The Contact Center Outsourcing Services Market in Latin America and the Caribbean is expected to generate revenues of over $12.6 billion by 2024. As clients realize that customer experience is becoming the primary factor impacting customer loyalty and the key differentiator deciding its business fate, active contact center service providers (CCSPs) are periodically creating new value propositions that can provide them with a competitive edge.
"The adoption of new digital solutions, the intensive use of emerging technologies, and diversification of services have helped contact center service providers turn profits," said Sebastian Menutti, Industry Principal at Frost & Sullivan. "However, with competition being fierce, the rise and fall of major CCSPs will be largely determined by their ability to play a bigger role in their client's path to digital transformation."
Frost & Sullivan's latest research, Analysis of the Contact Center Outsourcing Services Market in Latin America and the Caribbean, Forecast to 2024, offers a detailed assessment of the contact center outsourcing services sector in Latin American and Caribbean countries. The research analyzes the trends and factors affecting the market's performance and provides forecasts according to geography, offshore markets, industry vertical, channels of contact, service function, and technology adoption through 2024.
Although the voice channel is still the largest channel of contact within the industry, digital channels—such as email, chat and web collaboration, SMS and social media—are growing faster than voice interactions and are expected to continue to gain share over the front-office revenues in the forecast period.
"As customers get used to interacting with automated interfaces, live agents will increasingly perform more complex tasks and transactions, which require unique human capabilities, such as empathy and negotiation skills," noted Menutti. "In this context, employing agents with high emotional intelligence will serve as a competitive differentiator as the emotional facet of interactions becomes increasingly important for successful consumer experiences."
CCSPs can streamline their value proposition based on one or a combination of the following solutions to tap into growth opportunities:
Automate More!: Automation technologies are completely disrupting the CCO market and its competitive dynamic. This technology allows CCSPs to streamline internal processes—such as training, recruiting and accounting—which ultimately reduces costs for the entire organization and allows them to enhance their service quality and customer satisfaction.
Work-at-Home Solutions: The work-at-home agent (WAHA) model continues to evolve as a means to manage live agent interactions affordably and flexibly. Many companies are pursuing WAHA programs because they tap a talent pool unwilling or unable to commute to a facility but willing to work from their home.
Agent Experience: Agents are the first line of relationship with customers. A brand's CX ultimately depends on them. To provide a superior CX and gain a competitive advantage, companies must generate the conditions that lead agents to give the best of themselves.
Leverage Analytics to Start Your Sales on the Web: The traditional model for outbound sales is rapidly changing for CCSPs. Advanced analytics allows companies to extensively know customers and offer them personalized advertisement. This increases lead generation—the chances that the prospect is willing to be contacted directly by a sales agent. It also significantly increases sales conversion rates.
Analysis of the Contact Center Outsourcing Services Market in Latin America and the Caribbean, Forecast to 2024 is a part of Frost & Sullivan's Information and Communication Technology Growth Partnership Service program, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
Posted by Veronica Silva Cusi, news correspondent
About Frost & Sullivan:
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Published: Monday, February 17, 2020
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