Shared Services Center Market Competitive Landscape, Key Drivers, Major Players, Outlook And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Shared Services Center Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the shared service center market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.11 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to cost efficiency, standardization of processes, change in regulatory environment, globalization and expansion, enhanced service quality.

The shared service center market size is expected to see exponential growth in the next few years. It will grow to $0.26 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to focus on digital transformation, rising demand for data analytics, globalization and localization strategies, increased cybersecurity concerns. Major trends in the forecast period include increased emphasis on intelligent automation, focus on digital transformation, enhanced employee experience, hybrid work models, advanced data security measures.

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Market Drivers and Trends:

The demand for remote work and virtual service delivery is expected to propel the growth of the shared services center (SSC) market going forward. Remote work refers to the practice of working outside a traditional office environment, often from home or any location with internet access. Virtual service delivery, on the other hand, refers to providing services without physical, face-to-face interactions. Due to the widespread acceptance of remote work, shared service centers offer scalability, flexibility, and cost efficiency, making it easier to manage and maintain services regardless of employee location. For instance, in March 2022, according to the U.S. Bureau of Labor Statistics, a U.S.-based government organization, the number of people working remotely increased from 24% in 2020 to 42% in 2021. Therefore, the demand for remote work and virtual service delivery is expected to propel the growth of the shared services center (SSC) market.

Major companies operating in the shared services center market are focusing on promoting investment towards the development of shared service center. Investments in shared service centers are driven by the desire to achieve operational excellence, cost savings, improved service quality, and strategic advantages. For instance, in January 2024, Advantech, a Taiwan-based technology corporation, launched ASEAN Shared Service Center. The center will offer Advantech's clients in the ASEAN area services, such as supply chain management, finance, and human resources. The center's construction is a component of Advantech's ""China+1"" strategy, which aims to increase its footprint in Southeast Asia and diversify its operations while lowering risks. Additionally, by offering localized support and expertise, the center will assist Advantech in better serving its clients in the area.

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Major Key Players of the Market:

International Business Machines Corporation, Deloitte Touche Tohmatsu Limited , Novartis International AG , Abbott Laboratories , Oracle Corporation, KPMG, Broadcom Inc. , SAP SE, Barclays PLC , Tata Consultancy Services Limited, Capgemini, Cognizant Technology Solutions Corp., Infosys Ltd., HCL Technologies Limited, Atos SE, Wipro Ltd., Nasdaq Inc., Western Union Financial Services Inc., Genpact Limited, Ahlstrom, Allen & Overy LLP, EXL Service Holdings Inc., Aspen Technology Inc., Intermedix Inc., PA Consulting Group Limited, Invest Lithuania

Shared Services Center Market 2024 Key Insights:

• The shared services center market is expected to grow to $0.26 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%.
• Remote Work and Virtual Service Delivery on the Growth of the Shared Services Center (SSC)
• Expand Regional Presence and Enhance Client Services
• North America was the largest region in the shared service center market in 2023

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