Shared services refer to a dedicated unit including processes, people, and technologies that focuses on defined business functions. It is structured as a centralized point of service and delivery location. Supported by IT and IT services, these functions cater to the requirement for diverse business units within the enterprise. Shared services may involve copious IT processes and business functions and may come from various physical locations.
A shared services center (SSC) is the hub for shared services within an enterprise. It is a dedicated unit responsible for executing and handling specific operational tasks such as human resources, accounting, payroll, IT, compliance, legal, purchasing, security, and others. These SSCs are often considered spin-offs of the corporate services; they are aimed at separating all operation tasks from the corporate headquarters, allowing them to focus on their core competencies instead. As SSCs are intended to be cost-effective, they are highly cost-sensitive in terms of their labor costs, location selection criteria, and headcount.
The report presents in-depth insights into various factors that will influence the global shared services market between 2016 and 2024, comprising exhaustive information pertaining to the market’s historical performance and its development status. Aiming to provide an executive-level blueprint of the prevailing competitiveness in the market, the report also profiles some of the most prominent companies operating in the market. Their performances are evaluated on the basis of financial overview, strategies adopted, cost structure, and expansion trends, among others.
Shared Services Center Market: Key Trends and Opportunities
The shared services center market witnesses lucrative growth potential as enterprises around the world increasingly focus on reducing the overall cost incurred on production and improving the quality of the services delivered. Ingenious implementation of SSCs at operation stages results in better operational efficiency and cost reduction, along with enhanced productivity. Deploying an SSC framework, therefore, helps companies focus on improving their core operations.
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Poised to witness growth at an impressive rate in the next few years, the clinical and pharmaceutical end-use segments account for a substantial share of the global shared services center market. The rapidly increasing demand for cost-effective treatment modalities and redesigning the traditional pharmaceutical R&D model is anticipated to boost demand from the global shared services center market.
Among the various end-use segments of the market, the legal end use is anticipated to considerably contribute to the revenue generated by the SSC industry during the forecast period. In the last couple of years, the advent of the latest technologies, coupled with rising demand for reduction of costs in the wake of the global economic downturn, has impelled law firms and corporate legal departments to replace their traditional business approach with shared services and outsourcing.
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The BFSI segment also accounted for a considerable share in the global shared services center market and is expected to exhibit significant growth over the report’s forecast period. The emerging trend among leading enterprises to enhance their global presence and improve customer satisfaction will positively fuel demand from the BFSI segment. Additionally, the availability of a highly skilled workforce at lower wages across emerging nations in Eastern Europe and Asia Pacific is envisioned to boost the global shared services center market.
Shared Services Center Market: Region-wise Outlook
Regionally, Asia Pacific is anticipated to exhibit the highest growth rate as a regional market for SSCs. Close-knit cultural homogeneity and low-cost arbitrage in the region have made Asia Pacific one of the most lucrative regional markets for SSC. Furthermore, the presence of a large number of institutions and universities in the region facilitates access to a skilled labor force with multilingual skills, which is quite similar to the culture prevalent in Western Europe. This is anticipated to boost the global shared services center market significantly.
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