DUBLIN, Dec. 19, 2023 /PRNewswire/ — The “Global CX Outsourcing Market: Analysis and Trends by Deployment Type, Industry Vertical and Region and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global CX outsourcing market was valued at US$98.57 billion in 2023, and is expected to be worth US$152.13 billion in 2028. The market is determined to grow at a CAGR of 5.80% over the forecasted period of 2023-2028.
Outsourcing within the customer experience (CX) management sector has grown at unprecedented rates in the past few years, and it is predicted that a strong growth environment would continue to benefit the market, due to the increasing complexity of implementing new technology. Evolving customer behavior, accelerated by the global pandemic, digital-first business models, and the influence of social media, has created a demand for a consistent, personalized, and omnichannel customer experience. The evolution of CX outsourcing is being significantly influenced by shifts in client demographics, particularly with the increasing presence of start-up and emerging brand companies deeply ingrained in the “new economy.”
As digitalization continues to gain prominence, enterprises are actively seeking CX outsourcing solutions that encompass multi-channel customer support, adept social media management, and seamless chatbot integration. To meet these demands, CX outsourcing service providers are harnessing cutting-edge technologies like artificial intelligence (AI), cloud computing, and automation, enabling them to deliver highly efficient and effective services to their clientele. This technological progression is poised to be a significant catalyst for the expansion of the CX outsourcing market in the forthcoming years.
Market Segmentation Analysis:
By Deployment Type: The adoption of cloud-based consumer experience solutions is fueled by SMEs’ growing use of cloud computing. Similar to this, the increasing use of cloud-based consumer experience solutions across a variety of industry verticals, including BFSI, healthcare, retail, government, and others, is anticipated to increase demand, and the segment is predicted to grow at the highest CAGR over the course of the forecast period.
By Industry Vertical: Retail segment held the highest share in the market in 2022. In an era of rapidly evolving customer behavior, driven by the rise of e-commerce accelerated by the global pandemic, retail companies are increasingly turning to outsourcing for customer support. This demand is fueled by the need to provide consistent, personalized, and omnichannel experiences to customers. With seasonal fluctuations and high expectations for personalized support, retail companies see outsourcing as a cost-effective means to manage customer inquiries effectively during peak shopping seasons.
- The North American region has emerged as a dominant player in the CX outsourcing market. North America is a prominent region in the global CX outsourcing market. It is characterized by a highly developed business landscape, advanced technological infrastructure, and a mature outsourcing industry. North America is at the forefront of technological innovation, making it a hub for companies seeking cutting-edge CX solutions. The integration of AI, automation, and advanced analytics in customer service is a significant driver.
- Asia Pacific is expected to grow at a highest rate during the forecasted period. Asia Pacific offers cost-effective labor and operational expenses, making it an ideal destination for businesses seeking to reduce costs while maintaining service quality. The region boasts a vast pool of skilled and educated talent, particularly in countries like India, making it a hub for customer support outsourcing. Moreover, the growing middle-class population in Asia Pacific countries increases the demand for products and services, driving the need for CX outsourcing to manage customer interactions effectively. The region has witnessed an explosion in e-commerce and online retail, making efficient customer support essential for e-commerce companies.
- The Latin America region would also continue to offer the best opportunity for growth in CX outsourcing, due to its labor arbitrage and outsourcing maturity. Outsourcing has traditionally favored local operators in the Latin America region, where competition is fragmented compared with the more developed economies of Europe and North America.
- Increasing Focus on Customer Centricity
- Cost Optimization
- Globalization and Multilingual Support
- Data Analytics and Insights
- Compliance and Regulatory Expertise
- Uninterrupted 24/7 Availability
- Data Security and Privacy Concerns
- Navigating Dynamic Consumer Preferences and Complex Data Realities
- AI-Powered Customer Support
- Predictive Analytics for Customer Insights
- Multichannel and Omnichannel Support
- Integration of Augmented Reality (AR) and Virtual Reality (VR)
- Rise of Gig-enabled Support Models
The global CX outsourcing market is highly fragmented, with eight major players holding a share around 30% of the global market. Leading companies within the CX outsourcing market are actively engaging in partnerships and investments to leverage innovative technology for augmenting their customer experience offerings. To bolster their market standing, these industry giants are involved in a variety of activities such as acquisitions, strategic alliances, collaborations, and mergers.
These companies have a global presence and offer a wide range of services, from customer support to omnichannel solutions. In addition to global leaders, numerous regional and niche players operate in specific geographic markets. They often cater to local businesses and industries, leveraging their understanding of regional cultures and languages.
The key players in the global CX outsourcing market are:
- Transcom Holding
- TTEC Holdings
- VXI Global Solutions
- Intouch CX
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
3.1 Global CX Outsourcing Market: An Analysis
3.2 Global CX Outsourcing Market: Deployment Type Analysis
3.3 Global CX Outsourcing Market: Industry Vertical Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
7.1 Global CX Outsourcing Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/pbub3c
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SOURCE Research and Markets