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Call Centre Market
The call center market has made spectacular strides over the past few decades, riding on the back of globalization of workforce. Over the past few decades, emerging economies have been at the hotspot of rising call center workforce, propelled by enormous increase of size in the outsourcing industry. Numerous macroeconomic factors and microenvironmental factors across industries have played role in shaping the contours of the evolution of call center market. The growth has come from the rise in productive workforce in developing economies, coupled with the willingness to enter the workforce at a very early age. Such trends have gained strength in urban population of developing countries over the start of this century.
Global organizations have been increasingly outsourcing non-core business operations to call centers, the primary reason having to do with cost-cutting. The advantage of inexpensive labor in emerging economies has attracted them to shift their business models toward outsourcing. This still stands as a key business proposition behind the rise in numbers of call centers. Furthermore, a number of new businesses in the IT sector have emerged, which is expected to enrich the landscape of the call center market. A sizable chunk of revenues has stridently come from the demand for call center services from developed nations, increasingly in life sciences industry. Standardization of regulations have also played a key role in propelling the expansion of avenues in the call center market.
A call center refers to a centralized department where both potential and existing customers are directed to make further enquiries, present their issues or transact. Call centers are able to handle both outbound and inbound calls and can be found either within a company or could be outsourced to some other organization that has expertise in handling calls. Customers often have very high expectations for the customer service experience provided by various brands. Customers look for efficient and quick solution for their issues. In cases of time-sensitive matters, call centers are their first point of contact for quick solution. In some companies or with certain brands, call center communication is the only way of grievance and query redressal. The growing importance of such services is likely to fuel growth of the global call center market over the period of assessment, from 2020 to 2030.
Technological interventions are reshaping the business landscape and transforming how business is done today. Call centers are no exception to this rule. It is a bullish industry, especially when several businesses are starting to understand the significance of implementation of improved customer specific models so as to better customer relationship and thus improve revenue. Increased investment and adoption of advanced technologies like chatbots, automation, and artificial intelligence are expected to streamline the operations of call centers. This factor is likely to fuel growth of the global call center market over the period of analysis.
Deployment and region are the two important parameters based on which the global call centre market has been classified.
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global call centre market is mentioned as below:
Some of the prominent organizations in the global call centre market comprise the below-mentioned:
The global call centre market is characterized by the presence of the following restraints, drivers, and opportunities.
In an effort to ascertain profitability and efficiency of business, it is essential to have good communication strategy in place, particularly in case of financial institutions. As BFSI (banking, financial services and insurance) prospers, offering enhanced customer experience becomes imperative as it helps consumers to choose between the competitive offerings of various financial institutions. In addition to BFSI, consumer and retail goods sector is make a rapid shift toward adoption of omnichannel call centre solutions so as to give personal touch to the interactions with customers at the time of offering services and support. These factors are anticipated to support expansion of the global call centre market over the period of analysis, from 2020 to 2030.
Several organizations are adopting cloud and cloud-based solutions to cut down costs and make the call centre infrastructure future-proof. Evolution in the way how cal centre services are provided are forcing these organizations to adopt the services of cloud platforms as to keep up with the changing landscape and leverage the benefits of technology. Cloud technology is capable of assisting the call centre with better management of payroll submission, marketing management, file sharing, management of supply chain, and communication within teams. Integration of cloud technology is anticipated to work in favor of the global call centre market in the near future.
Asia Pacific is estimated to lead the global call centre market throughout the tenure of assessment, from 2020 to 2030. Countries like India, Bangladesh and China to lead the regional market. Availability of fluent English speakers together with inexpensive labor force is likely to fuel growth of the call centre market in Asia Pacific.
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