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Digitalization and Rightshoring Drive Renewed Growth for Customer Experience Outsourcing Services
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The CX landscape is changing rapidly. Brands are realizing the importance of delivering excellent customer service as a competitive differentiator. Hence, the domain is gaining more attention and greater investment priority. The market is also becoming much more tech-intensive as emerging tools can create a seamless and an effortless CX while also significantly reducing costs across front- and back-end operations. The adoption of AI, advanced analytics, omnichannel capabilities, NPL, and streamlined security tools plays an important role in this competitive and dynamic market. Brands use outsourcing as a competitive strategy to get a multitude of benefits, including cost savings, best-in-class technology, business flexibility, access to skilled talent, and a blend of locations and delivery models. Customer experience (CX) outsourcing vendors partner with clients to understand their business challenges, and offer solutions and services that help them achieve business goals. The priority of CX outsourcers has recently shifted away from task-based toward achieving top-line outcomes. COVID-19 has disrupted the outsourcing industry in multiple ways. As governments in several places restricted movement, thousands of agents were forced to work remotely. Customer experience service providers quickly adopted hybrid delivery models to offer voice and non-voice services in the work-at-home environment. Digital channels have experienced strong uptake in the last few years as customers are going online and their interaction is moving toward messaging channels, such as in-app chat, webchat, and social media. During the pandemic, messaging was more widely adopted in the WAHA model, as it requires less bandwidth and overcomes challenges including background noises and privacy concerns. As the outsourcing market matures, service providers face multiple challenges in delivering optimum levels of customer experience, including controlling costs, reducing inefficiencies, and responding to evolving customer preferences. Service providers need to achieve flexibility and speed, and offer highly customized solutions that cater to clients' needs and expectations. In 2020, the Asia-Pacific customer experience (CX) outsourcing services market grew by 2.7% and is projected to grow at a compound annual growth rate (CAGR) of 6.1% from $32.65 billion in 2020 to $49.38 billion in 2027. The CX services industry in the region grew at a slower pace mainly due to the challenges brought on by the COVID-19 pandemic, and the adverse impact it had on the economy. However, the market is expected to return to steady growth in 2021. This study also highlights the customer experience market revenue based on domestic outsourcing and offshore outsourcing forecasts. It covers market sizing based on seat forecasts for the 2018–2027 time period. Various market drivers and restraints, and their impact on the short-term and long-term growth of the market are also discussed in this study. In preparing this research report, Frost & Sullivan conducted interviews with executives from the leading CX service providers in the region. Unless otherwise noted, the opinions expressed in this assessment are those of Frost & Sullivan and have been developed through our research, interviews, and analysis. Frost & Sullivan has a global team of analysts and consultants, who continuously research a wide range of markets across multiple sectors and geographies. As part of this ongoing research, we identify companies that are true industry leaders, delivering best practices in what we term growth, innovation, and leadership (GIL). These companies have a keen eye to the future, and drive innovation that meets future needs before they become commonly visible. They are often the first to market with new solutions. These service and solution providers focus on delivering the best products at optimal prices to maximize customer value and customer experience, and by doing so are growth leaders in their respective industries.
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