Rising Focus of Organizations on Ensuring Greater Customer Satisfaction Boosts Customer Care BPO Market Growth
According to our latest study on “Customer Care BPO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Solution and End User,” the market is projected to grow from US$ 22,598.82 million in 2022 to US$ 34,570.73 million by 2028; it is estimated to record a CAGR of 7.5% from 2023 to 2028.
Customers, nowadays, scrutinize businesses and their offerings more intensely. They compare their experiences with other brands for easy, thorough, and fast decision-making and personalized experiences. Customer satisfaction, which is essential for keeping current customers and retaining new ones, is the key to customer loyalty. As a result, organizations are increasingly focusing on enhancing consumer satisfaction. According to the Zendesk Customer Experience Trends Report 2020, 89% of companies compete primarily on the basis of customer experience. Similarly, according to a survey by SuperOffice, involving almost 2,000 business professionals, 45.9% of business professionals nominated customer experience as their top priority for the next 5 years. Customers are the most important part of businesses, and hence, enterprises try to improve customer satisfaction through customer care services. These services can be offered by departments hosted in-house, or they can be outsourced to business process outsourcing (BPO) firms. In today’s rapidly changing business environment, successful organizations adopt various solutions to enhance business revenues while strengthening customer relationships. Hence, companies subcontract their customer care functions by sharing all the relevant and important information about the company’s offerings to provide optimized experiences to their clients. Thus, the rising focus of organizations on providing enhanced customer experience propels the customer care BPO market growth.
Customer Care BPO Market – by Region, 2022 and 2028
Customer Care BPO Market Forecast to 2028 - Global Analysis By Solution (Onshore Outsourcing, Offshore Outsourcing, and Nearshore Outsourcing) and End User (BFSI, IT and Telecommunication, Retail and E-Commerce, Manufacturing, Healthcare and Pharmaceutical, Transport and Logistics, Media and Communication, Automotive, and Others)
Customer Care BPO Market Size Report – Share & Growth 2028
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The customer care BPO market is segmented based on solution, end user, and geography. Based on solution, the customer care BPO market is categorized into nearshore outsourcing, onshore outsourcing, and offshore outsourcing. Based on end user, the customer care BPO market is segmented into IT and telecommunication, BFSI, retail and e-commerce, manufacturing, transport and logistics, healthcare and pharmaceutical, media and communication, automotive, and others. By geography, the customer care BPO market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Customer Care BPO Market Growth
The COVID-19 outbreak dramatically impacted the global economy during its peak in Q1 and Q2 of 2020, and the crisis hampered business activities in various industries. Governments of various countries imposed stringent regulations on human movements and trade activities. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior, such as increased online shopping. As a result, customer queries related to product information, processing, and orders increased, propelling the demand for customer care services. Furthermore, the COVID-19 outbreak significantly impacted the revenue of organizations in various industries such as manufacturing, automotive, IT & telecom, and BFSI. As a result, companies strove to stabilize their financial position by outsourcing noncore operations such as customer care services. The COVID-19 pandemic reshaped the global customer care outsourcing BPO market owing to the need to cater to new customer demands and expectations and technological advancements.
Alorica Inc, Telus International Cda Inc, Simply Contact International, Comdata SpA, Concentrix Corp, Foundever Operating Corp, Front Logix Solutions LLC, TTEC Holdings Inc, and Webhelp Inc are among the key market players operating in the customer care BPO market.
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