The contact center outsourcing services market in Latin America and the Caribbean is expected to generate revenue of more than $12.6 billion by 2024, but service providers will need to create new value propositions to maintain a competitive edge, analyst firm Frost & Sullivan concluded in a recent report.
"The adoption of new digital solutions, the intensive use of emerging technologies, and diversification of services have helped contact center service providers turn profits," said Sebastian Menutti, industry principal at Frost & Sullivan, in the report. "However, with competition being fierce, the rise and fall of major CCSPs will be largely determined by their ability to play a bigger role in their client's path to digital transformation."
The research also found that although the voice channel is still the largest channel of contact within the industry, digital channels, such as email, chat and web collaboration, SMS, and social media are growing faster than voice interactions.
"As customers get used to interacting with automated interfaces, live agents will increasingly perform more complex tasks and transactions, which require unique human capabilities, such as empathy and negotiation skills," Menutti said. "In this context, employing agents with high emotional intelligence will serve as a competitive differentiator as the emotional facet of interactions becomes increasingly important for successful consumer experiences."
To streamline their value propositions, Frost & Sullivan recommends that CCSPs incorporate more automation, work-at-home agent workforces, and analytics into their operations. Automation, it says, allows CCSPs to streamline internal processes, such as training, recruiting, and accounting, which ultimately reduces costs and increases service quality and customer satisfaction. Advanced analytics, meanwhile, allows companies to extensively know customers and offer them personalized advertisement, thereby increasing lead generation and sales conversions, it said.