By: Beroe Inc. --
21 September, 2019
The global contact center market is forecasted to grow at a CAGR of 9-11 until 2024. The outsourcing market is expected to register continuous growth, but at a slower rate due to sluggish demand while the in-house segment is estimated to note higher growth due increase in the new captive center set up.
North America is the leading buyer of customer care outsourcing services, followed by Europe (mainly Western Europe), the UK and some parts of the MEA. India and the Philippines are the foremost countries in managing contact center outsourcing demand and will continue to maintain their top positions in the near future. Developed markets form about 74–80 percent of the overall outsourced contact center contracts.
Earlier, buyers’ focus was mainly on cost-saving, but now the focus has shifted to maximizing value to end-consumers due to rising customer demand and competition, driving the market for contact centers and need for specialized service capabilities. Rising quality concerns, and very limited cost savings pose challenges to the market influencing the buyer’s decision of outsourcing.
Around 65–75 percent of global contact center services are kept in-house and the remaining 30-35 percent is outsourced to third parties. The industry is dominated by in-house contact centers, and this trend will sustain in the future as well.
Other prominent trends include the adoption of cloud-based contact centers, higher use of social media for customer services, omnichannel strategies, self-service support and usage of analytical tools. Buyers are shifting their focus from cost saving to value-added services to create strategic relationships wherein both parties contribute to each other’s success.