Report : Customer Care BPO Market to 2027 - Global Analysis and Forecasts by Solution (Onshore Outsourcing, Offshore Outsourcing, and Nearshore Outsourcing); End-User (BFSI, IT & Telecommunication, Manufacturing, Retail & E-Commerce, Healthcare & Pharmaceutical, Transport & Logistics, Media & Communication, and Automotive)
The Customer Care BPO market is estimated to reach US$ 30.40 Bn by 2027 from US$ 18.11 Bn in 2018. The report includes key understanding on the driving factors of this market and also highlights the prominent players in the market and their developments.
The Customer Care BPO Market is experiencing decent growth during the forecast period of 2019-2027. The BPO sector throughout the globe is facing various challenges regarding rapid evolutions of disruptive technologies and the presence of huge competitors. For the players in the BPO industry, focus towards development of hybrid strategy between the data capacity, automation, and workflow management might help the companies to sustain in the agile market. There is continuous evolution taking place within the BPO industry, due to rising demand for delivering better customer experience, improvements in automation, and an urge to fulfill the growing expectations of frustrated users. To achieve all these aspects efficiently, technology is capable of assisting the players. At a current scenario, technology companies offer solutions to a broad array of end-user industries. Various leading BPO companies embrace advanced solutions into the business processes and practices to drive efficiency.
The Customer Care BPO Market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Asia-Pacific is expected to be the fastest growing region in the global customer care BPO market. Whereas, North America, followed by Europe and APAC, holds the highest market share in the customer care BPO market.
North America is the highest contributor in the Customer Care BPO Market in terms of revenue. North America region comprises of the US, Canada, and Mexico. Across North America, technological advancements have led to highly competitive markets. Also, North America is one of the fastest growing regions in terms of technological development. North American countries follow stringent outsourcing policies. In the U.S, certain industries, including healthcare, finance, and insurance, are strictly regulated either on a state or federal level. These regulations also affect the negotiated content of outsourcing.
Asia-Pacific region is anticipated to be the fastest growing region during the forecast period. The key drivers for the high growth of the customer care BPO market in the Asia-Pacific market are improved service level, technology infusion, scalability, quality, and others. The major market shares of the customer care BPO market in Asia-Pacific will be captured by India, China, and other developing countries of South Asia countries. By end-user in Asia-Pacific, IT & Telecom, BFSI, Manufacturing, Retail & E-Commerce continue to be the largest consumer of customer care BPO services. Pertaining to rising population, the service industry is growing exponentially in Asian countries. Due to a large amount of data creation, the IT and software companies are developing new technologies and practices to manage the confidential data of customers securely. These technologies are further adopted by the BPO industry to gain the trust of their consumers.
The cost advantage offered by customer care BPO is one of the key factors, which impacts the demand for customer care BPO services. Outsourcing customer care reduces the cost for the organization enables the work to be done efficiently and effectively. Also, with the increasing need for cost-cutting to run the business significantly, companies are opting for customer care BPO and are impacting the market growth positively.
The major players operating in the market for customer care BPO market includes Alorica Inc, Arvato AG, Atento S.A, Comdata Group, Concentrix Corporation, Sitel Group, Ykes Enterprises, Incorporated and among others.
Customer Care BPO Market - By Region, 2018
The report segments the global Customer Care BPO Market as follows:
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