Moderate Growth Expected for Outsourced Customer Experience

The global outsourced customer experience (CX) market is anticipated to reach $81.5 billion in 2023, growing at a compound annual growth rate of 3.51 percent, according to a new report by Koncept Analytics.

Growth in the market, the report says, was driven by numerous factors, such as increasing smartphone users, growing international tourism, the big data revolution, and the rising millennial population. The market also faced certain challenges, like a lack of information provided to outsourcing companies and language barriers.

To overcome these shortcomings, the industry is expected to see a rise in the internet of things (IoT), growing internet-using population, and an expansion in the language services market.

Koncept segments the global outsourced CX market by service channel, including voice/call center, social media, chat/web services, face-to-face/stores, SMS/mobile, email, and others. The market in 2018 was dominated by the voice/call center channel, followed by social media, chat/web services, face-to-face/stores, SMS/mobile, and email.

The report also notes that in 2018, the market was dominated by North America, followed by EMEA, Asia-Pacific<, and Latin America. The North American market will maintain its dominance through 2023 due to various factors, like improvement in infrastructure facilities and a rise in demand for outsourced CX services from the banking, retail, and telecom sectors, it found.

Top performers identified in the report include Teleperformance, Concentrix, Atento, Sykes, TTEK, and Startek.