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Industry Research : Favorable Business Climate Offers Opportunities in Colombia and Peru
Colombia and Peru are becoming key regional business hubs fueled by their economic stability, thereby increasing investments from global participants and enhancing the scope of the contact center outsourcing services market. While contact center outsourcing demand in Colombia will come from the domestic market, the telecom vertical will continue to dominate the market in Peru.
New analysis from Frost & Sullivan, Analysis of the Colombian and Peruvian Contact Center Outsourcing Services Markets, finds that the market in Colombia earned revenues of more than $844.9 million in 2012 and estimates this to reach $2,323.5 million in 2019 at a compound annual growth rate (CAGR) of 15.5 percent. The market in Peru earned revenues of more than $364.5 million in 2012 and is this expected to reach $924.9 million in 2019 at a CAGR of 14.2.
Governments in Colombia and Peru have established incentivized policies within the business process outsourcing industry, encouraging investments in the contact center outsourcing market. Administrations' recognition of contact center service providers as qualified employers has also spurred market growth in both countries.
"The expansion of existing companies, along with the entry of global businesses, has offered growth opportunities for call center service providers who are looking to provide specialized BPO services such as financial consulting, software development and payroll administration to boost revenues," said Frost & Sullivan ICT Research Analyst Martin Ramirez .
The young and qualified workforce in Colombia and Peru enables vendors to offer efficient services, improve competitiveness and expand their consumer base. In addition, the outsourcing industry lacks of dedicated union forces, encouraging a pro-business atmosphere.
The escalating popularity of social media will create demand for new solutions that enable companies to interact with customers through those mediums, generating further opportunities in both countries.
"Nevertheless, the market continues to rely on traditional interactions, with back-office interactions projected to grow higher than inbound and outbound ones," noted Ramirez. "There is also an increasing need to move away from basic processes and provide value-added contact center services."
With Spanish companies that send offshore services hit by double taxation costs in Peru, deals from Latin America and America are expected to increase.
Posted by Veronica Silva Cusi, news correspondent
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Published: Tuesday, February 5, 2013