Shared Services Center Market: Overview
Shared services refer to a 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.
A shared services center (SSC) is the hub for shared services within an enterprise. It is a dedicated unit responsible for executing and handling specific operational tasks such as human resources, accounting, payroll, IT, compliance, legal, purchasing, security, and others. These SSCs are often considered spin-offs of the corporate services; they are aimed at separating all operation tasks from the corporate headquarters, allowing them to focus on their core competencies instead. As SSCs are intended to be cost-effective, they are highly cost-sensitive in terms of their labor costs, location selection criteria, and headcount.
The report presents in-depth insights into various factors that will influence the global shared services market between 2016 and 2024, comprising exhaustive information pertaining to the market’s historical performance and its development status. Aiming to provide an executive-level blueprint of the prevailing competitiveness in the market, the report also profiles some of the most prominent companies operating in the market. Their performances are evaluated on the basis of financial overview, strategies adopted, cost structure, and expansion trends, among others.
Shared Services Center Market: Key Trends and Opportunities
The shared services center market witnesses lucrative growth potential 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 center 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 center market.