Shared Services Centre Market Will Reach USD 152.38 billion in Forecast Period 2020-2024

 



A dedicated unit consisting of processes, people, and technologies that focuses on defined business functions is referred to as shared services. It is organised as a single point of contact and delivery location. These functions, which are supported by IT and IT services, cater to the needs of various business units within the enterprise. A shared services centre (SSC) is an enterprise's hub for shared services. It is a dedicated unit in charge of carrying out and managing specific operational tasks such as human resources, accounting, payroll, information technology, compliance, legal, purchasing, security, and others. These SSCs are frequently regarded as spin-offs of corporate services; They aim to decouple all operational tasks from corporate headquarters, allowing them to concentrate on their core competencies instead. SSCs are highly cost-sensitive in terms of labour costs, location selection criteria, and headcount because they are intended to be cost-effective.

As enterprises around the world increasingly focus on lowering overall production costs while improving service quality, the shared services centre market is poised for rapid growth. Ingenious implementation of SSCs at the operational stage results in improved operational efficiency and cost savings. The clinical and pharmaceutical end-use segments account for a significant share of the global shared services centre market and are expected to grow at an impressive rate in the coming years. The rapidly increasing demand for cost-effective treatment modalities, as well as the redesigning of the traditional pharmaceutical R&D models are expected to drive demand in the global shared services centre market.

Among the various end-use segments of the market, the legal end-use is expected to significantly contribute to the SSC industry's revenue during the forecast period. In recent years, the introduction of new technologies, combined with rising demand for cost-cutting measures in the aftermath of the global economic downturn has compelled law firms and corporate legal departments to replace their traditional business approach with shared services and outsourcing.

The BFSI segment also held a significant share of the global shared services centre market and is expected to grow significantly over the report's forecast period. The emerging trend among leading enterprises to strengthen their global presence and improve customer satisfaction will boost demand from the BFSI sector. Furthermore, the availability of a highly skilled workforce at lower wages in emerging economies in Eastern Europe and the Asia Pacific is expected to boost the global shared services centre market. Regionally, Asia Pacific is expected to grow at the fastest rate as a regional market for SSCs. Asia Pacific is one of the most profitable regional markets for SSC due to its close-knit cultural homogeneity and low-cost arbitrage. Furthermore, the region's abundance of institutions and universities facilitates access to a skilled labour force with multilingual skills, which is quite similar to the culture prevalent in Western Europe. This is expected to significantly boost the global shared services centre market.

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