Shared Services Market Size, Insights, Country-wise Forecast, Demand Outlook, Trends & Business Strategies

Shared services encompasses people, technology, and processes for management of various business functions such as IT, legal, accounting, security, HR, compliance, purchasing, and supply chain management. In various instances, these are separate organizational units that handle activities of support functions for corporate headquarters and its business units with the purpose of delivering high standards, in terms of efficiency and quality.

The center for shared services within an enterprise is known as a shared services center (SSC), which is a dedicated unit responsible for executing and handling specific operational functions. As SSCs are considered to be cost-effective, they are highly cost-sensitive, in terms of their location selection criteria, labor costs, and headcount.

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The shared services market is observing lucrative growth potential as enterprises around the globe are increasingly focused on declining their overall cost incurred on quality improvement and production of services offered. Implementation of SSCs at operational stages across organizations offer cost reduction and operational efficiency, along with enhanced productivity, which drives growth of the market.

In addition, location proximity is one of the major driving forces in the shared services market. However, implementation of shared services is a complex process as it necessitates changes across complete business process and infrastructure of an organization.

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Robotic Process Automation (RPA) is being adopted across industries due to its benefits. Amongst the next generation technologies such as artificial intelligence and machine learning, RPA is one of the technologies that is experiencing heavy shift due to benefits including high short payback period, RoI, and enhanced overall performance with reduction in cost.

RPA is enabling digital transformation into shared services. It gains significance with increased productivity and cost savings generated due to automating rules-based and repetitive processes. The application of machine learning, predictive analytics, and other technological models to RPA can lead to larger value in both generating higher level insights as well as managing back office processing.

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The shared services market has been experiencing significant growth in recent years, driven by the increasing demand for cost-effective and efficient business processes. One of the major trends in the market is the adoption of cloud-based shared services. Cloud-based shared services offer a range of benefits, including scalability, flexibility, and cost-effectiveness, making them a popular choice for businesses of all sizes. Cloud-based solutions also offer easy integration with existing systems and enable remote access, allowing for greater collaboration and productivity.

Another trend in the shared services market is the integration of robotic process automation (RPA) and artificial intelligence (AI) technologies. RPA automates repetitive and manual tasks, reducing the need for human intervention and increasing efficiency. AI technologies, such as natural language processing and machine learning, enable shared services providers to offer advanced analytics and insights, further improving business processes. As businesses seek to optimize their operations and reduce costs, the integration of RPA and AI technologies with shared services is expected to become increasingly prevalent in the coming years.

Cognizant Technology Solutions Corp., International Business Machines Corporation, Capgemini SE, SAP SE, Tata Consultancy Services Ltd., Infosys Ltd., Symantec, Oracle, Wipro Ltd.

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