Global Customer Care Services Market: Introduction
Customer care services can be defined as direct one-on-one interaction between a consumer purchase a product and a representative of the company that is selling the product. These services help in customer satisfaction, brand empowerment, and customer repetition and retention. Even though AI-enabled bots are rapidly being adopted for interaction, one-on-one human interaction for addressing customer queries is still a major necessity.
Global Customer Care Services Market – Dynamics
Increasing Need for Customer Retention and Customer Repetition
Across the globe, the need to retain customers and increase the level of customer satisfaction has increased. Customer care service enables human interaction, which helps in achieving customer satisfaction. This, in turn, is driving the global customer care services market.
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Increasing Adoption of AI-enabled Bots Hampering Global Customer Care Services Market
Integration of customer care services with artificial intelligence (AI) to answer customer queries is expected to hamper the global customer care services market during the forecast period. Major players in the food & beverages delivery sector, such as Zomato, have already adopted the total AI-based customer support. With the increasing penetration of artificial intelligence (AI) in industries such as hospitality and food & beverages, the global market for customer care services is being hampered.
North America Expected to Dominate Global Customer Care Services Market
In terms of region, the global customer care services market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the global customer care services market during the forecast period, due to availability of low-cost labor in the region.
COVID-19 Impact on Global Customer Care Services Market
The COVID-19 pandemic is expected to adversely impact the global customer care services market for a short-term period. This is because the demand for products and services has reduced drastically, due to lockdown. This, in turn, has resulted in decrease in the demand for customer care services.
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Global Customer Care Services Market – Competition Landscape
- In May 2020, ServiceNow Safe Workplace, a four-app suite, was launched by ServiceNow, which is a leading digital workflow company. This suite would help enterprises to cope with the impact caused by the COVID-19 outbreak on workflow.
Established in 2016, Syrow offers a complete suite of customer care services. The company provides customer services, tele-calling services, and semi-voice services. The company provides outsourcing services to industries such as IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, and media & entertainment.
Global Customer Care Services Market: Segmentation
The global customer care services market can be segmented based on:
Global Customer Care Services Market, by Type
Based on type, the global customer care services market can be divided into:
Global Customer Care Services Market, by Industry
Based on industry, the global customer care services market can be classified into:
- IT & Telecommunication
- Healthcare & Life Sciences
- Retail & Consumer Goods
- Media & Entertainment
- Government & Public
- Travel & Hospitality
Regional Analysis of Global Customer Care Services Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
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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.