Shared Services Center Market 2022 - A Complete Overview of Industry Segments and Regional Outlook
Globally, the shared services centers market is predicted to grow at CAGR of 30% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Globally, the shared services centers market is predicted to grow at CAGR of 30% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
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<strong>Shared</strong> <strong>Services</strong> <strong>Center</strong> <strong>Market</strong> <strong>2022</strong> - A<br />
<strong>Complete</strong> <strong>Overview</strong> <strong>of</strong> <strong>Industry</strong> <strong>Segments</strong> <strong>and</strong><br />
<strong>Regional</strong> <strong>Outlook</strong><br />
“Globally, the shared services centers market is predicted to grow at CAGR <strong>of</strong> 30% in<br />
forecast period, providing numerous opportunities for market players to invest in<br />
research <strong>and</strong> development in the market.”<br />
The global shared services center market size is expected to reach a higher CAGR by <strong>2022</strong>, across the globe.<br />
The market is subject to witness a substantial growth due to the easy availability <strong>of</strong> skilled labor force <strong>and</strong><br />
lower wages in developing economies, particularly in the Asia Pacific region.<br />
Increasing investment made by industry players for development <strong>of</strong> various innovative procedures to improve<br />
everyday dealings along with efficient operational performance <strong>and</strong> better management programs in order to<br />
achieve best possible result from given the shared services center units. Globally, the shared services centers<br />
market is predicted to grow at CAGR <strong>of</strong> 30% in forecast period, providing numerous opportunities for market<br />
players to invest in research <strong>and</strong> development in the market.<br />
Early adoption <strong>of</strong> shared services center allows better operational capability, cost efficiency, reduction in the<br />
complexity <strong>and</strong> enhancement in the overall efficiency <strong>of</strong> the system. These factors are expected to foster the<br />
growth <strong>of</strong> shared services center industry over the forecast period. Rise in dem<strong>and</strong> for shared services center<br />
over the forecast period. The shared services center are designed such that a required organizational structure<br />
is achieved with simple workflow for a completely optimized procedural impact <strong>and</strong> provides operational<br />
excellence.<br />
The shared services center <strong>of</strong>fers management <strong>and</strong> focus on the strategic decision-making. The early adoption<br />
<strong>of</strong> shared services center helps organization in re-engineering <strong>of</strong> basic enterprise-level functions <strong>and</strong> services<br />
with efficient operational functionality <strong>and</strong> end-user optimization. Such advantages associated with early<br />
adoption <strong>of</strong> shared services centers are expected to fuel the growth <strong>of</strong> the market in the near future.<br />
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Furthermore, strong economic growth, easy availability <strong>of</strong> skilled labor force, <strong>and</strong> lower wages in developing<br />
economies across the globe are some <strong>of</strong> the key aspects responsible for sustained the growth <strong>of</strong> shared<br />
services center market, in the recent years. Favorable governmental policies such as tax relaxation initiatives,<br />
introduction <strong>of</strong> such as tax-free zones <strong>and</strong> special economic zone (SEZ) by local governments to promote<br />
adoption <strong>of</strong> shared services center, thereby driving market expansion in the recent years. However,<br />
complexity associated with implementation <strong>of</strong> shared services center framework is considered as major<br />
restraining factor for market growth. The market the given tasks are performed by functional entities follows<br />
dynamic pathing across various business units. The market further follows periodic procedure to perform<br />
different sets <strong>of</strong> tasks by leveraging best practices.<br />
The market is broadly categorized into four major types based on end-user industry such as pharmaceutical &<br />
medicine sector, legal, banking & finance industry, <strong>and</strong> manufacturing sector. The legal SSC is considered as<br />
one <strong>of</strong> the fastest growing segment in the shared services centers industry with substantial revenue<br />
generation in the last couple <strong>of</strong> years.<br />
Growing popularity <strong>of</strong> the legal SSC market segment is attributed to increasing dem<strong>and</strong> for subcontracting<br />
litigation support services. In addition, factors such as outsourcing <strong>of</strong> legal services has led to massive growth<br />
in the market segment. The pharmaceutical & medicine sector has also witnessed significant growth during<br />
the forecast period.<br />
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America <strong>and</strong> Africa. Europe has<br />
shown major growth in recent years owing to the rise in the implementation <strong>of</strong> latest technologies, varying<br />
demographics, <strong>and</strong> existence <strong>of</strong> well-established infrastructure in the region. Asia-Pacific region is predicted to<br />
hold major market share in the shared services center (SSC) industry with massive growth in forecast period.<br />
Countries such as India, China <strong>and</strong> Philippines are leading the Asia-Pacific market with easy availability <strong>of</strong><br />
skilled labor force, lower wages, strong economic growth, <strong>and</strong> significant investment by leading industry<br />
players considering potential growth opportunities in the region.<br />
The key players in the shared services center industry are Abbott Laboratories, Allen & Overy LLP, Barclays plc,<br />
Invest Lithuania Ltd., Novartis International AG, The Western Union Company, Ahlstrom-MunksjöOyj, Aspen<br />
Pharmacare Holdings Ltd., Ernst & Young Co., Intermedix Co., NASDAQ Inc., PA Consulting Group Co.,<br />
PricewaterhouseCoopers Co., Tentacle Technologies MSC Sdn.Bhd., WNS Global <strong>Services</strong>, <strong>and</strong> KPMG LLP.
<strong>Market</strong> Segment:<br />
SSC End-Use <strong>Outlook</strong> (Units, 2012 - <strong>2022</strong>)<br />
• Pharmaceutical <strong>and</strong> clinical<br />
• Legal<br />
• BFSI<br />
• Manufacturing<br />
• Other end-use<br />
SSC <strong>Regional</strong> <strong>Outlook</strong> (Units, 2012 - <strong>2022</strong>)<br />
• North America<br />
• Europe<br />
• CEE<br />
• Asia Pacific<br />
• Latin America<br />
• MEA<br />
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