The process of contracting call center services from outside the corporation is known as call center outsourcing. Companies outsource based on the requirements, either in-house, through a distinct division, or to an outside specialist.
Advancements in cloud technology are driving the global call center outsourcing market. Cloud technology has created new potential for call center organizations by facilitating data exchange and retrieval. Moreover, call center organizations remain abreast and competitive by shifting their data to the cloud platform. Cloud storage helps to eliminate the requirement for IT departments and servers, which incur maintenance expenses and take up a lot of space. Cloud computing has the potential to be the most significant factor for call center service providers in developing industry-specific services.
Data is critical in call center outsourcing businesses. Cloud solutions aid in the robust and efficient security of records. The cloud platform facilitates collaboration and communication between the outsourcing entity and the virtual/remote workforce. It also allows for faster transmission of revised or new directives. In the call center outsourcing market, cloud computing is a breakthrough. Cloud computing is a cutting-edge type of outsourcing that converts call centers into business processes as a service (BPaaS). The use of cloud computing has transformed the call center outsourcing market from a service supplier to a strategist.
For instance, Grupo Konectal, specializing in customer experience services and BPO, aimed to enhance its tech-enabled BPO paradigm in December 2020. With a robust network of applications intended to improve customer experiences, the firm intends to reinvent its cloud-based contact center initiatives.
Such aspects are boosting the sales of the call center outsourcing market. The global call center outsourcing market is projected to surpass US$ 145.73 Bn by 2031, expanding at a CAGR of 5.7% from 2021 to 2031 (forecast period).
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Increasing Demand from BFSI Industry to Support Market Growth
Over the years, increasing demand for outsourcing services in the banking, financial services, and insurance industries has resulted in consistent revenue improvements for call center outsourcing companies. The vast demand possibilities in the BFSI industry are likely to bolster the global call center outsourcing market in the upcoming years. In industrialized countries, new improvements in retail banking have prompted the use of call center outsourcing services for loan collection activities, general banking, and payment services.
COVID-19-Induced Work-from-Home Culture to Benefit Global Market
The ongoing COVID-19 pandemic caused a downturn in the global economy. Since commercial activities are developing at a sporadic rate, many countries’ call center outsourcing businesses have suffered. As a result, the global call center outsourcing market is witnessed slow growth.
Nonetheless, call center outsourcing firms are shifting to a remote work structure. With the emergence of COVID-19 and work-from-home (WFH) being a favored mode of operation, vendors in the global call center outsourcing market have been keen to promote WFH and expand their business. For example, Teleperformance accomplished its work-from-home solution objective in April 2020, with 66% of operational workers in its main business, or more than 155,000 agents, working from home.
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Asia Pacific to Dominate Global Market
The Asia Pacific is set to dominate the global call center outsourcing market over the projection period. This is due to rising smartphone usage as a result of digitalization and greater knowledge about digital gadgets. Several call center outsourcing organizations in China and India are looking for support solutions to provide improved customer experiences, which is expected to provide revenue-generation opportunities in the call center outsourcing market.
Moreover, in the Asia Pacific, several industries including IT & telecom, BFSI, and retail & eCommerce are focusing on the use of digital technologies to reach out to their customers digitally. Developing markets in the Asia Pacific are focusing on improving digital activities. This is expected to increase the Future market demand for call center outsourcing in the Asia Pacific.