According to The Business Research Company’s Call Center Outsourcing Global Market Report 2024, The call center outsourcing market size has grown strongly in recent years. It will grow from $106.11 billion in 2023 to $113.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to focus on core competencies, scalability, 24/7 customer support, access to specialized skills.
The call center outsourcing market size is expected to see strong growth in the next few years. It will grow to $149.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to multichannel customer support, focus on customer experience, data security and compliance, flexible work models, social responsibility and sustainability. Major trends in the forecast period include advanced technologies, technological advancements, emphasis on digital transformation, data security and compliance, focus on customer experience (cx).
The growing e-commerce industry is expected to propel the growth of the call center outsourcing market going forward. E-commerce (or electronic commerce) refers to buying and selling goods and services and sending money or data through an electronic network, most often the Internet. A call center outsourcing service provides e-commerce companies access to skilled and experienced agents trained in handling customer inquiries. It ensures that customers receive high-quality assistance and support. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer e-commerce made up 30% of the UK’s overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. Furthermore, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the rise in e-commerce increased online retail sales’ share of total retail sales from 16% to 19% in 2020. Therefore, the growing e-commerce industry is driving the growth of the call center outsourcing market.
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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
Major companies operating in the call center outsourcing market are increasing their focus on introducing AI-based real-time contact center solutions to maximize their profits in the market. AI-based contact center helps agents to analyze client wants and emotions before providing real-time coaching to help them decide the best course of action for customers. For instance, in October 2022, Qualtrics, a US-based software company, introduced Real-Time Agent Assist and Automated Call Summaries Solutions for call centers. These solutions use AI and machine learning to provide personalized coaching and suggestions to contact center agents during customer calls. The real-time agent assist solution helps agents improve their customer support skills by analyzing real-time conversations and offering improvement prompts. Automated call summaries generate summaries of each customer call, including sentiment, topics discussed, and action items. This information can be used to enhance agent performance and track the contact center’s overall performance. Automated Call Summaries easily link with a company’s CRM system to provide a complete customer experience history and a single source of truth for all customer records.
The call center outsourcing market report table of contents includes:
1. Executive Summary
2. Call Center Outsourcing Market Characteristics
3. Call Center Outsourcing Market Trends And Strategies
4. Call Center Outsourcing Market – Macro Economic Scenario
5. Global Call Center Outsourcing Market Size and Growth
…………….
32. Global Call Center Outsourcing Market Competitive Benchmarking
33. Global Call Center Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Call Center Outsourcing Market
35. Call Center Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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