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.
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| 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.
Browse full
research report on Shared Services Center Market: 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.
Browse more
reports of this category by Grand View Research: 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
Access
Press Release By Grand View Research: 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.
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