4.4    Customer interaction

4.4.1    Customer interaction market, 2013 - 2024

4.4.2    Customer interaction market, by region, 2013 - 2024

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