Call Center Outsourcing Market Forecasts to 2028 – Global Analysis by Type (Inbound Service and Outbound Service), Service Type (Video Support, Email Support, Social Media Support, Chat Support, Voice Support and Others Service Types), Enterprise Size (La

Call Center Outsourcing Market Forecasts to 2028 – Global Analysis by Type (Inbound Service and Outbound Service), Service Type (Video Support, Email Support, Social Media Support, Chat Support, Voice Support and Others Service Types), Enterprise Size (Large Enterprise and Small & Medium Enterprises (SMEs)) , End User and By Geography

According to Stratistics MRC, the Global Call Center Outsourcing Market is accounted for $98.13 billion in 2022 and is expected to reach $148.92 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Call centre outsourcing is the practise of contracting out customer service-related tasks to a qualified outside vendor (BPO). The call centre outsourcing sector has seen remarkable expansion over the past 20 years as a result of information technology advancements that allow businesses to more affordably use the services of third-party providers located far away to meet their customer support needs. Outsourced call centre services allow businesses to focus on key tasks like service and product development, sales strategies, and content strategies by saving them a significant amount of time, money, and resources.

According to Microsoft 2018 research, 95% of organizations believe that customer service plays a key role in brand loyalty. In addition, a study by American Express states that 33% of consumers alter their brand preferences owing to poor customer-centric services. In general, personalized customer engagement strategies help to retain an average of 89% of customers, compared to companies without a strategic approach.

Market Dynamics:

Driver:

Demand for Outsourced Services in (BFSI)

Call centre outsourcing businesses have had consistent revenue growth over the years thanks to the widespread demand for outsourced services in the banking, financial services, and insurance sectors. According to the authors of the TMR call centre outsourcing market analysis, the (BFSI) sector's enormous demand potential would likely support steady revenue streams in the years to come. Call centre outsourcing services for payment services, general banking, and loan collection operations have become more popular as a result of recent developments in retail banking in industrialised countries.

Restraint:

The increasing cost of call center outsourcing services

For the business that has outsourced these services, call centre outsourcing helps to lower operational expenses and increase productivity. Vendors also use qualified specialists to complete their work promptly. However, because call centre operators must manage a high volume of consumer calls while sticking to strict scripts, call centre positions are regarded as boring and demanding. Additionally, it is predicted that third-party service providers would deploy cutting-edge tools like speech bots to complete tasks on schedule.

Opportunity:

Cloud Computing Models to Generate New Revenue Streams

According to the analysts of this TMR study on the call centre outsourcing market, the rapid speed of digitalization of business operations in the (BFSI), IT & telecom, and retail & e-commerce in emerging nations has also spurred the evolution. Over time, cloud-based platforms have become increasingly popular, and their acceptance has sparked lucrative opportunities. Cloud-based solutions provide special advantages including lower total cost of ownership, upgrade flexibility, and responsiveness to company scaling, which increases consumer demand in the call centre outsourcing market.

Threat:

Flat Organizational Structure

The digitization of medical or patient information has produced superior data risks and liabilities as well as enlarged the possibility of data breaches. This might be mostly owing to a shortage of interior control over patient information, observance to obsolete policies and procedures or non-adherence to active ones, and insufficient personnel training. The probable for data security and privacy breaches connected with digitization may influence the adoption of HCIT solutions in the temporary awaiting process are engaged to address present issues.

Covid-19 Impact

The COVID-19 outbreak caused operational difficulties in the call centre outsourcing business. However, the adoption of cutting-edge technology like chatbots, AI, cloud-based call centre solutions, and speech recognition software has increased in the region's call centre outsourcing market. As a result, several firms have begun implementing call centre analytics, including voice analytics, multichannel customer interaction analytics, and call centre performance analytics tools. Therefore, it is projected that these factors will support the expansion of the local call centre outsourcing market during the course of the forecast year.

The voice support segment is expected to be the largest during the forecast period

The market's largest revenue source was the voice support category. The chat assistance part, however, is anticipated to observe exponential development within the forecasted period. As a result of omnichannel strategies that offer comprehensive assistance and AI, boosting and simplifying the customer engagement, the category is also anticipated to grow. Additionally, the integration of social media platforms and contact centres aids in a better knowledge of clients and their preferences, which may result in increased customer satisfaction.

The banking, financial services and insurance (BFSI) industry segment is expected to have the highest CAGR during the forecast period

Based on the end user segment the banking, financial services and insurance (BFSI) industry has the highest growth rate during the forecast period. This may be primarily due to the need for up- and cross-selling of items as well as the capitalization of market potential across several geographies. By outsourcing the service, the banking, financial services and insurance (BFSI) sector benefits since it lowers costs and improves customer service, allowing companies to concentrate on their core competencies.

Region with highest share:

Due to the existence of numerous businesses that offer customer support and sales services to clients worldwide, Asia Pacific dominated the global call centre outsourcing industry with the greatest share. In APAC, India is a crucial market for call centre outsourcing. This is due to an increase in the number of contact centre outsourcing businesses in the area. The country portion of the call centre outsourcing market research additionally lists certain market-impacting variables and domestic market regulation changes that have an effect on the market's present and future developments.

Region with highest CAGR:

During the projected period, North America is expected to hold a significant portion of the global call centre outsourcing market. More than one-third of Fortune 500 corporations are based in North America, which is also the centre of new innovation. When it comes to the use of various service types and digital technologies, North America is far ahead of all other regions. In order to meet the growing demand for connectivity, solve security concerns, and develop new products for the newest gadgets and technological standards, the North American market for IT and telecom BPO services has risen significantly.

Key players in the market

Some of the key players profiled in the Call Center Outsourcing Market include, Teleperformance SE, Concentrix Corporation, Atento SA, Capgemini SE, Accenture Plc, Sitel Group, Sutherland Global Services, Inc., Cognizant Technology Solutions Corporation, HCL Technologies, TTEC Holdings, Inc., Infosys Limited, Wipro Limited, Tata Consultancy Services (TCS), StarTek Inc., Tech Mahindra, TaskUs, Inc., WNS Global Services, Cogent E-Services Limited, Firstsource Solutions Limited, Fusion BPO Services.

Key Developments:

In June 2020, TTEC Holdings, Inc. announced the availability of virtual contact center solutions in the Asia Pacific and European regions. The at-home solutions are a combination of the quality management and security of TTEC's brick-and-mortar contact center operations. The speed, flexibility, and favourable cost structure determine the edge that its virtual contact center can deliver. The solution is made available across the United States, Canada, Philippines, and Greece and would launch to Mexico, Australia, New Zealand, the United Kingdom, and India.

In May 2020, Riot Games signed a partnership with Atento to provide services to Brazilian players. The project covers different stages, such as recruitment, selection, and training 100% remotely due to the latest events caused by the COVID-19 pandemic.

Types Covered:
• Inbound Service
• Outbound Service

Service Types Covered:
• Video Support
• Email Support
• Social Media Support
• Chat Support
• Voice Support
• Other Service Types

Enterprise Sizes Covered:
• Large Enterprise
• Small & Medium Enterprises (SMEs)

End-users Covered:
• Healthcare
• Banking, Financial Services and Insurance (BFSI)
• Retail & E-commerce
• Media & Entertainment
• IT & Telecom
• Transportation
• Energy & Utilities
• Healthcare
• Travel & Hospitality
• Education
• Government and Defence
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements