Shared Services Center Market Share, Size, Trends, Industry Analysis Report, By End-use (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing, Others), By Region, And Segment Forecasts, 2024 - 2032

Shared Services Center Market Share, Size, Trends, Industry Analysis Report, By End-use (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing, Others), By Region, And Segment Forecasts, 2024 - 2032

The global shared services center market size is expected to reach USD 209.17 billion by 2032, according to a new study by Polaris Market Research. The report “Shared Services Center Market Share, Size, Trends, Industry Analysis Report, By End-use (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing, Others), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

A Shared Services Center (SSC) is a specialized unit dedicated to managing specific business functions. Structured as a centralized delivery hub and service point, an SSC is tasked with overseeing and executing functions essential to the organization's operations. These functions often include areas such as security, purchasing, compliance, legal affairs, information technology (IT), payroll management, human resources (HR), and accounting. The primary goal of an SSC is to streamline and optimize these functions by consolidating them into a centralized location, promoting efficiency, cost-effectiveness, and standardized processes across the organization.

The optimistic growth prospects for the SSC market stem from the heightened demand for cost reduction and service quality improvement. When SSCs are implemented resourcefully in operational stages, they contribute to enhanced operational efficiency and reduced costs, ultimately leading to increased productivity. The deployment of an SSC framework allows companies to concentrate on refining their core operations while streamlining and consolidating support functions. This strategic focus on operational enhancement, coupled with standardized processes within the SSC, enables organizations to achieve greater efficiency, cost-effectiveness, and overall improvement in service quality.

As per estimates from the World Trade Organization (WTO), India stands among the leading global service exporters, with its share in global services trade doubling to over 4% in 2022 from 2% in 2005. Survey results reinforce the notion that shared service centers will play a central role in India solidifying its position on the global stage and attaining the country's target of achieving $400 billion in services exports for the current fiscal year. It explored the changing service delivery models embraced by the world's major corporations in response to economic challenges and the persistent inclination toward remote and hybrid work. Additionally, it unveiled the trends and strategies contributing to process optimization and cost-efficiency across various industries.

Intricacies linked to implementing such a framework are anticipated to pose challenges to industry growth. This complexity arises from the dynamic distribution of assigned tasks across multiple business units. While organizations aim to achieve cost reduction by operating in low-cost locations, doing so without the standardization of procedures is expected to elevate inefficiencies within the organization, acting as a hindrance to the establishment of the SSCs.

Shared Services Center Market Report Highlights

Others (HR, IT & procurement) segment held the largest share, owing to rising need for cost optimization through centralized operations

Pharmaceutical segment expected to grow at the fastest rate, to increase work efficiency and in-time services-oriented work

Asia Pacific held the largest share, primarily due to huge service sector in the region, employed in consulting and advisory industry

The key market players include Abbott, Ahlstrom, Allen & Overy, Aspen Holdings, Barclays, Ernst & Young Global, Intermedix, and Invest Lithuania

Polaris Market Research has segmented the shared services center market report based on end use, and region:

Shared Services Center, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

Pharmaceutical and clinical

Legal

BFSI

Manufacturing

Others

Shared Services Center, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa