A shared services center (SSC) is the hub for shared services within an enterprise. It is a dedicated unit accountable for execution and handling specific operational tasks such as human resources, accounting, payroll, IT, compliance, legal, purchasing, security, and others. Additionally, these SSCs are often considered spin-offs of corporate services. As SSCs are intended to be cost-effective, they are extremely cost-sensitive in terms of their labor costs, location selection criteria, and headcount.
The shared services center market is showing 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. In addition, ingenious implementation of SSCs at operation stages results in better operational efficiency and cost reduction, along with improved productivity. Further, installing SSC framework, helps companies focus on improving their core operations. Each of these factors is anticipated to have a definite impact on the Shared Services Center market throughout the forecast period. Furthermore, the clinical and pharmaceutical sectors occupied 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 estimated to boost demand from the global shared services center market.
Covid-19 Impact on Shared Services Center Market
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Shared Services Center Market Segment Overview
According to End-User, the Legal segment is anticipated to have the largest share of the SSC market during the forecast period. In the last few years, the arrival of the latest technologies, coupled with growing demand for reduction of costs in the wake of the global economic downturn, has encouraged law firms and corporate legal departments to replace their traditional business approach with shared services and outsourcing. Additionally, the BFSI segment has a significant share in the global shared services center market and is predicted to keep its position in the forecast period. The emerging trend among leading enterprises to boost their global presence and improve customer satisfaction will fuel demand from the BFSI segment.
Shared Services Center Market, By End-User
· Pharmaceutical & Clinical
· Legal
· BFSI
· Manufacturing
Shared Services Center Market Regional Overview
Geographically, the Shared Services Center market in the Asia Pacific is projected to witness considerable growth in the forecast period. This growth can be attributed to factors such as lower charges in the region because this region offers a big pool of young English-speaking professionals coupled with relatively low wages and infrastructure costs. Additionally, Close-knit cultural homogeneity and low-cost arbitrage in the region have made Asia Pacific one of the most lucrative regional markets for SSC. Additionally, the availability of a highly skilled workforce at lower wages across developing countries in Eastern Europe and the Asia Pacific is projected to boost the global shared services center market.
Shared Services Center Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Shared Services Center Market Competitor overview
Some key developments and strategies adopted by manufacturers in Shared Services Center are highlighted below.
· In September 2021, Westinghouse Electric Company officially opened its Global Shared Services Center in Krakow. With this new facility, Poland becomes a global services hub for the company. Located in Zablocie Business Park B, the facility will have nearly 160 highly qualified employees from seven business functions that will work to support the company's global operations.
Shared Services Center Market, Key Players
· Abbott
· Allen & Overy
· Barclays
· Invest Lithuania
· Novartis
· Western Union
· Ahlstrom
· Aspen Pharma
· E&Y
· Intermedix
· NASDAQ
· PA Consulting Group
· PwC
· Tentacle Technologies
· WNS
· KPMG
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Shared Services Center Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By End-User
- 5.2.1. Pharmaceutical & Clinical
- 5.2.2. Legal
- 5.2.3. BFSI
- 5.2.4. Manufacturing
- 5.3. Market Analysis, Insights and Forecast – By Region
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America, Middle East and Africa
6. North America Shared Services Center Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By End-User
- 6.2.1. Pharmaceutical & Clinical
- 6.2.2. Legal
- 6.2.3. BFSI
- 6.2.4. Manufacturing
- 6.3. Market Analysis, Insights and Forecast – By Country
- 6.3.1. U.S.
- 6.3.2. Canada
7. Europe Shared Services Center Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By End-User
- 7.2.1. Pharmaceutical & Clinical
- 7.2.2. Legal
- 7.2.3. BFSI
- 7.2.4. Manufacturing
- 7.3. Market Analysis, Insights and Forecast – By Country
- 7.3.1. UK
- 7.3.2. Germany
- 7.3.3. France
- 7.3.4. Italy
- 7.3.5. Spain
- 7.3.6. Russia
- 7.3.7. Rest of Europe
8. Asia Pacific Shared Services Center Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By End-User
- 8.2.1. Pharmaceutical & Clinical
- 8.2.2. Legal
- 8.2.3. BFSI
- 8.2.4. Manufacturing
- 8.3. Market Analysis, Insights and Forecast – By Country
- 8.3.1. China
- 8.3.2. India
- 8.3.3. Japan
- 8.3.4. Australia
- 8.3.5. South East Asia
- 8.3.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Shared Services Center Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By End-User
- 9.2.1. Pharmaceutical & Clinical
- 9.2.2. Legal
- 9.2.3. BFSI
- 9.2.4. Manufacturing
- 9.3. Market Analysis, Insights and Forecast – By Country
- 9.3.1. Brazil
- 9.3.2. Saudi Arabia
- 9.3.3. UAE
- 9.3.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Abbott
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Allen & Overy
- 10.6. Barclays
- 10.7. Invest Lithuania
- 10.8. Novartis
- 10.9. Western Union
- 10.10. Ahlstrom
- 10.11. Aspen Pharma
- 10.12. E&Y
- 10.13. Intermedix
- 10.14. NASDAQ
- 10.15. PA Consulting Group
- 10.16. PwC
- 10.17. Tentacle Technologies
- 10.18. WNS
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
