Overview and Scope
A shared service center (SSC) is a centralized unit within an organization that consolidates and performs specific functions or services for multiple departments, divisions, or business units. The primary purpose of a shared service center is to streamline operations, increase efficiency, and reduce costs by centralizing common administrative, support, or back-office functions that were previously dispersed across various departments or locations.
Sizing and Forecast
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 growth in the historic period can be attributed to cost efficiency, standardization of processes, change in regulatory environment, globalization and expansion, enhanced service quality.
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%. The growth in the forecast period can be attributed to focus on digital transformation, rising demand for data analytics, globalization and localization strategies, increased cybersecurity concerns. Major trends in the forecast period include increased emphasis on intelligent automation, focus on digital transformation, enhanced employee experience, hybrid work models, advanced data security measures.
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Segmentation & Regional Insights
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
North America was the largest region in the shared service center market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared services center market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the shared services center market are Accenture PLC, 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
The shared services center market report table of contents includes:
1. Executive Summary
2. Shared Services Center Market Characteristics
3. Shared Services Center Market Trends And Strategies
4. Shared Services Center Market – Macro Economic Scenario
5. Global Shared Services Center Market Size and Growth
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32. Global Shared Services Center Market Competitive Benchmarking
33. Global Shared Services Center Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shared Services Center Market
35. Shared Services Center Market Future Outlook and Potential Analysis
36. Appendix
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