The global inbound support market was valued at almost USD 185 billion in 2016 and is expected to surpass USD 287 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on inbound support for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Teleperformance, Convergys, Alorica, Atento, and Teletech.
In terms of geographical analysis, APAC is the fastest growing market and is anticipated to post an average CAGR of around 11% during the forecast period. Apart from the availability of low-cost resources in the region, the increase in customer base and the relatively similar development of businesses in the region are also major market drivers.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Need for customer retention is the major driver of the market. The increase in competitive pressure has forced many buyers to take adequate measures to retain existing customers. The cost of acquiring new customers is about five times more than the cost of retaining one. In such cases, inbound support helps firms retain customers by improving their experience with the brands.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Smartphones as an omnichannel platform
Smartphones are an omnichannel platform that supports voice, e-mail, web chat, video chat, SMS, and social media. It is expected that the global population owned smartphones are anticipated to increase by 2021. Customers are also using smartphones for business interactions, so, they expect businesses to provide instant and uninterrupted support on such communication platforms. Omni-channel platform offers minimal implementation costs and ensures uninterrupted support.
Self-service via virtual agents
Many customers prefer contacting support services only when there are no other resources available to resolve their product and service-based issues. However, many suppliers have started using self-service tools such as virtual agents to automate inbound support service interactions and reduce manual effort. Self-service via virtual agents reduces inbound support call volumes and agent costs for support channels. It facilitates shifting of focus to the handling of complex customer queries.
Proactive engagement
Proactive and personalized engagement with the customers upsurges the probability of long-term customer relationships. Since customer satisfaction levels have a huge impact on brand loyalty, companies try to anticipate and resolve issues, before customers seek assistance. Companies use predictive analytics to identify the possible issues that customers might encounter and proactively offer solutions via live chat. Such initiatives of the companies eliminate customers’ need to contact support service agents.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Inbound Support – Procurement Market Intelligence 2017.’
