Report : Europe Customer Care BPO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Solution (Onshore Outsourcing, Offshore Outsourcing, and Nearshore Outsourcing) and End User (BFSI, IT and Telecommunication, Retail and E-Commerce, Manufacturing, Healthcare and Pharmaceutical, Transport and Logistics, Media and Communication, Automotive, and Others)
At 6.9% CAGR, the Europe Customer Care BPO Market is speculated to be worth US$ 9,131.69 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe customer care BPO market expected to grow from US$ 6,552.19 million in 2023 to US$ 9,131.69 million by 2028, registering an annual growth rate of 6.9% from 2023 to 2028. Huge cost benefits conferred by outsourcing customer care services and rising focus of organizations on ensuring greater customer satisfaction are the critical factors attributed to the Europe customer care BPO market expansion.
The BPO sector has flourished with profit businesses, nonprofit organizations, and government bodies outsourcing a range of tasks to service providers. Customer care BPO solutions confer cost benefits to customers in several ways. For instance, in training or recruiting cos, the outsourcing does not require staff training as it involves hiring third-party service providers who already have skilled workforces; this reduces training or recruiting costs. Similarly, in Infrastructure savings, companies outsourcing their processes do not need to spend extra money on infrastructure or on adding new equipment to their facilities. A BPO service provider or independent contractor has all the supplies and equipment needed to get the job done. Thus, lower cost of operations is the biggest advantage associated with outsourcing. As outsourcing service providers are specialized in the services they offer, they can often accomplish the tasks at much lower costs than non-specialists. Thus, outsourcing is an excellent way, particularly, for businesses with limited resources to reduce their overhead costs. Thus, huge cost benefits conferred by outsourcing customer care jobs bolster the customer care BPOs market growth.
On the contrary, concerns regarding data security and privacy hurdles the growth of Europe customer care BPO market.
On the basis of solution, the Europe customer care BPO market is segmented into nearshore outsourcing, onshore outsourcing, and offshore outsourcing. The nearshore outsourcing segment held 54.1% market share in 2023, amassing US$ 3,542.52 million. It is projected to garner US$ 5,079.98 million by 2028 to expand at 7.5% CAGR during 2023–2028.
Based on end user, the Europe customer care BPO market is further segmented into oil & gas, IT & telecom, power & utility, and others. The IT & telecom segment held 29.5% market share in 2023, amassing US$ 1,935.99 million. It is projected to garner US$ 2,896.01 million by 2028 to expand at 9.6% CAGR during 2023–2028.
Based on country, the Europe customer care BPO market is segmented into France, Germany, UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that UK captured 24.7% market share in 2023. It was assessed at US$ 1,619.18 million in 2023 and is likely to hit US$ 2,211.85 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the Europe customer care BPO market are Alorica Inc, Comdata SpA, Concentrix Corp, Foundever Operating Corp, Simply Contact International, Teleperformance SE, Telus International Cda Inc, TTEC Holdings Inc, and Webhelp Inc among others.
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