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.
Asia Pacific shared services center market by end-use, 2012-2022, (units) |
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.
Full
Research Report On Global Shared Services Center Market Analysis:
https://www.grandviewresearch.com/industry-analysis/shared-services-center-market
https://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.
View more
reports of this category by Grand View Research at:
https://www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
https://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
View press
release of this research report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-shared-services-centers-market
https://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.
For more
information: www.grandviewresearch.com
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