PRESS RELEASES 8/2/2011 2:43:32 PM | CCNMatthews

New Combined Caribbean & Central America BPO & Contact Center Report 2024 Published by Zagada Institute, Region's Leading Research Firm

August 2, 2024 - 02:43:32 PM
MIAMI, FL and CORAL GABLES, FL--(Marketwire - August 02, 2024) - Zagada Institute -- the research arm of Zagada Markets -- announces the publication data of its combined Caribbean & Central America BPO & Contact Center 2024 Report for Monday, August 8th, 2024. The combined report is an updated analysis to the company's earlier August 2024 Central America analysis and Caribbean 2024 studies.

This comprehensive and independent analysis on the region's 20 Nearshore markets indicates that the Central America & Caribbean Nearshore region has grown to now exceed 125,000 contact center agents and BPO workers, which currently generates revenues exceeding a tad over US$2 billion which creates an additional US$2.5 billion in direct economic impact. Zagada Institutes projects that companies operating in the combined region are on target to generate an additional US$400 million in revenues and will add approximately 25,000 which will surpass 150,000 jobs by the end of 2024.

Other Key highlights include:


6 countries generate 86% of the region's capacity and revenues. In order of performance they include: Costa Rica, the Dominican Republic, Guatemala, Panama, Jamaica and El Salvador
For the first time Central America has now bypassed Caribbean markets on all key fronts: aggregate agents and worker capacity in the sector, company revenues, and governments' spending on the sector.
The product mix in the region is evolving and maturing from pure call center projects, with back office, shared service and the like now representing approximately 20% of revenues. This trend portends higher projected future margins for companies.
Over 750,000 students are now attending the region's 207 universities and institutions with over 150,000 graduating each year with expanded bi-lingual educational spending by private sector companies.
With the demise of Nortel, Avaya now super-dominates the vendor landscape with Aspect increasingly positioning itself with nifty acquisitions and office expansion in key markets such as Mexico, Colombia, and Brazil.


"When evaluated from a global competitive position," said Philip Peters, CEO of Zagada Markets, "the Caribbean and Central America Nearshore locations are performing quite well." He continued, "By the end of 2024, the Philippines and India generated approximately 350,000 and 320,000 BPO and contact center positions respectively, with US$6 billion and US$5.5 billion in corresponding revenues. The Caribbean and Central America's $2.2 billion revenues and 125,000 positions, reflect an increasing intensification in the service globalization outsourcing service trade, and the immediate or core Nearshore capacity to bat," Peters concluded.

The Caribbean and Central America Nearshore market, however, also faces strategic challenges as its market expands. These include the need to continue vigorously expanding service-ready and a bilingual-ready talent base, to meet U.S. corporate buy-side demand, the need in certain markets for better physical contact center and BPO office capacity, political instability and uncertainty, a need for improved timeliness and accuracy in data and information sharing from development agencies, and the need to continue strengthening its middle management core as regional service providers grow their service delivery complexity.

The report is data rich and offers strategic guidance and intelligence to corporate buyers, investors, service providers and executives about how to evaluate each market, assess third party service providers and vendors and utilize Zagada's advisory services on the region.

Parties interested in pre-purchasing the report are invited to do so before the August 8th launch date. Buyers will receive a 30% discount for all pre-purchase orders.

Email enquiries should be sent to Report2012@zagada.com, or contact Zagada directly at 305 322 8156.

About Zagada Institute

The Zagada Institute is the research-publishing unit of Zagada Markets and is committed to research and applied analysis on the innovation sector.

About Zagada Markets

Zagada is a business development analytics firm. The company provides research, indexes, rating and tailor-made advisory services on countries, cities and service suppliers to corporations. The company principally serves the corporate buy-side and is totally focused on delivering sourcing analytics on the global outsourcing sector. The company is the developer and publisher with its partner Waagstein Research of the only equity benchmark on the global outsourcing sector -- The Zagada Waagstein Global Outsourcing 100 Index -- www.zagada.com/. Zagada publishes the leading www.NearshoreJournal.com sourcing blog. Please visit Zagada online at www.zagada.com.





FOR FURTHER INFORMATION PLEASE CONTACT:

Media:
Zagada Markets
305 322 8156
press@zagada.com
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