The global market for outsourced customer care services is expected to reach USD 84.73 billion by 2020, according to a new study by Grand View Research, Inc. Transition towards host based or cloud based services is expected to benefit small and medium businesses (SMBs) and aid in penetrating emerging markets. High demand for mobility has resulted in the need for optimizing mobile customer care, which is expected to have a positive impact on the market over the next six years.
Growing demand for non-voice channels and other modes of interaction have been fueling need for multi-channel solution development. Focus on social customer care channels among others is expected to present sizable engagement opportunities for revenue generation to market participants. The need to ensure that data privacy and security concerns among end users are mitigated is expected to be essential for driving adoption of host based customer care (e.g. home agents).
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Further Key findings from the study suggest:
- The global market was valued at USD 56.75 billion in 2012, and is expected to grow at a CAGR of 5.2% from 2014 to 2020.
- Customer interaction services accounted for 83% of the global market in 2012; they are further expected to be the largest service activity segment through the forecast period. Customer service is expected to dominate outsourced customer care interaction services demand over the next six years, and was valued at USD 20.21 billion in 2012. Effective customer service helps capitalize on each customer contact, and plays a major role in customer satisfaction and retention. CRM technology hosting is expected to be the fastest growing service activity segment, at an estimated CAGR of 11.7% from 2014 to 2020.
- North America is expected to continue its dominance in terms of demand, and accounted for 55.5% of the overall market share in 2012. Growth in wireless subscribers and high demand for mobility in the region is expected to drive revenue over the forecast period. Additionally, presence of a large number of service providers is expected to positively impact regional demand. Asia Pacific is expected to be the fastest growing market, at an estimated CAGR of 7.4% from 2014 to 2020. Host-based customer care delivery is expected to enable penetration into emerging markets of India and China.
- Industry participants have been looking at ensuring customer retention and loyalty in order to stay profitable. Meeting changing customer requirements effectively and offering multichannel solutions are among the key criteria for sustainability in the ecosystem. Major market players include Teleperformance SA, Convergys Corporation, Stream Global Services, West Corporation and Sykes Enterprises among many others.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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