Outsourced Care Services Market Is Forecast to Exceed CAGR of 6.23% during 2014-2023
Industry Trend Analysis:
In 2014, the Global Outsourced Care Services Market was evaluated around USD 61.89 billion and is expected to reach approximately USD 106.23 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 6.23% over the forecast period. Market players have conventionally been counting on Customer Relationship Management (CRM) for managing customers. Enhancing general customer experience includes offering personalized and customized interaction and it is a constant process.
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The utilization of voice as the chosen communication manner has been declining; though, switching to digital channels or self-service remains a dispute. Also, the concentration on efficient mobile customer care is gradually increasing, with costumers searching for mobility services over various platforms. Rising demand for interaction via non-voice channels is anticipated to be a major driver for the global industry. The shift towards host-based customer care service is projected to introduce opportunities, in an attempt to enter developing markets like BRIC countries.
So as to get benefit from this trend, market players in the global industry have been concentrating on improving security in an attempt to avert adverse events like security breaches or outages. Rising host-based and cloud services, combined with trends like social media and big data are anticipated to strengthen market competition during the forecast period.
Service Activity Outlook and Trend Analysis:
Major Service activities are fulfillment/logistics, CRM technology hosting, and customer interaction. In 2012, customer interaction services reported for around 83% of the global market share, and are projected to rule the total industry during the next few years. Customer interaction services involve technical support or help desk, sales, customer service, and marketing. Outsourced customer care service suppliers assist to create firm customer relationships and supply to their demands in a tailored manner. Customer service interaction has vital importance in an attempt for organizations to boost revenue and make sure customer preservation. With rising competition, customer satisfaction and customer-centric services are one of the major success factors for an enterprise.
Concentration on providing efficient post-sales and pre-sales services has ensued in higher-value services demand in an attempt to enhance customer interaction. Services like managed charging and routing, contact center and self-service are projected to fuel sales and check customer reliability. Helpdesk/technical support services enhance the quality of customer experience and act as an integral factor in user withholding. Companies cater multi-channel and multi-tiered support, and sophisticated services involving software and hardware support, network troubleshooting, etc.
CRM technology hosting reported for significantly smaller industry share during 2012; though, it is anticipated to be the top growing section, at an expected compound annual growth rate of 11.7% over the forecast period. It facilitates organizations to manage their main business fields better, as well as amend return on investment (ROI).
By Service Activity:
Technical Support/Help Desk
CRM Technology Hosting
Regional Outlook and Trend Analysis:
Major regional segments are South America, Asia Pacific, EMEA and North America. In 2012, the North American regional market reported for 55.5% of the overall market and is anticipated to be the leading regional market during the forecast years. The existence of several customer care outsources in this region has ended up in extreme competition. Altering communication channels and rise in mobility is one of the major factors stimulating the North American regional market.
The wireless subscribers in the United States are likely to continue growing while fueling the regional market growth. Though, assuring data security customers is of grave significance, as they are worried about how companies might track their information in an attempt to protect privacy. In case of these events, clients might decrease cloud-based service implementation, or else boosting uptake of conventional delivery services. Over the forecast period, Asia Pacific region is anticipated to be the top growing market.
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Competitive Outlook and Trend Analysis:
The major market players are West Corporation, Aegis, Accenture, Amdocs, Expert Global Solutions, StarTek, Teleperformance SA, Transcom Worldwide, Stream Global Services, Sykes Enterprises, Convergys Corporation, and Synnex Corporation among others. The major players have been aiming to render expert customer care, as well as cover overall operating fixed cost in a beneficial way. Key market players serve industries like retail, telecom, internet services and financial service providers amongst others. Providers concentrate on offering innovative types of service delivery that ranges from utilizing host-based delivery like host-based call center services is noticed in the telecommunications segment.
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