Technavio announces the release of its latest report, “Global Call Center Outsourcing (CCO) Market 2020-2024”. The report highlights major drivers, trends, and challenges affecting the overall growth of the market.
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Technavio has announced its latest market research report titled Call Center Outsourcing Market 2020-2024 (Graphic: Business Wire)
The global spending on contact centers increased by USD 346.53 million between 2016 and 2019, of which outsourcing accounted for nearly 33% share. Most of the investments were made in the inbound call services.
Call Center Outsourcing Market: Overview
Prominent vendors such as Teleperformance SE, Sykes, and TTEC Holdings Inc., among others held a significant share in the market. In 2017, Teleperformance emerged as a worldwide leader in the core services market with an 8.8% share. This was majorly due to the consolidation of LanguageLine Solutions that it acquired in 2016. The company is also actively focusing on expanding its service portfolio to capture market share in diverse industry verticals such as travel & hospitality and technology. Similarly, other prominent vendors are actively adopting various strategies to stay competitive and expand their market shares.
The market is also observing the growth of major contenders such as Sutherland Global Services, DXC Technology, Tech, Mahindra, and others. In addition, the entry of new players such as Hexaware, Infosys, Merchants, and Knoah Solutions among others, is expected to intensify the competition in the market during the forecast period.
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Call Center Outsourcing Market Growth Across Regions
The global call center outsourcing market generated about USD 76.67 billion in 2019 and will reach USD 953.35 billion by the end of the analysis period. In 2019, North America accounted for over 44% of the market share and generated almost USD 34 billion in revenue. Our analysts predict the market share of North America to shrink to 42% in 2024, while the market shares of APAC, South America, and MEA are expected to increase during the forecast period.
The US was the top market for CCO, and it held almost 39% of the global share, followed by the UK, Australia, and Germany, respectively. This is due to increased outsourcing of call center operations to BPO service providers in low-income countries such as India and the Philippines. This helps them eliminate the CAPEX required to set up a call center.
Call Center Outsourcing Market: End-User Insights
The market grew to USD 29.48 billion in the IT and telecom segment in 2019, while the retail segment accounted for just over USD 6 billion. The market is also witnessing healthy growth in other end-user segments such as BSFI and healthcare, owing to the ongoing digital transformation and the rising focus on delivering value-added services. However, in the healthcare segment, the market growth will be faster, and it will register an incremental growth of USD 2.84 billion during 2020-2024.
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Related Reports on Information Technology Include:
Global Business Process Outsourcing Market – Global business process outsourcing market is segmented by end-user (IT and telecommunication, BFSI, retail, healthcare, and others) and geographic landscape (North America, Europe, APAC, MEA, and South America). Click Here to Get an Exclusive Free Sample Report
Global IT Outsourcing Market – Global IT outsourcing market is segmented by end-user (government, BFSI, telecommunications, energy and utilities, manufacturing, healthcare, retail, media and entertainment, and others), service (infrastructure outsourcing, and application outsourcing), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Technavio’s research reports are backed with competitive intelligence and benchmarking. Our latest report on the call center outsourcing market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
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Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- IT and telecom – Market size and forecast 2019-2024
- BFSI – Market size and forecast 2019-2024
- Healthcare – Market size and forecast 2019-2024
- Retail – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Atento SA
- Bertelsmann SE & Co. KGaA
- Hinduja Global Solutions Ltd.
- Sitel Group
- StarTek Inc.
- Sykes Enterprises Inc.
- SYNNEX Corp.
- Teleperformance SE
- Transcom Holding AB
- TTEC Holdings Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.