The contact center outsourcing services market in LatinAmerica attained $10.05 billion in revenue in 2015, and is expected to reach$13.33 billion in revenue in 2021, according to Frost & Sullivan.
The research firm said the market was heavily impacted in 2015 by the revaluation of the US dollar against LATAM currencies, especially against the Brazilian real, the Colombian peso and Mexican peso.
In terms of growth opportunities, contact center service providers have experienced high growth in the offshore segment, particularly in the United States, while struggling to overcome the negative impacts on the domestic business caused by the regional economic crisis.
Offshore markets, such as the US and Spain, will continue to represent the greatest opportunities for growth, but service providers must embrace business innovation and drive higher value to clients if they want to stay relevant.
“As fewer new deals with telecommunications companies appear, contact center service providers must build stronger vertical-specific strategies to sustain their growth in the medium and long term,” said F&S analyst Sebastian Menutti.
It is also important to understand that Latin American customers are demanding digital channels of contact, such as chat, social media, and email, forcing service providers to implement multi-channel and omni-channel strategies to stay competitive in the marketplace.