Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Customer Care BPO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution and End User" report has been added to ResearchAndMarkets.com's offering.
The customer care BPO 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.
Consumers are increasingly adopting digitization, owing to which organizations are focusing more on enhancing customer experience through various technological advancements such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR).
Countries such as India, China, South Africa, the Philippines, and Vietnam are becoming favorable locations for customer care BPO due to the availability of well-educated and low-cost labor. Owing to this, developed economies such as the US, Germany, England, and Japan are leveraging the cost-effectiveness of developing countries by outsourcing customer care services to these developing economies.
The BFSI sector is witnessing the rising adoption of digital-savvy banking, leading to a rise in customer queries. An increase in competition is evident in the sector, with new entrants competing with established players. Owing to such fierce competition, key BFSI players focus on acquiring customers and serving them efficiently, along with gaining more customers and retaining the existing ones.
Owing to priorities, the adoption of customer care services is high in the BFSI sector. Moreover, government initiatives to promote cashless economies and technologically advanced credit management and payment and bring modifications in consumer behavior are changing the way financial service firms are operating and competing in the customer care BPO market. Such factors are propelling the customer care BPO market growth in the BFSI industry.
Businesses in the retail & e-commerce sector provide customer care services to streamline their operations and keep up with technological developments. Through customer care services, the sector offers front-end or back-end services to its customers through inbound/outbound call centers, live chats, e-mails, etc. The implementation of new technologies requires a transformation in the overall working of the organization.
Furthermore, various advancements in customer care service in the e-commerce industry, such as chatbots and live chat, are helping reduce back-office operations. These customer care services help e-commerce businesses reduce costs associated with back-office operations, along with providing an enhanced customer experience. Fast-changing customer demands, and higher customer expectations are a few of the challenges faced by the retail industry.
Customer care services allow retail enterprises to understand changing demands, based on which they can alter offerings to increase customer satisfaction. By outsourcing these customer services, retail and e-commerce organizations can reduce the cost and time involved in training resources, along with lowering relevant investments required for modifying their infrastructure. BPO services providers have abundant resources and expertise to effectively and quickly complete customer care operations without compromising the quality of services.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 167 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 22598.82 Million |
| Forecasted Market Value by 2028 | 34570.73 Million |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Key Market Dynamics
Market Drivers
- Rising Focus of Organizations on Ensuring Greater Customer Satisfaction
- Huge Cost Benefits Conferred by Outsourcing Customer Care Services
Restraint
- Concerns Regarding Data Security and Privacy
- Overdependence on External Service Providers
Opportunity
- Progressive IT and Telecommunications Sector
Future Trend
- Emergence of Technologies such as Artificial Intelligence and Cloud Computing
- Impact Analysis of Drivers and Restraints
Company Profiles
- Alorica Inc
- Telus International Cda Inc
- Simply Contact International
- Comdata Spa
- Concentrix Corp
- Foundever Operating Corp
- Front Logix Solutions LLC
- Ttec Holdings Inc
- Webhelp Inc
- Teleperformance Se
For more information about this report visit https://www.researchandmarkets.com/r/x4d92x
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