Customer Experience Management in Latin America and the Caribbean, Forecast to 2029

Customer Experience Management in Latin America and the Caribbean, Forecast to 2029

Highly Complex Services Bring Opportunities for Differentiation

During the forecast period (2024-2029), the customer experience management (CXM) market in Latin America and the Caribbean (LAC) will expand, mainly due to 2 factors: 1) the growing recognition of CX as a potent tool for competitive advantage and 2) the increasing motivation among businesses to outsource their CX activities.

This market is poised for disruption due to the emergence of generative AI technology, whose high potential will drastically elevate agents' productivity levels and allow companies to leverage self-service, increasingly without human intervention in many cases.

The impact will not be the same in the overall customer service landscape (which includes in-house activities and outsourcing) as in the outsourcing industry, as a growing number of organizations will outsource more due to the increasing complexity of running CX operations, which will provide a positive push to service providers´ growth rates.

Frost & Sullivan expects generative AI to negatively impact full-time employee (FTE) numbers, but this will be compensated by new types of customer interactions that will require the re-skilling of contact center agents.

Companies are expecting continuous process enhancements and rapid and constant innovation. As organizations must adapt to changing market conditions, they will partner with nimble CXM providers to speed up the time to market. The right mix of people, processes, and technologies is the key to success and will help providers bring reliable and agile transformation capabilities to their clients.

As more customer interactions continue to become automated, calls that reach live agents will grow in complexity. This will lead to an increase in average handle time. Companies are also trying to improve agent productivity by providing the right tools and support, such as real-time recommendations, next-best-thing suggestions, and intelligent routing.

Many companies see contact centers as profit centers that open new opportunities for cross- and up-selling. Companies also realize that conversion is exceptionally high when they harness the natural touchpoints customers have with them (e.g., at contract renewal junctures or during billing cycles), typically involving the contact center. Therefore, contact centers are becoming an essential element of an effective revenue growth strategy.

This study provides a detailed assessment of the LAC CXM market, with market shares, segmentations, and forecasts for several variables, such as FTE numbers, segments served, industry verticals, born-digital versus traditional companies, channels of contact, and service functions. The base year is 2023, and forecasts reach 2029.

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