Market Research Report
Asia Pacific Customer Care BPO Market to 2027 - Regional Analysis and Forecasts By Solution ; End-User
|Published by||The Insight Partners||Product code||907397|
|Published||Content info||150 Pages
Delivery time: 1-2 business days
|Asia Pacific Customer Care BPO Market to 2027 - Regional Analysis and Forecasts By Solution ; End-User|
|Published: July 31, 2019||Content info: 150 Pages||
The Asia-Pacific Customer Care BPO market accounted for US$ 4.42 Bn in 2018 and is expected to grow at a CAGR of 6.0% over the forecast period 2018-2027, to account for US$ 8.36 Bn in 2027. The cost advantage offered by customer care BPO is one of the key reasons, which impacts the demand for customer care BPO services. It significantly reduces the cost of the organization by providing support and services to the customers. The customer care BPO enables the work to be done at very low cost and in an efficient way. There is a wide gap between the wage pattern of eastern and western countries. The wage rate is comparatively very low in developing countries of Asia-Pacific such as India and China when compared to western countries such as the U.S. and U.K. The wage difference varies up to 60%. Moreover, the company does not have to make investments in infrastructure. Customer care BPO also enables to save cost on recruitment and training. With the increasing need for cost-cutting to run the business significantly, companies are opting for customer care BPO and are impacting the market growth positively. Thus, the lower wage rates in APAC is positively impacting the growth of the customer care BPO market.
Over the years, customer care BPO services are providing cost-effective services to their customers. To offer enhanced services to its customer in the competitive market, vendors are implanting various technologies such as RPA (robotic process automation) and AI (artificial intelligence). The RPA has profoundly impacted the entire BPO service. RPA is a cost-efficient, high speed with enhanced efficiency in customer service. Along with call center services, vendors offer real-time analysis and insights based on customer data. Vendors operating in customer care BPO market have a tremendous opportunity to serve customers by implementing these new technologies along with the service portfolio.
The Asia-Pacific customer care BPO market is fragmented with the presence of several industries, and the competitive dynamics in the customer care BPO market is expected to change during the upcoming years. In addition to this government initiatives are also expected to drive the growth of customer care BPO market in the region. For instance, the Indian Telecom industry has recently permitted 100% FDI Equity in the communication sector. Thus, the customer care BPO market is anticipated to witness growth in the Asia Pacific region. The customer care BPO market is highly competitive with the presence of some of the prominent players that capture a significant share of the customer care BPO market.
The customer care BPO market by solution is segmented into onshore outsourcing, offshore outsourcing, and nearshore outsourcing. Offshore customer care provides services to its customers located in in a foreign country or other region and solve their queries related to the product through customer inquiry calls, telemarketing, and technical helpdesks, email and chat support. Offshore customer care services solve customer queries in a different language and culture. This service can easily be affected by political instability, lower labor costs, or tax savings. The various benefits of offshore customer care BPO are reduced operating costs and maximized revenue, services delivered as per the schedule, access to specific services which are not related to core functions, maximum time to concentrate on core capabilities and cost saving in software, and technology & infrastructure. The market players provide its offshore services via chat/ email support, telemarketing, technical support, inbound and outbound call center solutions, and many more.
The overall Asia-Pacific customer care BPO market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific customer care BPO market. It also provides an overview and forecast for the Asia-Pacific customer care BPO market based on all the segmentation provided for the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as V.P.s, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific customer care BPO industry. Some of the players present in customer care BPO market are ALORICA INC, Arvato AG, Concentrix Corporation, Go4customer, Sitel Group, Sykes Enterprises, Incorporated, Teleperformance, Teletech Holdings, Webhelp Group, and Worldwide Call Centers, Inc. among others.