Customer Experience Management Growth Opportunities in Latin America, 2024

Customer Experience Management Growth Opportunities in Latin America, 2024

A Closer Look into the Regional Market's Evolution

This analysis of shifts in the customer experience management (CXM) industry in Latin America resulting from technological advances and customer expectations examines how politics, the economy, and the introduction of digital technologies into the customer journey have affected the industry. The focus will be on the evolution of CXM companies as holistic solution providers, the advantages of investing in generative AI (GenAI), and the opportunity for Latin America to become a delivery region.

The market has grown as a result of the economic recovery after the pandemic, but the next few years will not be as bright as the global economy slows. Growth rates will recover starting in 2025 after declines in 2023 and 2024.

The region has experienced brisk exchange rate fluctuations and political turmoil, creating challenging conditions for domestic market development. Providers, however, can pursue nearshore (serving North American consumers from Latin American delivery centers) and LATAM shore (serving Latin American consumers from a different country in the region) growth opportunities. The United States has a strong economy, and the higher cost of human resources in some in-region countries is prompting searches for outsourced services.