Shared services are dedicated unit including processes, people, and technologies that focuses on defined business functions. It is structured as a centralized point of service and delivery location. Supported by IT and IT services, these functions cater to the requirement for diverse business units within the enterprise. Shared services may involve copious IT processes and business functions and may come from various physical locations. Global Shared ServicesMarket is expected to grow in the forecasted period, in 2018 market size of the Shared Services was XX million and in 2028 is expected to reach at XX million with growing CAGR of XX%.
The market is expected to see considerable growth over the coming years’ due to as enterprises around the world increasingly focus on reducing the overall cost incurred on production and improving the quality of the services delivered. Ingenious implementation of SSCs at operation stages results in better operational efficiency and cost reduction, along with enhanced productivity. Deploying an SSC framework, therefore, helps companies focus on improving their core operations. Poised to witness growth at an impressive rate in the next few years, the clinical and pharmaceutical end-use segments account for a substantial share of the global shared services market. The rapidly increasing demand for cost-effective treatment modalities and redesigning the traditional pharmaceutical R&D model is anticipated to boost demand from the global shared services market.
The Shared Services market consists global and regional players includingSAP, Oracle, Accenture, TCS, IBM, Hackett Group, Infosys, Symantec, Cognizant, and Atos among others. The vendors are competing to secure contracts from governments for shared services where the demand is growing exponentially. The vendors mainly compete based on factors such as the quality of service offerings, new technologies, pricing, and new service offerings. The market is highly fragmented due to the presence of several international and regional players.
The Shared Services market is bifurcated on the basis of application and region. Shared Services Module by region segmented into North America, Europe, Latin America, Asia-Pacific and Middle East & Africa. In 2017, Asia-Pacific is expected to dominate due to the presence of a large number of institutions and universities in the region facilitates access to a skilled labour force with multilingual skills, which is quite similar to the culture prevalent in Western Europe.