SANTA CLARA, Calif., Dec. 6, 2017 /CNW/ -- 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.
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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. Other recent research includes Growth Opportunities in the European Customer Management BPO Market, Forecast to 2021, Growth Opportunities in the Global Professional Headset Market, Forecast to 2023
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Analysis of the Latin American Contact Center Outsourcing Services Market, Forecast to 2022
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