The shared services market is expected to grow by USD 152.38 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Shared Services Market 2020-2024 (Graphic: Business Wire)
Business process automation is an important component of business transformation at a functional level. It reduces manual work and increases operational efficiency in organizations. It reduces manual steps in finance, HR, and supply chain processes through data accuracy and consistency using shared services. Automated business processes minimize redundancy and errors in the transactional processes. Organizations that have implemented shared services display a correlation between process automation and operational efficiencies. Shared services enhance the level of process automation for quick and high-quality service delivery systems. Thus, the increasing need for business process automation is expected to drive the shared services market growth.
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As per Technavio, the growing adoption of customized shared service centers (SSCs) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Shared Services Market: Growing Adoption of Customized SSCs
The increasing adoption of customized SSCs is one of the key shared services market trends that will gain traction during the forecast period. Enterprises are setting up customized shared service centers to efficiently manage their functional departments such as finance, HR, marketing, and CRM. Customized SSCs are designed to manage specific functions of different business units within a large organization. It provides the flexibility to manage functions through in-house IT service management. Enterprises are setting up food safety system certification (FSSCs) or human resources shared services center (HRSSCs) to share resources at a low cost and increase flexibility in the IT systems.
“Factors such as the cost reduction and increased business efficiency through SSCs, and the digital transformation of SSCs will have a significant impact on the growth of the shared services market value during the forecast period,” says a senior analyst at Technavio.
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Shared Services Market: Segmentation Analysis
This market research report segments the shared services market by application (F&A, IT, SCM, HR, and CRM) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the shared services market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the growing adoption of shared services in the public sector organizations.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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