The global shared services center market size is expected to reach 3,36,742 units, growing at a CAGR of 19.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. A shared services center (SSC) is a devoted unit that focuses on defined business functions and is structured as a centralized delivery location and point of service. The unit is responsible for specific functions, such as security, purchasing, compliance, legal, IT, payroll, HR, and accounting.
The growth prospects for this market are bullish due to increased needs for reducing costs and improving the quality of delivered services. Resourceful implementation of SSC in operational stages yields greater operational efficiency and cost reduction, while enhancing productivity. Deployment of SSC framework helps companies to focus on enhancing operations.
Availability of skilled low cost labor, tax relaxation and favorable government initiatives in select geographies such as India, China, Latin America, and some parts of Eastern Europe are envisioned to drive industry growth.
However, the complexity associated with the implementation of such a framework is presumed to challenge industry growth, as it involves the assigned tasks to be performed and shared dynamically across the various business units involved. To achieve cost reduction, organizations operate in a low cost location. However, doing so without the standardization of procedures is expected to increase the organization’s inefficiency and is expected to hinder SSC establishments.
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The other segment held the largest unit share of 35.1% in 2022. It consists of human resources, procurement, and IT & telecom
The pharmaceutical & clinical segment is expected to grow at the fastest CAGR of 23.9% during the forecast period.
The Asia Pacific region held the largest market share of 40.3% in 2022 and is expected to continue its dominance during the forecast period.
Grand View Research has segmented the global shared services center market report on the basis of end-use and region:
Shared Services Center End-Use Outlook (Units, 2017 - 2030)
Pharmaceutical and clinical
Legal
BFSI
Manufacturing
Others
Shared Services Center Regional Outlook (Units, 2017 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Asia Pacific
China
Japan
India
Australia
South Korea
Latin America
Brazil
Mexico
Middle East and Africa
Saudi Arabia
South Africa
UAE
List of Key Players in Shared Services Center Market
Abbott
Ahlstrom
Allen & Overy LLP
Aspen Holdings
Barclays
Ernst & Young Global Limited
Intermedix
Invest Lithuania
KPMG International Limited
Nasdaq, Inc.
Novartis AG
PA Knowledge Limited
PwC
Tentacle Technologies
Western Union Financial Services, Inc.
WNS (Holdings) Ltd.
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