Shared Services Center Market Size Projected to Garner 428.2 Thousand Units by 2032 growing at 19.3% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Shared Services Center Market Size is predicted to reach 428.2 Thousand Units by 2032 from 74.7 Thousand Units in 2022, at a CAGR of 19.3% between 2023 and 2032, as per the Acumen Research and Consulting
In recent years, the growth of shared services centers (SSCs) on a global level has been substantial, driven by a confluence of factors such as technological advancements, cost-efficiency imperatives, and a shifting focus towards enhancing operational agility. Organizations around the world are increasingly recognizing the benefits of consolidating and centralizing certain business functions into SSCs. This trend is particularly pronounced in industries such as finance, human resources, IT, and customer support, where standardized processes can be efficiently managed in a centralized manner.
One key driver of SSC growth is the adoption of advanced technologies, including robotic process automation (RPA), artificial intelligence (AI), and cloud computing. These technologies enable SSCs to automate routine and rule-based tasks, streamline processes, and enhance overall efficiency. Moreover, the globalized nature of business operations has necessitated a more interconnected approach, prompting organizations to establish SSCs that can provide standardized services across geographies. This globalization of SSCs allows companies to leverage economies of scale, share best practices, and ensure consistent service delivery to various business units. As SSCs continue to evolve, they are not only expanding in terms of the range of services they offer but also in their strategic importance within organizations. Beyond cost reduction, SSCs are increasingly seen as strategic partners that contribute to business innovation, data analytics, and decision-making.
Shared Services Center Market Statistics
- Global Shared Services Center Market value was worth 74.7 Thousand Units in 2022, with a 19.3% CAGR from 2023 to 2032
- Asia-Pacific Shared Services Center Market share occupied around 36% in 2022
- Europe region is expected to expand at the highest CAGR between 2023 and 2032
- By end-use, the manufacturing segment captured the largest market share in 2022
- Increasing complexity of business operations, propel the Shared Services Center Market Revenue
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Shared Services Center Market Trends
The shared services center (SSC) market has experienced robust growth in recent years, driven by a combination of factors that include cost optimization, technological advancements, and a growing emphasis on operational efficiency. Organizations across various industries are increasingly recognizing the benefits of consolidating and centralizing their non-core business functions to SSCs. This trend is particularly notable in sectors such as finance, human resources, information technology, and customer service, where standardization and efficiency gains can be achieved through centralized management.
Technological advancements, including the adoption of robotic process automation (RPA), artificial intelligence (AI), and cloud-based solutions, have played a pivotal role in reshaping the SSC landscape. These technologies enable SSCs to automate repetitive tasks, enhance process accuracy, and improve overall productivity. As organizations continue to navigate a rapidly evolving business environment, the demand for innovative solutions and advanced capabilities from SSCs is fueling market growth. The integration of data analytics and business intelligence within SSC operations further adds strategic value, enabling organizations to make data-driven decisions and gain insights that drive business innovation. The SSC market is witnessing geographical expansion as companies establish global or regional shared service centers to serve diverse business units. This globalization trend allows organizations to leverage economies of scale, optimize resource allocation, and ensure standardized service delivery across different regions. As SSCs mature, they are evolving beyond their traditional role as cost centers to becoming strategic partners in supporting organizational growth and agility.
Shared Services Center Market Segmentation
Acumen Research and Consulting has segmented the global Shared Services Center Market by end-use, and region.
- By end-use, the industry is categorized into pharmaceutical and clinical, BFSI, manufacturing, legal, and others.
- By region, the market is divided into Asia-Pacific, North America, Europe, Latin America, and the MEA.
Shared Services Center Market Regional Overview
According to the shared services center industry analysis, Europe has emerged as a growing and dynamic region in the shared services center (SSC) market. Several factors contribute to this growth, making the continent an attractive hub for organizations looking to centralize and streamline their business processes. One key driver is the increasing recognition among European businesses of the cost efficiencies and operational advantages that come with consolidating non-core functions into shared services centers. The drive for cost optimization is particularly crucial in the European business landscape, where economic factors and competitive pressures are incentivizing companies to find innovative ways to enhance efficiency. Moreover, Europe's commitment to technological innovation and digital transformation is influencing the growth of SSCs in the region. The adoption of advanced technologies, such as robotic process automation (RPA), artificial intelligence (AI), and cloud computing, is helping SSCs in Europe automate repetitive tasks, improve accuracy, and enhance overall productivity.
Shared Services Center Market Players
Some of the prominent Shared Services Center Market companies are Abbott, Barclays, Allen & Overy LLP, KPMG International Limited, Ernst & Young Global Limited, WNS (Holdings) Ltd., Nasdaq, Inc., PA Knowledge Limited, Novartis AG, Western Union Financial Services, Inc., PwC, and Tentacle Technologies.
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Mr. Frank Wilson
Acumen Research and Consulting
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