Industry Research : Latin American Contact Centers Need to Embrace Automation and Service Innovation to Avoid Extinction
The Latin American contact center outsourcing services market is experiencing a slight increase despite a sluggish economy. While US demand is expected to provide sustained growth for contact center service providers (CCSPs) with Latin American facilities, new technologies and increasing client expectations provide a new avenue for CCSP differentiation. However, a lack of service diversification and English-speaking talent, increased adoption of automated solutions, and major clients improving operational efficiency and reducing call volumes to call centers are factors restraining market evolution.
Frost & Sullivan's research, Analysis of the Latin American Contact Center Outsourcing Services Market, Forecast to 2022, finds that the market earned $9.52 billion in revenues in 2016 and is expected to reach $13.48 billion in 2022, witnessing continuous development in the forthcoming years. The study examines drivers and restraints, revenues, agents, workstations, domestic versus offshore, aggregated domestic demand, industry verticals, price comparisons, service function, channel of contact, and market share by countries including Argentina, Brazil, Chile, Colombia, Mexico, Peru, and CaCar.
GO FOR GOLD AND REPRESENT YOUR NATION!
Awards for all levels of staff and a fantastic range of corporate awards for contact centers! Click on the banner for details!
Key highlights of the study include:
- In terms of vertical markets, telecommunications, business and financial services generated almost 79 percent of the market revenue in past years. The travel, hospitality, insurance, healthcare, and high tech verticals are forecast to experience strong growth rates in the forthcoming years.
- Central America and the Caribbean achieved the highest rise in the region based on the strong momentum of nearshoring;
- Peru attained growth rates based on its domestic business and several offshore markets;
Colombia enjoyed good performances in the local, nearshoring, Spain and LATAM Shore segments;
- The Mexican market is expected to keep expanding in spite of the increasing uncertainty related to 2018 Presidential Elections and the NAFTA Negotiations.
"Latin American organizations are increasingly aware that they must digitally transform to remain relevant to their customers," said Customer Contact Senior Industry Analyst Sebastian Menutti. "The most relevant competitive advantage of the CCSPs against the internal contact centers is evolving from a cost-saving standpoint to being able to deliver a more robust customer experience and attain higher customer satisfaction marks through best-of-breed technologies and enhanced processes."
CCSPs should look to reposition themselves as digital transformation igniters and subject-matter experts in implementing technology to improve processes. Enterprises that lack the digital expertise should build a partner ecosystem with technology experts and system integrators that could help them in complex projects. Further strategic imperatives for CCSPs' success in LATAM include:
- Work with clients to improve automation via artificial intelligence (AI);
- Encourage clients to calculate the full value of any CRM-related investment, e.g., customer lifetime value;
- Consider leveraging virtual assistants that employ machine learning to improve over time; and
- Delivering a richer, more personalized and comprehensive customer experience, e.g., training retail staff to interact with customers using digital devices and tablets.
Analysis of the Latin American Contact Center Outsourcing Services Market, Forecast to 2022, forms part of Frost & Sullivan's Customer Contact Growth Partnership Service program subscription.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Corporate Values
More Editorial From Frost & Sullivan
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: Wednesday, December 13, 2017
Genesys® powers 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel, every day. Over 10,000 companies in...
As caring for customers becomes the differentiator that drives consumer spend, Sitel is advancing its position as a world leader in outsourced customer care innovation. With 30 years of industry exper...
|Turkcell Global Bilgi|
Turkcell Global Bilgi was established as a Turkcell Group company in 1999. It provides services from a total of 18 locations, 14 in Turkey, 4 in Ukraine with over 12.000 employees with a seat capacity...
|Blue Ocean Operating Management|
We are a contact center in Myanmar running with 500 seats with 1000 agents. Running Telecom services, Banking services and retail.