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.
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.
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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.
About Us:
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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