NewswireTODAY - /newswire/ - Buenos Aires, Argentina, 2015/08/11 - New opportunities to emerge from the high tech, travel and hospitality, and healthcare segments, finds Frost & Sullivan - Frost.com.

The contact center outsourcing (CCO) services market in Latin America exhibited mild growth in 2014, mostly driven by good performance in Peru, Colombia and the Central America and Caribbean (CaCar) market. With the United States (US) consolidated as the main offshore market and CaCar mostly focused on nearshoring, the latter is proving to be the fastest-growing region within Latin America.

New analysis from Frost & Sullivan, Analysis of the Latin American Contact Center Outsourcing Services Market (frost.com/nf21), finds that the market earned revenues of $10.96 billion in 2014 and estimates this to reach $15.13 billion in 2020.

“While there has been a fall in demand from Spain due to the national economic crisis, the Latam-shoring business from other Latin American countries, especially Argentina and Chile, has continued growing,” saidFrost & Sullivan Information & Communication Technologies Industry Analyst Sebastian Menutti. “Overall, serving other Latin American locations has become the principal offshore market for many countries in the region.”

However, CCO revenues in dollar terms have taken a hit as many Latin American currencies are experiencing a strong devaluation against the US dollars. On the other hand, these Latin American countries have become much more cost-competitive for US customers.

“CCO service providers in the region are looking forward to new opportunities in the high tech, travel and hospitality, and healthcare industries as these three segments are expected to exhibit high growth rates,” noted Menutti. “While the telecom as well as banking and financial service sectors will continue to dominate revenue share, emerging verticals will be important for new business.”

CCO companies across Latin America are paying more attention to customer experience, which is increasingly being perceived as a competitive differentiator in every industry. They are expected to embrace omnichannel strategies to improve the customer experience and their key performance indicators.

Analysis of the Latin American Contact Center Outsourcing Services Market is part of the Customer Contact Growth Partnership Service program. Frost & Sullivan’s related studies include: North America Contact Center Outsourcing Market, Colombia and Peru Contact Center Outsourcing Services Markets 2014, Latin American Contact Center Systems Market 2014, and North American Hosted Contact Center Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

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Analysis of the Latin American Contact Center Outsourcing Services Market / NF21-76

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