Market Analysis
published on Apr 22, 2024
Report Overview:
NelsonHall’s market analysis of the CX Services Transformation market consists of 108 pages and focuses on strategies for 2024 and beyond.
Who is this Report for:
NelsonHall’s Market Analysis on CX Services Transformation is a comprehensive assessment of the market, designed for:
- Sourcing managers investigating “the art of the possible” and the perspectives of their peers towards next generation customer service
- Vendor marketing, sales and business managers developing strategies to target digital & service transformation opportunities within customer experience
- Financial analysts and investors specializing in the IT services and BPS sector.
Scope of this Report:
The report is based on interviews with CX services providers and clients. It analyzes the worldwide market for CX Services Transformation and addresses the following questions:
- What is the current and future market for CX services?
- What is the market size and projected growth for the CX services?
- What is the market size and projected growth for the CX services by geography?
- What is the market size and projected growth for the CX services market by client industry?
- What is the current market structure and vendor market shares, and how are these changing?
- What are the top drivers for the adoption of the CX services?
- What are the benefits currently achieved by clients of the CX services?
- What factors are inhibiting client adoption of the sector CX services?
- What are the main CX transformation offerings and services provided by vendors?
- What is the current pattern of delivery mix, and how is this changing?
- What are the current pricing mechanisms, KPIs, and contract duration patterns, and how are these changing?
- What tools and frameworks are used by CX services vendors for transformation delivery, and how are these changing?
- What are the main external partnerships used by CX services vendors, and how are these changing?
- What are the selection criteria, challenges, and critical success factors for CX services?
Key Findings & Highlights:
The CX services market (excl. collections) is ~$104bn in 2024, growing at 4% CAAGR through 2028.
The CX services market is led by Teleperformance, followed by Concentrix, and Foundever, closing the top 3.
Application of customer-facing bots and intelligent IVRs is on top of mind for CX services clients. Buy-side requirements to support adoption of CX Service transformation include needs for CXaaS, GenAI integration, and co-innovation partnerships.
The main challenges for the adoption of CXS transformation are the need to infuse innovation across the entire client organization and customer journeys outside the remit of the CX function.