Pune, India., May 03, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Customer Care BPO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Solution and End User," the market is projected to grow from US$ 22,598.82 million in 2022 to US$ 34,570.73 million by 2028; it is estimated to record a CAGR of 7.5% from 2023 to 2028.
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Global Customer Care BPO Market: Competitive Landscape and Key Developments
Alorica Inc, Telus International Cda Inc, Simply Contact International, Comdata SpA, Concentrix Corp, Foundever Operating Corp, Front Logix Solutions LLC, TTEC Holdings Inc, and Webhelp Inc are among the leading market players profiled in the customer care BPO market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In May 2022, Concentrix announced the acquisition of the b2b digital sales and customer success solution company "ServiceSource." Concentrix will continue offering its CX services to the acquired company to a new customer base.
In October 2022, Telus International announced an agreement to acquire WillowTree, a full-service digital product provider focused on end-user experiences such as native mobile applications and unified web interfaces.
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Progressive IT and Telecommunications Sector to Provide Lucrative Opportunities for Customer Care BPO Market Growth During Forecast Period:
The term BPO in the IT sector specifically refers to outsourcing non-core business processes such as human resources, finance and accounting, customer relationship management (CRM), and supply chain management. Moreover, the role of IT has changed with the rise of digital transformation and businesses moving online. Instead of merely delivering technology services, IT service providers are now expected to act as strategic partners that can help businesses enhance their revenues. Business processes such as help desk support, IT infrastructure management, application development and management, business continuity and disaster recovery, digital marketing, data entry and processing, and customer relationship management can be outsourced.
With the growing dependence of businesses on technology, the demand for BPO services will continue to grow in the future. There has been a subtle increase in demand of BPO services for IT services after the COVID-19 pandemic. These services ensure business continuity and pliability. BPO service companies provide intelligent solutions by aiding better insights and problem-solving abilities. According to a blog by Shortlister, 57% of companies preferred outsourcing to concentrate on core issues, operations, and activities in 2021. There is a rise in spending on deploying 5G infrastructures due to the shift in customer inclination toward next-generation technologies and smartphone devices. Therefore, the ongoing proliferation of the IT sector is expected to provide lucrative growth opportunities for the customer care BPO market growth.
Global Customer Care BPO Market: Industry Overview
The customer care BPO market is segmented based on solution, end user, and geography. Based on solution, the customer care BPO market is categorized into nearshore outsourcing, onshore outsourcing, and offshore outsourcing. Based on end user, the customer care BPO market is segmented into IT and telecommunication, BFSI, retail and e-commerce, manufacturing, transport and logistics, healthcare and pharmaceutical, media and communication, automotive, and others. By geography, the customer care BPO market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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The customer care BPO market in North America is projected to witness significant market growth from 2023 to 2028. The availability of efficient infrastructure in developed nations, such as the US and Canada, has enabled manufacturing companies to explore the limits of science, technology, and commerce. The US possesses modern technology, a high standard of living, well-developed infrastructure, and many other aspects of being a developed nation. Across North America, technological advancements have led to a highly competitive market. Globalization has further increased business competitiveness across most sectors in developed and developing nations. It has led businesses to focus on customer experience management to retain existing customers and convert first-time users to repeat customers. With increasing customer demand for high-quality products and services, organizations are increasingly adopting customer care BPO services. The region witnessed a significant increase in its relative share as well as the volume of global outsourcing contracts. All such factors contribute to the growth of the customer care BPO market in North America.
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