Shared Services Center Market Size, Share & Trends Analysis Report By End-use (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Shared Services Center Market Size, Share & Trends Analysis Report By End-use (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Shared Services Center Market Growth & Trends

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.

Shared Services Center Market Report Highlights

• 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.

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