San Francisco, 5 December 2018: Over 75,000 shared services centers market are expected to be established
globally by 2022, growing at a CAGR of close to 30% from 2015 to 2022,
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.
Access
Research Report of Shared Services Centers
Market @ www.grandviewresearch.com/industry-analysis/shared-services-center-market
Further key findings from the report suggest:
· Poised to witness considerable growth over
the next seven years, pharmaceutical & clinical end-use accounted for 11%
of the overall market share in 2014. Rapid increase in the need to reinvent
traditional pharmaceutical R&D model to continue developing new products
cost-effectively and efficiently, and adjust to the industry’s new realities is
expected bolster demand over the forecast period.
· Projected to grow at an estimated CAGR of
35% from 2015 to 2022, legal end-use is expected to drive the SSC industry over
the forecast period. Over the last few years, emergence of new technologies
coupled with the need to reduce costs in the wake of global downturn has
significantly forced corporate legal departments and law firms to change their
traditional business approach and to adopt shared services and outsourcing
associated with the legal profession.
· BFSI end-use accounted for over 20% of the
overall revenue in 2014, and is presumed to witness significant growth in the
market share over the forecast period, owing to the emerging trend among
companies to enhance global presence and customer satisfaction. Availability of
huge and highly educated workforce, lower wages, and improved English
capabilities in countries across Asia Pacific and Eastern Europe are envisioned
to boost industry growth.
· Projected to grow at an estimated CAGR of
over 25% from 2015 to 2022, manufacturing end-use is expected to witness
healthy growth in the foreseeable future. Organizations consider Asia Pacific
as the most attractive market for off-shoring destination owing to the lower
wages, higher employment rates, availability of pool of talents, and skilled
and educated employees in the region, which are expected to drive industry
growth.
· The Asia Pacific regional market is poised
for high growth throughout the forecast period. It accounted for close to 30%
of the overall market share in 2014. Close-knit cultural homogeneity coupled
with low-cost arbitrage has made the Asia Pacific region a preferred
destination for SSC establishment.
· The presence of a large number of
universities, eventually enabling access to skilled labor force, multi-lingual
skills in professionals coupled with cultural similarity to Western Europe is
presumed to have driven growth in the European region.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
Grand View Research has segmented the
global shared services center market on the basis of end-use and region:
SSC End-Use Outlook (Units, 2012 - 2022)
·
Pharmaceutical and clinical
·
Legal
·
BFSI
·
Manufacturing
·
Other end-use
SSC Regional Outlook (Units, 2012 - 2022)
·
North America
·
Europe
·
CEE
·
Asia Pacific
·
Latin America
·
MEA
Access Press Release of
Shared Services Centers Market@ www.grandviewresearch.com/press-release/global-shared-services-centers-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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