15th November 2019 – The global shared
services center market size is expected to reach a higher CAGR by 2022,
across the globe. The market is subject to witness a substantial growth due to
the easy availability of skilled labor force and lower wages in developing
economies, particularly in the Asia Pacific region.
Increasing investment made by industry
players for development of various innovative procedures to improve everyday
dealings along with efficient operational performance and better management
programs in order to achieve best possible result from given the shared
services center units. Globally, the shared services centers market is
predicted to grow at CAGR of 30% in forecast period, providing numerous
opportunities for market players to invest in research and development in the
market.
Early adoption of shared services center
allows better operational capability, cost efficiency, reduction in the
complexity and enhancement in the overall efficiency of the system. These
factors are expected to foster the growth of shared services center industry
over the forecast period. Rise in demand for shared services center over the
forecast period. The shared services center are designed such that a required
organizational structure is achieved with simple workflow for a completely
optimized procedural impact and provides operational excellence.
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The shared services center offers
management and focus on the strategic decision-making. The early adoption of
shared services center helps organization in re-engineering of basic
enterprise-level functions and services with efficient operational
functionality and end-user optimization. Such advantages associated with early
adoption of shared services centers are expected to fuel the growth of the
market in the near future.
Furthermore, strong economic growth,
easy availability of skilled labor force, and lower wages in developing
economies across the globe are some of the key aspects responsible for
sustained the growth of shared services center market, in the recent years.
Favorable governmental policies such as tax relaxation initiatives,
introduction of such as tax-free zones and special economic zone (SEZ) by local
governments to promote adoption of shared services center, thereby driving
market expansion in the recent years. However, complexity associated with
implementation of shared services center framework is considered as major
restraining factor for market growth. The market the given tasks are performed
by functional entities follows dynamic pathing across various business units.
The market further follows periodic procedure to perform different sets of
tasks by leveraging best practices.
The market is broadly categorized into
four major types based on end-user industry such as pharmaceutical &
medicine sector, legal, banking & finance industry, and manufacturing sector.
The legal SSC is considered as one of the fastest growing segment in the shared
services centers industry with substantial revenue generation in the last
couple of years.
Growing popularity of the legal SSC
market segment is attributed to increasing demand for subcontracting litigation
support services. In addition, factors such as outsourcing of legal services
has led to massive growth in the market segment. The pharmaceutical &
medicine sector has also witnessed significant growth during the forecast
period.
The market is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. Europe has shown major
growth in recent years owing to the rise in the implementation of latest
technologies, varying demographics, and existence of well-established
infrastructure in the region. Asia-Pacific region is predicted to hold major
market share in the shared services center (SSC) industry with massive growth
in forecast period.
Countries such as India, China and
Philippines are leading the Asia-Pacific market with easy availability of
skilled labor force, lower wages, strong economic growth, and significant
investment by leading industry players considering potential growth
opportunities in the region.
The key players in the shared services
center industry are Abbott Laboratories, Allen & Overy LLP, Barclays plc,
Invest Lithuania Ltd., Novartis International AG, The Western Union Company,
Ahlstrom-MunksjöOyj, Aspen Pharmacare Holdings Ltd., Ernst & Young Co.,
Intermedix Co., NASDAQ Inc., PA Consulting Group Co., PricewaterhouseCoopers
Co., Tentacle Technologies MSC Sdn.Bhd., WNS Global Services, and KPMG LLP.
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