Description

Contact center outsourcing offers businesses several advantages such as cost savings, business flexibility, and access to skilled talent, the best-in-class technology, and a mix of locations and delivery models. Also, outsourcing helps reduce the cost and risk exposure to businesses, and protects companies from industry, economic, and political uncertainties, thus allowing companies to be more flexible and responsive to the changing economic and market conditions.

As customer interaction is rapidly shifting from traditional channels to digital channels, the multi-channel customer experience has become a strategic priority. Contact centers are heavily investing in the omni-channel infrastructure to deliver non-voice services through digital channels including email, webchat, and social media among others. Artificial intelligence-powered chatbots are becoming more popular, as they have the potential to eliminate the heavy dependence of the contact center industry on human labor.

With digital transformation, contact centers will benefit from the collection of large datasets based on customer interaction; businesses can convert this data into useful feedback for their agents. Contact centers are investing heavily in analytics programs to build real-time dashboards with statistics to help call agents and managers get real-time updates on customer experiences.

In the wake of these changes, Singapore’s contact center outsourcing market is transforming. In 2018, Singapore reported growth of 4.0% and is expected to cross $77.7 million by 2025.

Although Singapore's seat total is small compared to other markets in Asia-Pacific, it represents a strategic location for many global outsourcers, as it opens doors of opportunity from regional decision-makers in the market. While Singapore's share of regional solutions might be small, demand can still be met by other low-cost markets in Asia-Pacific.

This study provides forecasts for the contact center outsourcing market by industry vertical, namely banking, financial services, and insurance (BFSI), consumer retail, information and communication technology, telecommunications, travel and hospitality, and others.

The top contributing sectors towards market revenue in 2018 were BFSI, telecom, and technology. Retail, and travel and hospitality are poised to be the fastest growing sectors during the forecast period.

This study also highlights the contact center market revenue based on domestic outsourcing and offshore outsourcing forecasts. It covers market sizing based on forecasts for seats for 2014–2025. Various market drivers and restraints along with their impact on short- and long-term growth of the market are also discussed in this study.