Global Call Centre Market: Overview
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.
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Global Call Centre Market : Notable Developments
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:
- In August 2020, a subsidiary of Hinduja Global Solutions Ltd, HGS Digital LLC, confirmed its participation as Amazon Web Services (AWS) Contact Center Intelligence (CCI) solutions Partner program. With the partnership, HGS Digital LLC, is anticipated to assist consumers in adding intelligence to their already existing contact center solution. It makes use of advanced technologies of Amazon so as to deliver more efficacious and customized servicers to customers.
Some of the prominent organizations in the global call centre market comprise the below-mentioned:
- Bertelsmann SE & Co. KGaA
- Transcom Holding AB
- Sykes Enterprises Inc
- Hinduja Global Solutions Ltd Digital LLC
- Wipro Ltd
- TTEC Holdings Inc.
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Global Call Centre Market : Key Trends
The global call centre market is characterized by the presence of the following restraints, drivers, and opportunities.
Integration of Cloud Technology to Augur Well for the Market
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.
Global Call Centre Market: Geographical Analysis
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.