The outsourced customer care services market size is expected to see steady growth in the next few years. It will grow to $88.99 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The forecasted growth can be attributed to several key drivers, including the increasing demand for instant messenger-based customer service, the expansion of tax-free zones, rising consumer expectations for seamless and efficient services, growing demand for wireless devices, and rising disposable incomes. Major trends expected in the forecast period include digital transformation and omnichannel support, automation of repetitive tasks, adoption of artificial intelligence (AI) and chatbots, integration of new technologies, and emphasis on product innovation.
The burgeoning adoption of cloud-based services is anticipated to drive the growth of the outsourced customer care services market in the coming years. Cloud-based services involve the delivery of computing resources, applications, and data storage over the internet, offering flexibility, scalability, and accessibility from any location. These services are valued for their cost-effectiveness, accessibility for remote work, robust data security, and compliance features. For outsourced customer care providers, leveraging cloud-based services enables them to foster innovation, realize cost savings, and facilitate business expansion while delivering high-quality, scalable support solutions to their clients. For example, AAG IT Services, a UK-based company offering a comprehensive suite of IT services, witnessed significant revenue growth in public cloud services, generating over $415 billion in revenue in 2022, with projections indicating revenue reaching $526 billion by 2023. Thus, the expanding adoption of cloud-based services serves as a catalyst for the outsourced customer care services market's growth.
Key players in the outsourced customer care services market are concentrating on developing innovative solutions, such as outsourced service offerings, to solidify their market presence. Outsourcing involves delegating company responsibilities or activities to external service providers rather than managing them internally. For instance, Intellinetics, Inc., a US-based content services software company, introduced its Business Process Outsourcing (BPO) services in June 2021. This service is distinguished by its adaptability to evolving client needs and its ability to diversify its service portfolio into new markets. Leveraging their expertise in document conversions, digital and paper-based mail processing, enterprise content management solutions, and records storage and retrieval, Intellinetics offers integrated solutions supported by services such as Accounts Payable invoice processing, digital mailroom services, and claims processing.
In August 2021, Sitel Group, a US-based consulting company, acquired Sykes Enterprises for US$2.2 billion, aiming to capitalize on SYKES's technological prowess and digital transformation capabilities to enhance customer experiences through digital channels, social media, and robotic process automation (RPA). Sykes Enterprises, a US-based organization specializing in business process outsourcing services and IT consulting, brings expertise in areas such as technical support and customer service to the partnership, further bolstering Sitel Group's market position and service offerings.
Major companies operating in the outsourced customer care services market are Accenture plc, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, Cognizant, Infosys Limited, iQor, HCL Technologies Limited, Wipro Limited, Teleperformance SE, Tech Mahindra, Arvato, Serco Group plc, Genpact, Capita, Alorica, EXL Service, Hinduja Global Solutions Ltd., Atento, Sitel Group, Sykes Enterprises Inc., Transcom WorldWide AB, Sutherland Global Services, TeleTech, VXI Global Solutions LLC, Intelenet Global Services, Stream Global Services.
North America was the largest region in the outsourced customer care services market in 2023. The regions covered in the outsourced customer care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the outsourced customer care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Outsourced customer care services entail delegating certain aspects of a company's customer support and service functions to a third-party service provider. This outsourcing arrangement enables companies to concentrate on their core competencies while tapping into the expertise and resources of a dedicated customer service provider.
The primary types of outsourced customer care services encompass CRM technology hosting, fulfillment or logistics, and customer interaction. CRM technology hosting involves the storage and management of customer relationship management software and data on external servers, typically accessed via the Internet, offering scalable and secure solutions for businesses. These services find applications across various sectors including pharmaceuticals and healthcare, food and beverages, chemicals and materials, construction, logistics, and others, catering to a diverse range of end-users such as small and medium enterprises (SMEs) and large enterprises.
The outsourced customer care services research report is one of a series of new reports that provides outsourced customer care services market statistics, including the outsourced customer care services industry's global market size, regional shares, competitors with an outsourced customer care services market share, detailed outsourced customer care services market segments, market trends and opportunities, and any further data you may need to thrive in the outsourced customer care services industry. This outsourced customer care services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The outsourced customer care services market includes revenues earned by entities by providing services such as customer support, technical support, order processing, billing and payment support, and related support including appointment scheduling, reservation assistance, warranty support, and social media support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Outsourced Customer Care Services Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on outsourced customer care services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for outsourced customer care services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The outsourced customer care services market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: CRM Technology Hosting; Fulfillment Or Logistics; Customer Interaction2) by Application: Pharma and Healthcare; Food and Beverages; Chemical and Material; Construction; Logistics; Other Applications.
3) by End-User: Small and Medium Enterprises (SMEs); Large Enterprises
Key Companies Mentioned: Accenture plc; Tata Consultancy Services Limited; Capgemini SE; NTT DATA Corporation; Cognizant
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Accenture plc
- Tata Consultancy Services Limited
- Capgemini SE
- NTT DATA Corporation
- Cognizant
- Infosys Limited
- iQor
- HCL Technologies Limited
- Wipro Limited
- Teleperformance SE
- Tech Mahindra
- Arvato
- Serco Group plc
- Genpact
- Capita
- Alorica
- EXL Service
- Hinduja Global Solutions Ltd
- Atento
- Sitel Group
- Sykes Enterprises Inc
- Transcom WorldWide AB
- Sutherland Global Services
- TeleTech
- VXI Global Solutions LLC
- Intelenet Global Services
- Stream Global Services
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | May 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 73.54 Billion |
Forecasted Market Value ( USD | $ 88.99 Billion |
Compound Annual Growth Rate | 4.9% |
Regions Covered | Global |
No. of Companies Mentioned | 27 |