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Outsourced Customer Care Services Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Outsourced Customer Care Services Market Overview
According to The Business Research Company's, The outsourced customer care services market size has grown steadily in recent years. It will grow from $70.20 billion in 2023 to $73.54 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to demand for mobility services, rapid shift in preference from enriched to transformational services, demand for higher-value services, adoption of outsourced customer care services, and economic growth.
The outsourced customer care services market size is expected to see steady growth in the next few years. It will grow to $88.99 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising demand for an instant messenger form of customer service, rising demand and presence of tax-free zones, growing consumer expectations for seamless and effective services, growing Demand For Wireless Devices, and increasing disposable incomes. Major trends in the forecast period include digital transformation and omnichannel support, automation of repetitive tasks, artificial intelligence (AI) and chatbots, integrating of new technologies, and product innovation.
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Market Drivers and Trends:
The growing cloud-based services are expected to propel the outsourced customer care services market going forward. Cloud-based services refer to delivering computing resources, applications, and data storage over the internet, offering flexibility, scalability, and accessibility from anywhere. Cloud-based services are significant due to cost-effectiveness, accessibility and remote work, data security, and compliance. Cloud-based services enable outsourced customer care providers to drive innovation, cost savings, and business growth while providing their clients with high-quality, effective, and scalable support solutions. For instance, in March 2024, AAG IT Services, a UK-based company that offers a full suite of IT services, generated over $415 billion in revenue in 2022, up from $343 billion in 2021 for public cloud services. By 2023, public cloud services are expected to generate $526 billion in revenue. Therefore, the growing cloud-based services are driving the growth of the outsourced customer care services market.
Major companies operating in the outsourced customer care services market are focused on developing innovative solutions, such as outsourced service to strengthen their position in the market. Outsourcing is the process of contracting or delegating some company responsibilities or activities to outside service providers rather than managing them internally. For instance, in June 2021, Intellinetics, Inc., a US-based content services software company, launched its new Business Process Outsourcing (BPO) services. The unique feature of this service is its capacity to adapt to the changing needs of current clients and broaden its service portfolio into new markets. The integrated solutions from Intellinetics are a strategic and seamless expansion of their core competencies in document conversions, digital and paper-based mail processing, enterprise content management solutions, and records storage and retrieval. They are supported by Accounts Payable invoice processing, digital mailroom services, and claims processing.
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Major Key Players of the Market:
Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, Cognizant, Infosys Limited, iQor, HCL Technologies Limited, Wipro Limited, Teleperformance SE, Tech Mahindra, Arvato, Serco Group plc, Genpact, Capita, Alorica, EXL Service, Hinduja Global Solutions Ltd, Atento, Sitel Group, Sykes Enterprises Inc, Transcom WorldWide AB, Sutherland Global Services, TeleTech, VXI Global Solutions LLC, Intelenet Global Services, Stream Global Services
Outsourced Customer Care Services Market 2024 Key Insights:
• The outsourced customer care services market size is expected to see steady growth in the next few years. It will grow to $88.99 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Cloud-Based Services Fueling Growth In The Outsourced Customer Care Services Market
• Innovative Strategies In The Outsourced Customer Care Services Market
• North America was the largest region in the outsourced customer care services market in 2023
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