What Has Been the Progress and Growth of the Call Center Outsourcing Market in Recent Years?
The call center outsourcing market has seen considerable growth due to a variety of factors.
• In recent times, there has been robust growth in the call center outsourcing market size. It is projected to expand from $113.49 billion in 2024 to $121.28 billion by 2025, translating to a compound annual growth rate (CAGR) of 6.9%.
The growth was fueled by key factors such as focus on core competencies, scalability, round-the-clock customer support, and access to specialized skills within the historic period.
What Is The Expected Growth In The Call Center Outsourcing Market Size Evolve over the Forecast Period?
The call center outsourcing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of call center outsourcing is predicted to witness a significant rise in the coming years. The market is projected to expand to $162.01 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%.
The factors contributing to this expected growth include multichannel customer support, customer experience, data security and compliance, flexible working patterns, social responsibility, and sustainability. In the forecast period, the dominant trends will be cutting-edge technologies, technological progress, a stronger emphasis on digital transformation, data security, compliance, and customer experience (CX).
What Main Forces Are Fueling Expansion In The Call Center Outsourcing Market?
The proliferation of the e-commerce industry is anticipated to spur on the expansion of the call center outsourcing market. E-commerce, also known as electronic commerce, involves purchase and resale of goods and services, as well as transferring funds or data, via an electronic network, predominantly the Internet. By availing themselves of a call center outsourcing service, e-commerce businesses gain access to highly skilled and experienced agents who are proficient in managing customer queries. This ensures that customers are provided with top-notch aid and support. The US Census Bureau, a government agency based in the US, disclosed in its Quarterly Retail E-Commerce Sales Report 2024 that in the second quarter of that year, U.S. retail e-commerce sales hit $291.6 billion. This depicts a 1.3% rise from the preceding quarter and a 6.7% increase in comparison to the same time in 2023, constituting 16.0% of the total retail sales which were estimated at $1,826.9 billion. Hence, the flourishing e-commerce industry is fuelling the call center outsourcing market's development. The call center outsourcing market's progress is also predicted to be catalyzed by a surge in cloud adoption. Cloud refers to internet-hosted remote servers that handle the storage, management, and delivery of data, apps, and services to users and enterprises. In the realm of call center outsourcing, cloud technology provides a scalable framework for managing customer interactions, fostering remote work, bolstering flexibility in service delivery, and decreasing operating costs. It also affords real-time access and analysis of data to enhance customer service and supervise performance. In its 2023 report, Eurostat, an intergovernmental organization based in Luxembourg, revealed that 45.2% of EU businesses had purchased cloud computing services that year - an increase of 4.2 percentage points from 2021. Additionally, 82.7% were using cloud solutions for their email systems, 68% for storing files, 66.3% for cloud-based office software, 61% for security apps, and about 43% hosted their databases in the cloud. Consequently, the growing demand for cloud-powered solutions is expected to drive the software as a service (SaaS) market's growth.
What Are The Primary Segments In The Global Call Center Outsourcing Market?
The call center outsourcing market covered in this report is segmented –
1) By Type: Inbound Services, Outbound Services
2) By Enterprise Size: Large Enterprise, Small And Medium Enterprises (SMEs), Startups
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecom, Healthcare, Retail, Manufacturing, Other Verticals
Subsegments:
1) By Inbound Services: Customer Support, Technical Support, Order Processing, Helpdesk Services
2) By Outbound Services: Tele marketing, Lead Generation, Customer Surveys, Collections Services
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How Are New Trends Impacting The Size Of The Call Center Outsourcing Market?
Leading firms engaged in the call center outsourcing market are progressively concentrating on the utilization of AI-based real-time contact center solutions to expand their market revenue. AI empowered contact centers enable representatives to understand client requirements and emotional states before offering real-time guidance for optimal customer interaction. For instance, in October 2022, Qualtrics, an American software corporation, launched Real-Time Agent Assist and Automated Call Summaries Solutions for call centers. These solutions leverage AI and machine learning for personalizing coaching and advice to contact center representatives during client calls. The real-time agent assist solution enhances customer support skills of representatives by analyzing live conversations and providing cues for improvement. Automated call summaries produce summaries of each client call, documenting sentiment, topics covered, and action points. This data is instrumental in boosting the performance of representatives and monitoring the comprehensive performance of the contact center. Automated Call Summaries can effortlessly synchronize with a company's CRM system to provide an inclusive customer experience history and maintain a unified record of all customer interactions.
Who Are the Key Players In The Call Center Outsourcing Market?
Major companies operating in the call center outsourcing market report are:
• Accenture PLC
• Telefónica S.A
• Capgemini SE
• Cognizant
• Infosys BPM
• Wipro
• Teleperformance SE
• Tech Mahindra
• Concentrix
• Arvato AG
• Genpact
• Conduent Inc.
• Comdata Group
• Telus International
• TTEC Holdings Inc.
• Alorica
• Sutherland Global Services
• WNS Global Services
• TaskUs
• Transcom WorldWide AB
• Datamark Inc.
• Hinduja Global Solutions
• IBEX Global Solutions PLC
• Startek
• VXI Global Solutions
• Fusion BPO Services Limited
• Arise Virtual Solutions Inc.
• LiveOps
• Groupe Acticall S.A.
What Is The Most Dominant Region In The Call Center Outsourcing Market?
North America was the largest region in the call center outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the call center outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
