NEW YORK, Sept. 20, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global technical support outsourcing market size is estimated to grow by USD 17.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.99% during the forecast period. Increasing need for cost-effective solutions to improve efficiency is driving market growth, with a trend towards emergence of chatbots. However, outsourcing can compromise quality of technical support poses a challenge. Key market players include Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc..
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Technical Support Outsourcing Market Scope | |
Report Coverage | Details |
Base year | 2023 |
Historic period | 2018 - 2022 |
Forecast period | 2024-2028 |
Growth momentum & CAGR | Accelerate at a CAGR of 7.99% |
Market growth 2024-2028 | USD 17.3 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 7.32 |
Regional analysis | APAC, South America, Europe, North America, and Middle East and Africa |
Performing market contribution | APAC at 58% |
Key countries | China, Brazil, India, Germany, and Argentina |
Key companies profiled | Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc. |
Market Driver
The technical support outsourcing market is experiencing growth due to the rising adoption of chatbots in various industries. These AI-powered tools offer a quick and efficient way for businesses to communicate with their customers, providing instant responses and reducing the need for on-site repair personnel. Machine Learning as a Service (MLaaS) is a key technology driving this trend, enabling chatbots to understand customer situations and generate appropriate responses in real time. Additionally, MLaaS can predict demand for services, providing enterprises with valuable insights and improving customer experience. Sectors such as retail, BFSI, and healthcare, which generate large amounts of data, are particularly benefiting from this integration. As a result, the global technical support outsourcing market is expected to expand significantly during the forecast period.
The Technical Support Outsourcing market is thriving, with trends like chat boxes and virtual help desks revolutionizing customer interactions. Independent software vendors and SMEs are outsourcing technical support to cut operating expenses and access qualified personnel. The help desk system is becoming more sophisticated, with a tiered staffing structure including Tier 1 staff for basic queries. In the retail, BFSI, hospitality, and eCommerce industries, customer databases are driving the need for efficient technical support. Emerging technologies like quantum computing, electronic billing, and digital payment systems require specialized expertise. Call volume management is crucial, with CRM systems helping to streamline processes. Personnel training and system upgrades are ongoing priorities. In-house resources may not always have the technical skills needed for complex issues, making outsourcing an attractive option. The market is dynamic, with trends like user-friendly services and office space requirements shaping the landscape. Broken servers and other IT issues can cause significant downtime, making quick First Call Resolution essential. Overall, Technical Support Outsourcing is an essential strategy for businesses looking to stay competitive in today's digital world.
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Market Challenges
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Segment Overview
This technical support outsourcing market report extensively covers market segmentation by
1.1 Help desk- The Technical Support Outsourcing Market continues to grow, with businesses increasingly turning to external providers for cost savings and expertise. Outsourcing allows companies to focus on their core competencies while receiving reliable and efficient technical support services. Service providers offer 24/7 support, multilingual capabilities, and advanced technology solutions. This partnership results in improved customer satisfaction and operational efficiency for businesses.
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Research Analysis
Technical support outsourcing refers to the practice of companies contracting third-party providers to manage and resolve their customers' technology-related issues. In various industries like retail, BFSI, hospitality, eCommerce, and more, outsourcing technical support has become a cost-effective way to improve customer experience and focus on core business functions. With the rise of digital technology, emerging technologies such as quantum computing, electronic billing, and digital payment systems are increasingly being adopted. This creates a need for user-friendly services and efficient technical support. Outsourcing technical support allows companies to access skilled professionals and keep up with system upgrades and training. Broken servers, internet service, smart computing devices, and software projects require constant attention. Social media and online platforms add another layer of complexity. Technical support outsourcing providers offer maintenance and helpdesk services, ensuring that businesses can provide uninterrupted services to their customers. The global digital transformation trend drives the demand for outsourcing technical support. Companies can save on office space and costs while ensuring that their customers' queries are addressed promptly and efficiently. Consumer technical support is a crucial aspect of any business, and outsourcing allows companies to provide round-the-clock support, enabling them to stay competitive in the digital age.
Market Research Overview
Technical support outsourcing refers to the practice of hiring third-party providers to manage and deliver customer technical assistance services. This approach is increasingly popular among various industries, including retail, BFSI, hospitality, eCommerce, and more, due to the benefits it offers in managing customer databases and handling emerging technologies such as quantum computing, electronic billing, digital payment systems, and user-friendly services. Outsourcing technical support can help businesses save on office space and system upgrades, while also providing access to trained personnel and quality control measures. However, it's essential to consider policies, strategies, and initiatives to ensure technical expertise, automation, and First Call Resolution (FCR) rates. Independent software vendors and global SMEs can leverage outsourcing technical support to improve technology awareness and employee capability, while also addressing issues like broken servers, data breaches, and financial harm caused by internal IT teams. With the rise of digital technology, social media, online platforms, internet services, and smart computing devices, cost-effective ways to provide technical support are becoming increasingly important. Outsourcing maintenance, app development, and software projects can help businesses stay competitive in the global digital transformation landscape. Moreover, technical support outsourcing can help businesses manage call volume, implement help desk systems, and provide virtual help desks to offer 24/7 support. A tiered staffing structure with Tier 1 staff handling basic queries and CRM systems ensuring customer interactions can lead to improved technical skills, policies, and strategies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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