Shared Services Market

Shared Services Market is predicted to grow at a faster CAGR during the forecast period due to increasing need for a higher level of strategic flexibility across the world.

Introduction of the Shared Services Market Report

Shared services offer cost-effectiveness and process efficiency to companies wherein all internal functions are standardized with the help of these services. The proximity of location is one of the crucial driving factors for the global shared services market. Proficient implementation of shared services can deliver operational cost-effectiveness, cutback in operational complexities, and enhance the efficiency of task implementation.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global shared services market include the increasing need for a higher level of strategic flexibility across the world. The widespread benefits such as the easy availability of qualified and low-cost labour in developing countries are fuelling the shared services market’s growth significantly. The availability of a low-cost and qualified workforce in crucial developing countries, including India, China, the Philippines, and other countries, drives the shared services market growth. Initiatives including tax relaxation and the creation of tax-free zones are projected to further propel the shared services market growth over the forecast period. Also, growth in the demand from the developing economies is projected to enhance the growth of the global shared services market over the forecast period. Furthermore, the increasing focus of the vendors for developing low-cost solutions and enhancing operational performance is supplementing the growth of the shared services market.

Restraint in the Shared Services Market

Rising complexities in the implementation of shared services are hampering the overall market growth. The implementation of shared services is a process that necessitates a transformation in the overall infrastructure and business processes of an organization. It also takes a lot of time to implement shared services across the organization.

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Function- Segment Analysis

Based on the function, finance & administration is estimated to hold the largest market share in the global shared services market over the forecast period. It has been seen as a way to leverage the economies of scale for large enterprises, thereby enabling the transfer of basic accounting processes including payroll, accounts payable, and purchase to offshore the entities with lower cost-structures. The rising need to align business strategies with the financial and administrative processes, paired with reducing the headcount with process improvement initiatives, is fuelling the market demand for shared services.

Number of Services – Segment Analysis

More than three services segment is projected to grow at the fastest growth rate over the forecast period in the global shared services market based on the number of services. The vendors are incrementally focusing on a more significant number of shared services to improve operational efficiency and reduce overall costs. This is fuelling the market demand for more than three services sub-segment in the shared services market. The rising focus of the vendors in the market for developing low-cost solutions supplements the market demand for shared services globally.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to capture a significant market share in the global shared services market over the forecast period. Advancements in the shared solutions, developments in analytics, and automated sub-processes are projected to drive the shared services market growth in this region over the forecast period. The presence of a significant number of vendors in the region, including the companies IBM Corporation, Genpact Ltd., Cognizant, and others, is fuelling the growth of the shared services market. Furthermore, Asia-Pacific is projected to depict the fastest growth rate over the forecast period. The availability of skilled and low-cost personnel in the region is projected to be opportunistic for the shared services market.

Top Market Players

Various notable players operating in the market include Accenture Plc, IBM Corporation, Infosys Ltd., Capgemini SE, SAP SE, Tata Consultancy Services Ltd., Wipro Ltd., Genpact Ltd., Cognizant, Oracle Corporation among others. 

Key Developments:

• • In 2020, Accenture entered into a Joint Venture with the Generali Group in order to accelerate the digital transformation strategy of the Generali Group. With the help of this alliance, Accenture aimed to support the insurer to optimize its services and meet the dynamic needs of the customers, while maintaining synergies among the business units.

Segments covered in the Report:

The global Shared Services market has been segmented on the basis of function, number of services, and key regions. Based on function, the market is segmented into finance & administration, CRM, HR, IT, and SCM. Based on number of services, the market is segmented into one, two, three, and more than three. 

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Key questions answered in this research report:

• • At what pace is global shared services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Shared Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Shared Services Market?
  • Which Function generated maximum revenues in 2019 and identify the most promising Function during the forecast period?
  • What are the various Number of Services areas of Global Shared Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Shared Services Market by Function

• • Finance & Administration
  • CRM
  • HR
  • IT
  • SCM

Global Shared Service Market by Number of Services

• • One
  • Two
  • Three
  • More than Three

Global Shared Service Market by Region

• • North America Shared Service Market (Option 1: As a part of the free 25% customization)
    • North America Market by Function
    • North America Market by Number of Services
    • US Market All Up
    • Canada Market All Up
  • Europe Shared Service Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Function
    • Europe Market by Number of Services
    • UK Market All Up
    • Germany Market All Up
    • France Market All Up
    • Spain Market All Up
    • Rest of Europe Market All Up
  • Asia-Pacific Shared Service Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Function
    • Asia-Pacific Market by Number of Services
    • China Market All Up
    • India Market All Up
    • Japan Market All Up
    • Rest of APAC Market All Up
  • RoW Shared Service Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Function
    • RoW Market by Number of Services
    • Brazil Market All Up
    • South Africa Market All Up
    • Saudi Arabia Market All Up
    • UAE Market All Up
    • Rest of world (remaining countries of the LAMEA region) Market All Up

Major Players Operating in the Shared Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Accenture Plc
  • IBM Corporation
  • Infosys Ltd.
  • Capgemini SE
  • SAP SE
  • Tata Consultancy Services Ltd.
  • Wipro Ltd.
  • Genpact Ltd.
  • Cognizant
  • Oracle Corporation