Call Center Market Is Booming Worldwide with IBM, Alorica, Atento
Updated · Jun 04, 2023
Published Via 11Press : The call center is regarded as a centralized location that handles the receiving or transmission of numerous phone queries. The last several decades have seen a tremendous evolution in the contact center sector. Steve and Sherrie Edelman, Ted Schwarz, Ed Blank, Mary West, and other well-known figures pioneered the concept of outsourcing a call center, so founding the call center industry. These leaders absorbed knowledge from the manuals of outsourcing masters like Frank Holz, Peter Drucker, Jack Welch, and Raman Roy. Given the advancement, A rise in call centers was prompted by the 1990s’ rapid developments in dialing technology, client/server computing, and the internet’s exponential expansion, and the business process outsourcing (BPO) sector expanded to assist relieve the burden on corporate resources. Different top companies are spending heavily in this area right now. The market for global call centers is anticipated to grow at a CAGR of 5.5% from 2017 to 2029, according to HTF Market Intelligence.
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|Value Unit||USD (M)|
|Dominating Type||Inbound Call Center|
|Dominating Type % Share||51%|
|Customization in Scope||Buy the Call Centre Market Study and receive customization. subject to feasibility, add or change the nation, area, or get an additional segment break in the final delivery.|
The report offers Major leading Key players:
- IBM Global Process Services Pvt. Ltd
- Tata Consultancy Services Limited
- West Corporation
- BT Communications
- Transportation Industry
- Inbound Call Center
- Outbound Call Center
- Due to investments and R&D advancements, the industry in the Asia Pacific area has been growing at a steady rate, and more growth is anticipated throughout the forecast period of 2023–2029.
- Major players, such as IBM Global Process Services Pvt.Ltd, BT Communications, Atento, Sitel, Teleperformance SE, Genpact, Tata Consultancy Services Limited, Convergys Corp., Alorica, Inc., West Corporation, etc are either aiming to start new offerings in the dominating region in the near years or have already established their production facilities there.
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- Call centers place a lot of emphasis on recent technological advancements. From the earliest agents to the interactive voice response (IVR) systems that millions of customers still talk to today, call-routing systems of the first generation improve customer service for offering IVR systems. However, not much of it satisfied clients. But call centers are also developing along with artificial intelligence.
- Artificial intelligence voice responders, which are capable of enhancing client calls without the need for extra agents, are now the main trend in this sector of the market. For any organization, it is now one of the quickest and most affordable ways to control call volume growth and keep up a good level of customer service. The coronavirus epidemic is putting a lot of strain on contact centers, and in this circumstance, AI-powered speech technologies are greatly helping the call centers that are dealing with this intense demand.
- The call center sector is still evolving at a quick pace thanks to technology. High-speed internet, VOIP, cloud computing, and other commercial IT solutions have grown in importance in recent years with the aid of virtual networks. Their digital platform has a significant impact on business globally.
- The main lessons learned from this epidemic are that organizations should have additional distribution centers throughout the world and an internal staff of call takers for emergency needs. Because of the lack of flexibility and transparency in the contractors’ relationship in this circumstance.
Market Growth Drivers:
- Due to the expansion of the service sector, the call center sector is expanding rapidly. With the growth of the e-commerce sector, every industry is concentrating on improving its customer care services. The emergence of smartphones and the growing globalization of the internet has made it possible to link customers to products and services offered anywhere in the world. due to the growth of mobile e-commerce.
- Mobile shopping revenue in the US increased from USD 3 billion in FY 2010 to USD 31 billion in 2016. Ongoing expansion is anticipated. E-commerce companies currently provide mobile applications to make shopping easier. Due to the increasing popularity of investment-related customer care goods, call center outsourcing services are one of the most in-demand services.
- Numerous industries have a significant need for call center services, thus they tend to use outsourcing firms to avoid paying for the call center’s whole infrastructure. The greater integration of contact centers with cloud technology, for example, has allowed outsourcing businesses to reduce expenses associated with cloud infrastructure and additional staff.
- A significant development in the call center sector is the rise in attrition rates. By providing them with training, the organization makes a far greater investment in each agent before they transfer or quit.
- The corporation should then devote the same amount of time and money to a new case following that. In order to deal with this unequal scenario and avoid a sudden emergency connected to attrition, which results in an excess expense of finding, employing, training, and developing new personnel, the firm is forced to acquire more and more people.
- The businesses are also concurrently investing in technology-based platforms and applications to address the overall scenario. Increased political unrest, particularly in Europe and the United States, is another factor that has an influence on the market and may have a significant impact on the call center sector. The call center sector is negatively impacted by the political upheaval that is brought on by wars, poor economies, and citizen protests that force governments to implement legislation banning outsourcing.
- The absence of foreign accents is yet another issue that has a significant influence on this business, particularly in India. This results in significant client losses and pushes India’s call centers to the Philippines.
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Individualization of the Report
Along with complete market prediction, HTF Market Intelligence offers significant value-added commentary on the following topics:
- Call Centre Influencing Trends
- Technological Trends and Innovations Indicators of the call center market’s life cycle, as well as growth factors and constraints
- Entry/Exit Barriers and New Entrants into the Call Centre Market
The Call Centre Study Illuminates the Call Centre Market Status Quo and Key Characteristics Against this Challenging Background.
- HTF Market Intelligence analysts prepared and conduct surveys of the call center sector participants to set an end to this.
- The resulting snapshot provides a framework for comprehending the reasons for and the changes that are anticipated for the call center sector. the direction the call center business is going.
- Financial analysis, surveys, and expert interviews are used to glean insights.
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