September 14, 2021
According to the recent research report titled ‘Global Customer Care BPO Market Size study, by Solution (Onshore Outsourcing, Offshore Outsourcing), by Application (Telecom & IT, BFSI, Healthcare & Life Sciences, Government & Public, Retail & Consumer Goods and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global customer care BPO market is projected to record considerable growth over 2021-2027.
Global customer care BPO market growth is primarily driven by surging demand for 24*7 services to enhance organizational efficiency, cites the study.
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Besides, growing market value of BPO is adding to the industry progression. Statista cites that the market value of BPO climbed from USD 23.6 billion in 2018 to USD 26 billion in 2019.
For the unversed, customer care BPO offers efficient management to the outsourcing business process in accordance with the demands of the client organization.
Improvements in IT infrastructure, rising investments by industries which require customer care services, and increasing services like marketing, human resource, accounts, and others are significantly contributing to the market development.
Speaking of factors restraining the industry expansion, rising data security concerns including internal security lapses, and increasing competition from new firms are likely to act as major challenges for businesses in this domain.
Based on solution type, worldwide customer care BPO industry is split into offshore outsourcing and onshore outsourcing. As per application spectrum, the market is bifurcated into retail & consumer goods, government & public, healthcare & life sciences, BFSI, telecom & IT, and others.
Moving on to regional landscape, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Of these, North America currently leads the market share owing to increasing business agility in every firm, and strong presence of major companies which require customer care services.
On the other hand, Asia Pacific market is anticipated to exhibit a strong CAGR over 2021-2027, creditable to developing IT infrastructure, easy availability of inexpensive skilled human resource, and growing businesses in the region.