Updated On May 15, 2024

By SaraNextGen

Shared Services Market Research Report

Global Shared Services Market Trends Analysis, Statistics, Size, Share, and industry report by Function (Finance & Administration, CRM, HR, IT, and SCM)

Shared Services Market:

• The GMI Research expects the shared services market to expand at a higher rate. From a regional perspective, North America is projected to dominate the market due to developments in analytics, advancements in the shared solutions, and automated sub-processes. The increasing number of vendors, such as the companies Genpact Ltd., Cognizant, IBM Corporation, and others, will drive the market growth.

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• Shared Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers

• The growing requirement for a higher level of strategic flexibility globally is a major factor surging the growth of the shared services market. The increasing benefits, including the easy availability of qualified and low-cost labor in emerging countries, are the factors boosting the growth of the shared services market. The easy availability of a low-cost and qualified workforce is crucial for emerging countries, such as China, the Philippines, India, and other countries, which will further propel the shared services market growth. Initiatives that include tax relaxation and the creation of tax-free zones are certain factors bolstering the growth of the market in the upcoming years. As per the shared services report, the rising demand from the developing countries is further stimulating the market growth during the forecast period. Additionally, the growing emphasis of the vendors for developing low-cost solutions and improving operational performance is further fuelling the growth of the shared services market. The increasing complexities in the introduction of shared services will hinder the growth of the market.

• Function Segment Drivers

• Based on the function, finance & administration is expected to grow at a higher CAGR during the forecast period. It has been a way to influence the economies of scale for large enterprises, thus allowing the transfer of basic accounting processes, which include accounts payable, payroll, and purchase, to offshore the entities with lower cost-structures. The increasing requirement to align business strategies with the financial and administrative processes, paired with decreasing the headcount with process enhancement initiatives, is accelerating the market demand for shared services.

• Shared Services Market’s leading Manufacturers:

• Accenture Plc

• IBM Corporation

• Infosys Ltd.

• Capgemini SE

• SAP SE

• Tata Consultancy Services Ltd.

• Wipro Ltd.

• Genpact Ltd.

• Cognizant

• Oracle Corporation

• Shared Services Market Segmentation: Segmentation by Function:

• Finance & Administration

• CRM

• HR

• IT

• SCM

• Segmentation by Number of Services:

• One

• Two

• Three

• More than Three

• Segmentation by Region:

• North America

  • United States of America

  • Canada

• Asia Pacific

  • China

  • Japan

  • India

  • Rest of APAC

• Europe

  • United Kingdom

  • Germany

  • France

  • Spain

  • Rest of Europe

• RoW

  • Brazil

  • South Africa

  • Saudi Arabia

  • UAE

  • Rest of the world (remaining countries of the LAMEA region)