analysis of the contact center outsourcing services market...

Analysis of the Contact Center Outsourcing Services Market in Latin AmericaA Frost & Sullivan White Paper for

2 All rights reserved © 2016 Frost & Sullivan

TABLE OF CONTENT

Introduction .........................................................................................................................03

Market overview .................................................................................................................04

Competitive analysis and atento´s positioning in latin america ..................................06

Final remarks .......................................................................................................................09

About atento .......................................................................................................................10

Annex ............................................................................................................................11

Analysis of the Contact Center Outsourcing Services Market in Latin America

3All rights reserved © 2016 Frost & Sullivan

INTRODUCTION

The contact center outsourcing (CCO) services market

in Latin America (LATAM) experienced growth in 2015

in each of its countries when measured in local

currencies. However, due to the strong devaluation of

many Latin American currencies, the market attained

10.05 billion US Dollars in revenue, which represents a

10% decrease compared to 2014. Depending on the

internal dynamics of each market, the overall business

was driven mostly by domestic customer, near and

offshore accounts or a mix of them. Frost & Sullivan

projects that this market will reach $13.3 billion annual

revenues by 2021, experiencing a Compound Annual

Growth Rate (CAGR) of 4.8% in the 2015/2021 period.

KEY FINDINGS

• The contact center outsourcing (CCO) services

market in LATAM experienced mixed results in

2015. The domestic business was impacted by

challenging economic conditions in key countries –

such as Brazil, Mexico and Argentina – which

constrained the domestic demand for this type of

services. Meanwhile, the offshore segment

experienced a strong performance, particularly in

the LATAM-Shore space, and was crucial for the

fastest growing countries in the region, such as Peru

and Central America and the Caribbean (CaCar).

• Accordingly, the number of outsourced contact

center agents grew by 5.5% in 2015 year over year

(YOY) and reached 780,490, whereas the number of

workstations (WK) attained 569,986, a 5.8% YOY

increase. This growth was linked to the strong

momentum in the offshore segments and future

growth expectations.

• Business conditions are expected to improve in the

forthcoming years with positive growth rates in

terms of revenue, contact center agents and

workstations overall. Growth will be driven by the

recovery of the main economies in Latin America

and an increasing acceptance of outsourcing

activities within the domestic markets in the region.

• Moreover, the offshore segment is expected to grow

at a higher pace since Latin America is projected to

consolidate as a global hub for contact center

services, as some of its international competitors in

this industry – i.e. India and the Philippines – are

increasingly less embraced by global customers due

to its raising costs and lack of service quality.

• Atento had a leadership position in the market

overall, by reaching 18.3% market share in 2015,

doubling the revenue of its closest competitor. The

company led the market in 5 of the 7

countries/region contemplated in this investigation.

• Major market participants are looking to become

digital transformation partners for its clients,

providing increasingly complex services including

logistics, finance and accounting, human resources,

software development, document management,

consulting and other BPO solutions.

1 This paper is based on Frost & Sullivan´s report “Analysis of the Contact Center Outsourcing Services Market in Latin America”. For research purposes, in this document Latin America is encompassed by Argentina, Brazil, Chile, Colombia, Mexico, Peru and Central America and the Caribbean (including Guyana and Suriname). Bolivia, Ecuador, Paraguay, Uruguay, and Venezuela are not included in this research.

2 LATAM Shore revenue is generated by serving LATAM consumers from delivery centers located in a different LATAM country, e.g., service provider "X" serving Argentinean consumers from its delivery site in Peru. To revise the forecast assumptions, please refer to the Annex. Front office revenue is generated by customer-facing services, excluding back office and other non-interaction services. For CaCar, Frost & Sullivan collected revenue information in US dollars to simplify the analysis. Source: Oanda Currency Converter; Institute Monetary Fund (IMF); World Bank; Economic Commission for Latin America (ECLAC); Several central banks; Other sources (Latin focus); Frost & Sullivan"


MARKET OVERVIEW

Despite the market´s revenue decreased in 2015 by

10% when considered in USD, all the national markets

– Argentina, Chile, Colombia, Brazil, Mexico, Peru and

CaCar – experienced revenue growth if measured in

local currencies. The difference was mainly due to an

unfavorable exchange rate environment shaped by the

decrease in certain Latin American currencies, mainly

the Brazilian real and the Mexican, Colombian and

Argentine pesos.

In this framework, the contact center outsourcing

services market in Latin America is forecasted to regain

positive revenue growth rates in U.S. Dollars by 2017 ,

driven by an expected recovery of the main economies

in Latin America and an increasing acceptance of

outsourcing activities within the domestic markets in

the region. Moreover, the offshore segment is expected

to grow at a higher pace since Latin America is

projected to consolidate as a global hub for contact

center services, as some of its international

competitors in this industry – i.e. India and the

Philippines – are increasingly less embraced by global

customers due to its raising costs and lack of service

quality.

Alongside with the revenue growth in local currencies,

the number of contact center agents maintained its

growth path and reached 780,490 in 2015, a 5.5%

increase when compare with a year ago. With the

exception of Brazil – which had a challenging year

mostly due to the local economy – the rest of the

countries in Latin America experienced positive

evolutions in terms of agents. Moreover these are

forecasted to grow to 1,055,028 in Latin America by

2021, exhibiting a CAGR of 5.2% for 2015/2021.

Meanwhile, the number of workstations increased in

2015 by 5.8% to reach 569,986, driven by new

investments in the region and growth expectations.

Consequently, Latin America will enjoy a workstation´sCAGR of 5.5% in 2015/2021.

INDUSTRY VERTICALS, SERVICES ANDCHANNELS INSIGHTS

• The Telecom & Media and the Banking & Financial

Services (BFS) verticals represent over 70% of the

market´s demand in Latin America. However, the

high maturity of these two segments has elevated

the competitive pressure within them, thus

communications service providers and banks are

increasingly demanding high quality services for

lower prices. Consequently, during the past years

many service providers in the region have been

developing portfolios tailored to other verticals,

such as Retail & Consumer Goods, High Tech,

Insurance, Industry, Travel & Hospitality, Utilities &

Energy, Healthcare and Government & Education.

Source: Frost & Sullivan

3 To revise the forecast assumptions, please refer to the Annex.

Total Contact Center Outsourcing Services Market: Revenue Forecast, LATAM, 2015–2021



As a result, the overall share of Telecom and Media

and BFS has been reduced in the last 4 years, while

segments such as Healthcare, High Tech, Utilities &

Energy and Travel & Hospitality have outgrown

them. This trend is expected to continue in the

forthcoming years.

Telecom & Banks accountfor 70% of the market,

but alternative verticals outgrow them

• In terms of outsourced service functions, customer

service accounts for over half of the market´s revenue, while the rest of traditional contact center

services – sales, tech support and help desk and

collections – accounts for close to 35% of the

business. Although back office and non-interaction

services - such as logistics, finance and accounting,

infrastructure solutions, human resources, software

development, document management, consulting,

and other specialist services/knowledge process

outsourcing (KPO) – only represent slightly more

than 10%, they are expected to increase its

participation in the overall business in the upcoming

years, as major service providers are looking to

diversify its service portfolio to avoid market´s commoditization.

• Although omni-channel customer experience is a

key part of the shift toward a new digital landscape,

the actual demand for this type of solutions is

progressing not as fast as originally expected. Many

service providers recognize there is a significant

interest among Latin American organizations about

implementing an omni-channel solution, but the

challenging economic conditions are pressuring their

technology budgets. While the voice channel still

represents close to 90% of the front office revenue

in the region by 2015, the alternative channels –

such as chat & web collaboration, social media,

email, SMS (Short Message Services), face to face and

others – are expected to account for 15.5% of the

market in 2021.

Digital Channels will representover 15% of the business in 2021

5 KEY GROWTH OPPORTUNITIES

Frost & Sullivan identifies 5 key growth opportunities

for Latin American CCSPs that will play a prominent

role in the market´s evolution in the years to come.

Market participants that want to grow and expand will

need to follow these trends to develop a best of breed

value proposition.

• Innovation & Transformation. Many organizations

perceive most CCSPs in LATAM as merely call

center providers, lacking innovation and business

transformation emphasis and focusing on a cost-

saving value proposition. Consequently, CCSPs must

elevate its messaging by raising it above outsourcing

and call centers, forging new narratives around

business innovation and digital transformation

capabilities.

4 Front office revenue is generated by customer-facing services, excluding back office and other non-interaction services.

FutureGrowth

Innovation and

Transformation

CX Analytics Nearshoring

Vertical Industry Market

Omnichannel


• Omni-channel Customer Experience is a key part

of the shift toward a new digital landscape, and one

of the top strategies and business priorities, both for

large global brands as well as midsized businesses.

Consequently, CCSPs must conceptualize,

implement, and integrate holistic customer

engagement tools, encompassing all channels of

interaction such as voice, Web, email, mobile, social

media, and in-person services.

• Customer Experience Analytics allow

organizations to turn massive amounts of Big Data

into Small Data that is actionable to improve the

customer experience. CCSPs must become an

enabler for this service, and track and understand

the customer journey, to provide greater value to

its clients in their customer relationship

management initiatives.

• Industry Vertical Marketing is a strong area for

differentiation and growth for CCSPs in the LATAM

market, especially as general industry use cases such

as telecommunications and financial are growing at

a slower pace. Therefore, CCSPs must develop

industry vertical-specific content marketing assets,

aligning the solution messaging with key

transformation themes and use cases.

• Nearshoring is a rapid growth route for service

providers in LATAM and it is expected to generate

$1.41 billion in additional revenue during the

2016/2021 period. Consequently, this segment

represents a growth opportunity for the LATAM

CCSPs, which must present the benefits of sourcing

with the firm, from a cost perspective as well as

from a strategic and value-added standpoint.

COMPETITIVE ANALYSIS ANDATENTO´S POSITION IN LATIN

AMERICA

From a competitive standpoint, LATAM is the most

concentrated market worldwide, since the 3 major

market participants account for 34.6% of the total

market revenue, while in other regions – such as North

America, Europe or Asia-Pacific – this figure doesn´tsurpass 20%. In this framework, large multinational

service providers are responsible for 57.2% of the

revenue generated in the LATAM market, while regional

market participants account for 14% and local players

for the remaining 28.8%. The increasing number of

merger & acquisitions in the region is expected to

increase the weight of global companies in future years,

as many of them seek inorganic growth by acquiring

companies with a smaller size in the region.

The competitive dynamics of each country-market is

different and it depends on several factors such as the

number of global market participants, the size of local

players, the appetite for outsourcing in the contact

center field, the size of the talent pool with suitable

skills, costs of workforce, infrastructure and utilities,

historical factors, and the economic and political

scenario of each country. Furthermore, while some

countries positioned as a low-cost hub in the region,

others have specialized in more complex services and

many service providers are evolving its value

proposition towards BPO and ITO services.

Atento was the market leader in the region overall in

2015, more than doubling the market share of its next

competitor. Furthermore, the company holds the first

position in Argentina, Brazil, Chile, Mexico, Peru and the

LATAM-Shore segment, and is among the top 5

competitors in Colombia. It is relevant to mention that

the top 5 competitors in Latin America include 4 global

service providers with capacity in several countries in

the region and worldwide and a Brazilian-based market

participant – focused entirely in the domestic business

in that country.



COMPETITIVE ANALYSIS PERCOUNTRY/REGION - 2015

LATAM-SHORE

The provision of services to Latin American customers

from delivery centers located in other countries in the

region has been one of the fastest growing market

segments during the last 5 years. This process began in

2008-2009 with Chilean companies shoring its contact

center services to service providers in Peru and – with

a lesser extent – in Colombia, and intensified in 2010-

2011 with Argentinean enterprises following a similar

path. Currently, organizations all over the region

leverage this business modality which also contemplates

offshoring to Mexico and CaCar, depending on the

client´s specific needs. Consequently, the LATAM-

Shore segment is forecasted to expand at a 11.1%

CAGR in 2015/2021. Atento led this market segment in

2015 with 19.4% of the revenues generated, fulfilling its

demand from delivery centers in Peru, Colombia,

CaCar and Mexico.

ARGENTINA

The Argentinean market increased its revenue by 7.8%

in 2015 and generated $ 827.1 million, significantly

benefited by the exchange rate evolution of the Peso

compared to the U.S. Dollar. However, in Argentinean

Pesos the revenue evolution was disappointing and

achieved a growth rate of 31.5%, below the national

inflation index (close to 30%), mostly due to the

national economic downturn. The market is going

through a difficult situation in the last years due to a

rise in internal costs and loss of international

competitiveness. As a result, market participants in

Argentina serve domestic customers exclusively, with

the exception of few offshore customers which

generate minor business impact. Atento lead the

Argentinean market with 19.7% of share in 2015, with

close to 7,000 agents across several delivery centers in

the City of Buenos Aires and the Provinces of Buenos

Aires, Córdoba and Tucumán.

BRAZIL

In 2015 Brazil attained $4.12 billion revenues and

accounted for 41.1% of the total Latin American CCO

market, despite experiencing a 22.6% year over year

decline due to the national political and economic crisis

and the devaluation of the Real. The market´sperformance improves when measured in Brazilian

Reais, in which the revenue grew by 4.1% YoY, reaching

R$ 12.96 billion. The number of agents and

workstations increased by 2% in 2015 as well, driven by

local accounts´ demand.

Market Participant 1°





Latin America 18.3% (Atento) 8.8% 7.5% 7.5% 2.7%

LATAM-Shore 19.4% (Atento) 12.4% 11.8% 5.7% 3.8%

Argentina 19.7% (Atento) 15.6% 9.2% 8.9% 8.7%

Brazil 25.6% (Atento) 18.2% 6.8% 6.5% 6.4%

Chile 25.2% (Atento) 13.6% 13.2% 7.5% 5.2%

Colombia 13.1% 13.0% 12.4% 6.9% 6.5% (Atento)

Mexico 16.9% (Atento) 16.6% 9.2% 7.5% 4.3%

Peru 34.7% (Atento) 16.3% 10.4% 7.3% 6.7%

CaCar 9.6% 9.4% 8.8% 8.4% 7.2%


Atento increased its market share in Brazil in 2015 and

lead the market with 25.2% of the revenues, its second

highest participation in the region after its share in

Peru.

CHILE

The Chilean market exhibited a 3.6% YoY decrease in

2015 and totaled $ 315.3 million, mostly focused on its

domestic business, while experiencing a mild

improvement of the national economic conditions, as

well as an increased level of outsourcing in the contact

center space. Chile was negatively affected by a 14.6%

devaluation of the Chilean Peso, currency in which the

market grew at 10.5%. Atento held the 1st position in

the market, after increasing its participation and

augmenting the gap with the second market participant

in market share. The company exhibited a market share

of 25.2%, almost doubling its next competitor´sparticipation.

COLOMBIA

Colombia suffered a revenue decline of 11.5% in 2015,

highly impacted by the devaluation of the Peso against

the U.S. Dollar. The market performance was much

more positive measured in Colombian Pesos (21.2%

revenue growth YoY), as the currency devaluated 36.9%

against the US Dollar in 2015. Colombia is one of the

most competitive markets in the region, since many

CCSPs have entered or expanded its capacity in the

country in the last years, due to low cost, convenient

incentives and government support. Atento holds the

5th position in the market based on the domestic,

Spanish and Latam-Shore segments.

MEXICO

Mexico attained $ 1.44 billion in 2015, 8.5% less than a

year ago, due to poor performances in the domestic

and offshore segments. The devaluation of the Mexican

Peso was particularly relevant in this result, due to the

19.4% devaluation against the US Dollar. As a matter of

fact, the market grew in local currency by 9.2%.

Nevertheless, Mexico experiences growth challenges as

the major communications service providers maintain

in-house or captive a significant portion of its contact

center services. Atento led the overall market with a

share of 16.6% in 2015, slightly above its participation

in 2014. The company´s market share grows to 28.7%

- four times its closest competitor´s share – when

considering only the domestic Mexican business.

PERU

The Peruvian market has been experiencing a sustained

rapid growth trajectory since the consolidation of the

Latam-Shore segment several years ago. In 2015, Peru

achieved a 9.2% YoY revenue growth in US Dollars

(22.6% in Peruvian Soles), the highest in Latin America,

and reached revenues of $ 439.5 million. This growth

was fueled both by Spanish, Chilean and other Latin

American customers, and domestic businesses which

are increasingly accepting outsourcing as a valid

business alternative for customer relationship

management. Atento enjoyed the highest market share

held in any Latin American country (34.7%) in 2015 –

slightly above 2014 –, sustained by close to 14,000

agents based in the biggest contact center campus in

the region – situated in Lima – as well as in other

delivery centers in Lima and Trujillo.

CACAR

CaCar is the most competitive sub-region in Latin

America, as none of the top 5 market participants

surpass the 10% figure in market share. Moreover,

alongside with Mexico and Colombia, the top 5 market

participants in CaCar are global CCSP´s, heavily

focused in nearshoring due to the noticeable

advantages this region offers for U.S. customers, such

as cultural affinity, similar time zones, geographical

proximity and English speaking workers available at low

costs.



CaCar is the only market in the region where Atento

is not within the top 5 competitors, as it is led by

companies with a strong presence in the United States.

However, Atento holds the 1st place in the domestic

business in CaCar fueled by its strong footprint in

Puerto Rico, El Salvador and Guatemala.

FINAL REMARKS

The CCO market in LATAM will experience sustained

growth in the forthcoming years, the general

improvement of economic conditions and an increasing

acceptance of outsourcing as a valid business strategy

will drive solid growth in the market, accompanied by

new investments in the region and an increasing

number of contact center agents. Therefore, the

domestic businesses in the region are expected to

recover, but the strongest growth will be witnessed in

the offshore markets. While the nearshore space will

be benefited by many US organizations expected to re-

shore its contact centers operations from India and the

Philippines to Latin America (due to increasing

dissatisfaction with Asian-based CCSPs), the Latam-

Shore segment will continue to feed on Argentinean

and Chilean companies looking for great service quality

at lower price points.

However, CCSP´s which want to stay relevant in the

marketplace must evolve its value proposition and

develop tailored solutions to walk the digital

transformation era alongside with its clients. Cost-

based competition is increasingly less effective in this

space as organizations expect service providers to

deliver value-added services and to play a relevant role

in internal process enhancement. At the same time,

regional market participants must deliver a prominent

hand in their clients’ sourcing strategies, finding the best

location to serve each customer according to its

business needs.

Meanwhile, the consolidation of the generations “Y” –

those born between 1980 and 2000 – and “Z” – born

in the new millennium – as consumers is forcing the

CCSPs to rapidly adapt to the way the younger

generations want to communicate. As such, developing

omni-channel solutions and mastering the use of digital

channels of interactions is increasingly becoming a

must-have in the marketplace. Furthermore, the digital

channels are adding complexity to listening to the Voice

of the Customer, a competitive weapon that every

CCSP must leverage to feed actionable data to its

clients to improve the customer experience.

From a general business perspective, the customer

experience is increasingly recognized as a major

competitive weapon in today´s world. Consequently,

mastering the customer relationship management is

now a matter of survival and a first priority for

enterprises in all industry verticals, and partnering with

the adequate CCSP may be the key to stay relevant in

the marketplace. The secret recipe consists on building

future growth common paths between the contracting

party and the service provider, accomplishing both

business goals by embracing the innovation and use of

state-of-the-art technology.

ABOUT FROST & SULLIVAN

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage

visionary innovation that addresses the global challenges and related growth opportunities that will make orbreak

today’s market participants. For more than 50 years, we have been developing growth strategies for the Global

1000, emerging businesses, the public sector and the investment community. Is your organization prepared for

the next profound wave of industry convergence, disruptive technologies, increasingcompetitive intensity, Mega

Trends, breakthrough best practices, changing customer dynamics and emerging economies?

visit ww2.frost.com


ABOUT ATENTO

Atento is the largest provider of customer relationship management and business process outsourcing (CRM

BPO) services in Latin America, and among the top three providers globally, based on revenues. Atento is also a

leading provider of nearshoring CRM/BPO services to companies that operate in the United States. Since 1999,

the company has developed its business model in 13 countries where it employs more than 150,000 people.

Atento has over 400 clients to whom it offers a wide range of CRM/BPO services through multiple channels.

Atento's clients are mostly leading multinational corporations in sectors such as telecommunications, banking

and financial services, health, retail and public administrations, among others. Atento´s shares trade under the

symbol ATTO on the New York Stock Exchange (NYSE). In 2016, Atento was named one of the World´s 25 Best

Multinational Workplaces by Great Place to Work®. For more information, visit www.atento.com



ANNEXForecast Assumptions

• For this forecast, Frost & Sullivan has considered the

currency exchange rates exhibited below. With the

exception of Argentina, the exchange rate for the

2017 to 2021 period has been considered stable.

• For the case of Argentina only, a new exchange rate

is projected for the entire forecasted period

because a yearly devaluation of the Argentinean

peso is widely expected in these years, along with

high inflation rates.

• Major economic or political changes, supplier

mergers and acquisitions, and other future events

could have a considerable impact on these forecasts.

Currency Exchange Rates

For reference, the following are the yearly average

exchange rates used in Frost & Sullivan's analysis (local

currency per 1 US dollar) . For 2016, the exchange

rates used are the average for the period between

January 1 and July 28:

Methodology Notes

• The base year is 2015, and the forecast period is

from 2016 to 2021.

• All revenues are denominated in US dollars, unless

specified otherwise.

• For the purpose of this report, revenue is allocated

to the fulfillment region and not to the region where

the contract is signed. For example, if CCSP "X"

signs a contract with a client in the United States

and fulfills the services from its delivery centers in

Mexico, then the revenue related to the fulfillment

is allocated to Mexico.

• However, exclusively for the Offshore Markets

breakdown, revenue allocation is for the country

where the consumer is located. For example, if

CCSP "Z" signs a contract with a company in the

United States to provide services to customers

located in Mexico, then the revenue will be allocated

to Mexico and not to the United States. Where the

client is based and the contract is signed is

irrelevant.

• All revenues and market share figures represent

Frost & Sullivan estimates based on primary and

secondary research and analysis. Because of

rounding, percentages in charts and tables may not

sum to 100%.

Country 2014 2015 2016(F) 2017 2018 2019 2020 2021

Argentina 8.1 9.2 14.7 16.9 18.6 19.9 21.4 22.8

Brazil 2.3 3.1 3.6 3.6 3.6 3.6 3.6 3.6

CaCar* 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Chile 570.3 653.6 679.6 679.6 679.6 679.6 679.6 679.6

Colombia 1985.2 2718.4 3071.3 3071.3 3071.3 3071.3 3071.3 3071.3

Mexico 13.3 15.9 18.1 18.1 18.1 18.1 18.1 18.1

Peru 2.8 3.1 3.3 3.3 3.3 3.3 3.3 3.3

5 For CaCar, Frost & Sullivan collected revenue information in US dollars to simplify the analysis. Source: Oanda Currency Converter; Institute Monetary Fund (IMF); World Bank; Economic Commission for Latin America (ECLAC); Several central banks; Other sources (Latin focus); Frost & Sullivan"

BUENOS AIRES1061 Luis Maria Campos,

9th Floor, Buenos Aires, Argentina

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SÃO PAULOAl. Ministro Rocha Azevedo,

456 - Cj. 601 - 01410-000 - São Pa

SP, Brazil

Tel +55 (0) 11 3065 8420

Fax +55 (0) 11 3065 8422

MIAMI175 SW 7th St, Suite 1105

Miami, Florida 33130

United States

Tel: +1-786-220-7020

MEXICO CITY26th Floor Torre

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Mexico

Tel: +52 55 2881 6944

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