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Shared Services Center Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Shared Services Center Global Market
As per the report, the shared service center market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.11 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The shared service center market size is expected to see exponential growth in the next few years. It will grow to $0.26 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%.
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Remote Work and Virtual Service Delivery on the Growth of the Shared Services Center (SSC)
The demand for remote work and virtual service delivery is expected to propel the growth of the shared services center (SSC) market going forward. Remote work refers to the practice of working outside a traditional office environment, often from home or any location with internet access. Virtual service delivery, on the other hand, refers to providing services without physical, face-to-face interactions. Due to the widespread acceptance of remote work, shared service centers offer scalability, flexibility, and cost efficiency, making it easier to manage and maintain services regardless of employee location. For instance, in March 2022, according to the U.S. Bureau of Labor Statistics, a U.S.-based government organization, the number of people working remotely increased from 24% in 2020 to 42% in 2021. Therefore, the demand for remote work and virtual service delivery is expected to propel the growth of the shared services center (SSC) market.
Expand Regional Presence and Enhance Client Services
Major companies operating in the shared services center market are focusing on promoting investment towards the development of shared service center. Investments in shared service centers are driven by the desire to achieve operational excellence, cost savings, improved service quality, and strategic advantages. For instance, in January 2024, Advantech, a Taiwan-based technology corporation, launched ASEAN Shared Service Center. The center will offer Advantech's clients in the ASEAN area services, such as supply chain management, finance, and human resources. The center's construction is a component of Advantech's ""China+1"" strategy, which aims to increase its footprint in Southeast Asia and diversify its operations while lowering risks. Additionally, by offering localized support and expertise, the center will assist Advantech in better serving its clients in the area.
The shared services center market covered in this report is segmented -
1) By Type: Business Strategy, Operational Strategy, Other Types
2) By Component: Software, Services, Consulting, Integration, Maintenance
3) By End-Use: Banking, Financial services and Insurance (BFSI), Media and Entertainment, Manufacturing, Healthcare, Information Technology and Telecom, Retail and Hospitality, Other End-Users
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Major companies operating in the shared services center market are International Business Machines Corporation, Deloitte Touche Tohmatsu Limited , Novartis International AG , Abbott Laboratories , Oracle Corporation, KPMG, Broadcom Inc. , SAP SE, Barclays PLC , Tata Consultancy Services Limited, Capgemini, Cognizant Technology Solutions Corp., Infosys Ltd., HCL Technologies Limited, Atos SE, Wipro Ltd., Nasdaq Inc., Western Union Financial Services Inc., Genpact Limited, Ahlstrom, Allen & Overy LLP, EXL Service Holdings Inc., Aspen Technology Inc., Intermedix Inc., PA Consulting Group Limited, Invest Lithuania
Contents of the report:
1. Executive Summary
2. Shared Services Center Market Report Structure
3. Shared Services Center Market Trends And Strategies
4. Shared Services Center Market - Macro Economic Scenario
5. Shared Services Center Market Size And Growth
…..
27. Shared Services Center Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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