Shared Services Market Synopsis:
Shared Services Market Size Was Valued at USD 41.23 Billion in 2023, and is Projected to Reach USD 267.63 Billion by 2032, Growing at a CAGR of 23.1% From 2024-2032.
The Shared Services Market is the business operations, functions and services integration that has been carried out across many divisions of a certain organization and placed in one central location. This unit offers centrally coordinated, value for money and appropriate services across the departments. Some common shared services cover other functional areas which include the finance, the human resources, the information technology, procurement, and the customer service where most services are taken as a centralized form of services and dependencies on technology. It is about improving the organizational effectiveness, rationalization of work processes and allowing businesses to concentrate on core business. Shared services may be in-house or through outsourcing by other departments, and more often enhanced by analytics, cloud solutions, and intelligent technologies.
Motor Industry has recorded tremendous growth in the past decade owing to the growing emphasis among organizations to optimize cost and work efficiency. Shared services have attracted significant attention from organisations due to the increase in efforts to de-duplicate processes and achieve best practices. The need to automate functions, gain instant access to data and simplify processes has added to the push for the use of shared services. Through advanced technologies like RPA and analytics, these centres are now and then becoming more productive and scalable.
Moreover, it has emerged that shared services are one of the strategic imperatives in sectors like BFSI, healthcare, IT and manufacturing. Currently, enterprises are seeking to harmonize their shared services models to regional and global benchmarks to embrace compliance and address identified challenges in regional and other complex operational locations. The COVID-19 pandemic also played a role, mainly due to the increase of demand for remote and centralised services, which again changed the market space as it introduced the aspect of the need for digitalization for shared service centers.
Shared Services Market Trend Analysis:
The Shift Towards Digital Shared Services
- Currently, the Shared Services Market is experiencing a critical transition to digital transformation through integrating the technologies such as AI, machine learning, and blockchain. Global businesses are exploring the use of Intelligent Automation (IA) to improve the operation of Shared Services Centres, cope with the organisation of various activities like financial forecasting, payroll management, as well as data analysis. As well, increased prominence of cloud-based shared service has contributed to globalisation and improved flexibility. Digital shared services are also driving innovation through performance prediction where businesses are in a position to make efficient decisions.
The Rise of Industry-Specific Shared Services
- The market has a growth prospect in this area through sales of customizable, as well as, industry specific shared services. Companies are investing into centralised service delivery structures relevant to their sector, for instance, the healthcare themed corporate compliance services or the financial sector themed banking specialized services. The advancement of multi-domain services in specific fields such as environmental compliance, legal support, cyberspace security enhance the market’s complexity. Increased use of hybrid shared service operating models, which integrate own resources with outsourcing, is developing opportunities for more diversified and dynamic approaches.
Shared Services Market Segment Analysis:
Shared Services Market is Segmented on the basis of Component, Deployment, end user, and Region
By Component, Software segment is expected to dominate the market during the forecast period
- The Shared Services Market, by Software segment is expected to continue its hold over the total market in the forecast period because of the increased demand for using automation and digital tools in operation. Today many shared service centers realise that they can achieve operational efficiency through the use of various software applications such as ERP, HCM and CRM. Such tools allow for real-time work, data consolidation, process efficiency, and therefore are crucial for the Shared Services of today.
- Similarly, smart ICT solutions accompanied by analytics and artificial intelligence solutions are being implemented for improving insights and recommendations’ value proposition to decision makers. This approach is due to the increasing importance of achieving highest utility from shared service structures, which translates software into the cornerstone of the market’s growth strategy.
By Deployment, Cloud segment expected to held the largest share
- The cloud deployment segment is expected to contribute significantly to the overall growth of shared service markets because a large number of industries seek flexibility, affordability, and simplicity of implementing the cloud. Key benefits of cloud-based shared services are the efficient data sharing, remote access, and relatively quick implementation in compare with on-premise systems. This deployment model minimizes the cost of capital that is needed to fund this model, which is beneficial to SMEs especially.
- However, cloud solutions have eliminated security threats in the use of cloud services due to the incorporation of complicated security measures and compliance tools. The fact that cloud services is a flexible deployment model has caused it to quickly become the standard among industries and thus has had the biggest market share of shared services.
Shared Services Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- It is also estimated that North America will have the highest market share in the Shared Services Market in 2023 due to increased technological inclination and shared service model implementation. The absolute concentration of large shared service providers combined with one of the highest levels of automation and digitalization makes North America the number one region. The U.S. and Canada are in the forefront in the adoption of shared services for the BFSI, healthcare, and IT sectors. Based on the data in global Shared Services Market available with us, North America is found to have the largest market share of approximately 35% in the year 2023 thereby holding the largest market.
Active Key Players in the Shared Services Market:
- Accenture (Ireland)
- Capgemini (France)
- Cognizant (USA)
- Deloitte (UK)
- Ernst & Young (UK)
- Genpact (USA)
- HCL Technologies (India)
- Infosys (India)
- KPMG (Netherlands)
- PwC (UK)
- SAP SE (Germany)
- Tata Consultancy Services (India)
- Tech Mahindra (India)
- Wipro Limited (India)
- Zensar Technologies (India), and Other Active Players.
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Global Shared Services Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 41.23 Billion |
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Forecast Period 2024-32 CAGR: |
23.1% |
Market Size in 2032: |
USD 267.63 Billion |
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Segments Covered: |
By Component |
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By Deployment |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Shared Services Market by Component (2018-2032)
4.1 Shared Services Market Snapshot and Growth Engine
4.2 Market Overview
4.3 Software
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
4.3.3 Key Market Trends, Growth Factors, and Opportunities
4.3.4 Geographic Segmentation Analysis
4.4 Services
4.5 Consulting
4.6 Integration
4.7 Maintenance
Chapter 5: Shared Services Market by Deployment (2018-2032)
5.1 Shared Services Market Snapshot and Growth Engine
5.2 Market Overview
5.3 Cloud
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
5.3.3 Key Market Trends, Growth Factors, and Opportunities
5.3.4 Geographic Segmentation Analysis
5.4 On Premise
Chapter 6: Shared Services Market by End User (2018-2032)
6.1 Shared Services Market Snapshot and Growth Engine
6.2 Market Overview
6.3 Banking
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
6.3.3 Key Market Trends, Growth Factors, and Opportunities
6.3.4 Geographic Segmentation Analysis
6.4 Financial services and Insurance (BFSI)
6.5 Media and Entertainment
6.6 Manufacturing
6.7 Healthcare
6.8 IT and Telecom
6.9 Retail & Hospitality
6.10 Others
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Shared Services Market Share by Manufacturer (2024)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ACCENTURE (IRELAND)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 CAPGEMINI (FRANCE)
7.4 COGNIZANT (USA)
7.5 DELOITTE (UK)
7.6 ERNST & YOUNG (UK)
7.7 GENPACT (USA)
7.8 HCL TECHNOLOGIES (INDIA)
7.9 INFOSYS (INDIA)
7.10 KPMG (NETHERLANDS)
7.11 PWC (UK)
7.12 SAP SE (GERMANY)
7.13 TATA CONSULTANCY SERVICES (INDIA)
7.14 TECH MAHINDRA (INDIA)
7.15 WIPRO LIMITED (INDIA)
7.16 ZENSAR TECHNOLOGIES (INDIA)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Shared Services Market By Region
8.1 Overview
8.2. North America Shared Services Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size by Component
8.2.4.1 Software
8.2.4.2 Services
8.2.4.3 Consulting
8.2.4.4 Integration
8.2.4.5 Maintenance
8.2.5 Historic and Forecasted Market Size by Deployment
8.2.5.1 Cloud
8.2.5.2 On Premise
8.2.6 Historic and Forecasted Market Size by End User
8.2.6.1 Banking
8.2.6.2 Financial services and Insurance (BFSI)
8.2.6.3 Media and Entertainment
8.2.6.4 Manufacturing
8.2.6.5 Healthcare
8.2.6.6 IT and Telecom
8.2.6.7 Retail & Hospitality
8.2.6.8 Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Shared Services Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size by Component
8.3.4.1 Software
8.3.4.2 Services
8.3.4.3 Consulting
8.3.4.4 Integration
8.3.4.5 Maintenance
8.3.5 Historic and Forecasted Market Size by Deployment
8.3.5.1 Cloud
8.3.5.2 On Premise
8.3.6 Historic and Forecasted Market Size by End User
8.3.6.1 Banking
8.3.6.2 Financial services and Insurance (BFSI)
8.3.6.3 Media and Entertainment
8.3.6.4 Manufacturing
8.3.6.5 Healthcare
8.3.6.6 IT and Telecom
8.3.6.7 Retail & Hospitality
8.3.6.8 Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Shared Services Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size by Component
8.4.4.1 Software
8.4.4.2 Services
8.4.4.3 Consulting
8.4.4.4 Integration
8.4.4.5 Maintenance
8.4.5 Historic and Forecasted Market Size by Deployment
8.4.5.1 Cloud
8.4.5.2 On Premise
8.4.6 Historic and Forecasted Market Size by End User
8.4.6.1 Banking
8.4.6.2 Financial services and Insurance (BFSI)
8.4.6.3 Media and Entertainment
8.4.6.4 Manufacturing
8.4.6.5 Healthcare
8.4.6.6 IT and Telecom
8.4.6.7 Retail & Hospitality
8.4.6.8 Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Shared Services Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size by Component
8.5.4.1 Software
8.5.4.2 Services
8.5.4.3 Consulting
8.5.4.4 Integration
8.5.4.5 Maintenance
8.5.5 Historic and Forecasted Market Size by Deployment
8.5.5.1 Cloud
8.5.5.2 On Premise
8.5.6 Historic and Forecasted Market Size by End User
8.5.6.1 Banking
8.5.6.2 Financial services and Insurance (BFSI)
8.5.6.3 Media and Entertainment
8.5.6.4 Manufacturing
8.5.6.5 Healthcare
8.5.6.6 IT and Telecom
8.5.6.7 Retail & Hospitality
8.5.6.8 Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Shared Services Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size by Component
8.6.4.1 Software
8.6.4.2 Services
8.6.4.3 Consulting
8.6.4.4 Integration
8.6.4.5 Maintenance
8.6.5 Historic and Forecasted Market Size by Deployment
8.6.5.1 Cloud
8.6.5.2 On Premise
8.6.6 Historic and Forecasted Market Size by End User
8.6.6.1 Banking
8.6.6.2 Financial services and Insurance (BFSI)
8.6.6.3 Media and Entertainment
8.6.6.4 Manufacturing
8.6.6.5 Healthcare
8.6.6.6 IT and Telecom
8.6.6.7 Retail & Hospitality
8.6.6.8 Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Shared Services Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size by Component
8.7.4.1 Software
8.7.4.2 Services
8.7.4.3 Consulting
8.7.4.4 Integration
8.7.4.5 Maintenance
8.7.5 Historic and Forecasted Market Size by Deployment
8.7.5.1 Cloud
8.7.5.2 On Premise
8.7.6 Historic and Forecasted Market Size by End User
8.7.6.1 Banking
8.7.6.2 Financial services and Insurance (BFSI)
8.7.6.3 Media and Entertainment
8.7.6.4 Manufacturing
8.7.6.5 Healthcare
8.7.6.6 IT and Telecom
8.7.6.7 Retail & Hospitality
8.7.6.8 Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Global Shared Services Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 41.23 Billion |
|
Forecast Period 2024-32 CAGR: |
23.1% |
Market Size in 2032: |
USD 267.63 Billion |
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Segments Covered: |
By Component |
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By Deployment |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Shared Services Market research report is 2024-2032.
Accenture (Ireland), Capgemini (France), Cognizant (USA), Deloitte (UK), Ernst & Young (UK), Genpact (USA), HCL Technologies (India), Infosys (India), KPMG (Netherlands), PwC (UK), SAP SE (Germany), Tata Consultancy Services (India), Tech Mahindra (India), Wipro Limited (India), Zensar Technologies (India), and Other Active Players.
The Shared Services Market is segmented into Component, Deployment, End User and region. By Component, the market is categorized into Software, Services, Consulting, Integration, Maintenance. By Deployment, the market is categorized into Cloud, On Premise. By End User, the market is categorized into Banking, Financial services and Insurance (BFSI), Media and Entertainment, Manufacturing, Healthcare, IT and Telecom, Retail & Hospitality, Others. By region, it is analyzed across North America (U.S., Canada, Mexico),Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
The Shared Services Market is the business operations, functions and services integration that has been carried out across many divisions of a certain organization and placed in one central location. This unit offers centrally coordinated, value for money and appropriate services across the departments. Some common shared services cover other functional areas which include the finance, the human resources, the information technology, procurement, and the customer service where most services are taken as a centralized form of services and dependencies on technology. It is about improving the organizational effectiveness, rationalization of work processes and allowing businesses to concentrate on core business. Shared services may be in-house or through outsourcing by other departments, and more often enhanced by analytics, cloud solutions, and intelligent technologies.
Shared Services Market Size Was Valued at USD 41.23 Billion in 2023, and is Projected to Reach USD 267.63 Billion by 2032, Growing at a CAGR of 23.1% From 2024-2032.
