info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Shared Services Center Market Research Report Information By Service Type (Finance and Accounting, Information Technology, Human Resources, Customer Service, Legal, Procurement, Compliance and Risk Management, and Others), By Service Delivery Model (In-House Shared Services Centers, and Outsourced Shared Services Centers), By Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Industry Vertical (BFSI, Healthcare and Life Sciences, Information Technology and Telecommunications, Retail and Consumer Goods, Govern


ID: MRFR/ICT/20387-HCR | 128 Pages | Author: Ankit Gupta| July 2024

Shared Services Center Market Overview


The Shared Services Center Market Size was valued at USD 56.2 billion in 2023. The industry is projected to grow from USD 68.7 billion in 2024 to USD 281.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.30% during the forecast period (2024 - 2032). The growing adoption of shared services is cost reduction, and advances in technology are the primary drivers propelling the market's expansion.


Figure 1: Shared Services Center Market Size, 2023-2032 (USD Billion)


Shared Services Center Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Shared Services Center Market Trends




  • Growing demand for digital transformation is driving the market growth




Market CAGR for shared services center is growing due to the number of factors. Robotic process automation (RPA) and other digital technologies automate repetitive, rule-based procedures, which helps SSC increase efficiency, streamline operations, and minimize manual labor. Automation increases output, shortens cycle times for processes, and lets SSCs handle larger transaction volumes without adding more employees. To extract valuable insights from vast amounts of data, SSCs use predictive modeling, data visualization, and advanced analytics techniques. SSCs may promote continuous improvement and improve service delivery by identifying optimization opportunities, mitigating risks, and making data-driven decisions by examining trends, patterns, and key performance indicators (KPIs). SSCs can use software-as-a-service (SaaS) apps, platform services, and scalable infrastructure to support their operations with the use of cloud-based solutions. Because cloud computing is flexible, scalable, and cost-effective, SSCs can swiftly implement new features, expand resources as needed, and adjust to evolving business needs.


Industry trends for shared services centers (SSCs) point to a rapidly expanding global presence. Demand for SSCs is rising across numerous nations, according to polls carried out by top firms. It's common to see the integration of cutting-edge technology like automation and artificial intelligence with an emphasis on improving customer experience. Businesses are using SSCs more and more to increase productivity and streamline processes. The information gathered from these surveys highlights the increasing acceptance of shared services as a strategic business model, indicating a paradigm shift in organizational dynamics in a variety of international marketplaces.


For instance, according to a Deloitte report from August 2023, India surpassed Poland and Mexico to become the top location for shared services globally. The research predicted that India would see rapid expansion, with over 1,900 global capability centers (GCCs) opening up, employing two million people, and bringing in an astounding $60 billion annually. India, one of the top service exporters in the world, was well-positioned to strengthen its reputation internationally by building more shared service centers, which would increase its economic might and influence in global trade.


A leader in the world of digital business services, Teleperformance launched its state-of-the-art global shared services center in Hyderabad, India, in August 2023. The 500-person new building was designed with Teleperformance's Global Business Services division in mind. This strategy streamlined back-office services like workforce management, technology, finance, administrative support, IT, and human resources by integrating next-generation AI technologies with powerful data analytics. With the opening of this location, Teleperformance's Global Business Service practice in India now employs over 3,300 committed workers, further demonstrating the company's dedication to offering comprehensive and cutting-edge business solutions. Thus driving the Shared Services Center market revenue.


Shared Services Center Market Segment Insights




  • Shared Services Center Service Type Insights




Based on Service Type, the Shared Services Center Market segmentation includes finance and accounting, information technology, human resources, customer service, legal, procurement, compliance and risk management, and others. In 2023, the finance and accounting segment dominated the market. Organizations are increasingly using SSCs to consolidate and optimize accounting and finance services in an effort to reduce costs and achieve better financial management through standardized procedures. SSCs are essential for improving accuracy and compliance due to the increasing complexity of financial operations. The need for shared services in accounting and finance is a result of businesses making a calculated decision to simplify operations, cut expenses, and guarantee strong financial governance in a constantly changing business environment.


The information technology category is anticipated to be the fastest growing. SSCs can maximize process efficiency and save manual labor by using RPA software to automate repetitive, rules-based processes. The need for RPA solutions is only increasing as SSCs look to automate repetitive processes like data input, invoice processing, and report production, among other duties.




  • Shared Services Center Service Delivery Model Insights




Based on the Service Delivery Model, the Shared Services Center Market segmentation includes in-house and outsourced shared services centers. In 2023, the category of in-house shared services centers generated the most income. Organizations can customize services and solutions to match unique company objectives, industry standards, and personal preferences due to in-house SSCs. Internal SSCs can easily modify processes, workflows, and service offerings in response to changing business dynamics, stakeholder input, and organizational goals.


The Shared Services Center market’s outsourced shared services centers segment is anticipated to grow fastest during the forecast period. Outsourcing SSCs allows businesses to quickly scale operations up or down in response to shifting company demands, seasonal peaks, or project-specific requirements. Without the burden of resource constraints or fixed costs, businesses can take advantage of the infrastructure, labor force, and resources of their outsourcing partners to address changing business needs.




  • Shared Services Center Organization Size Insights




Based on organization size, the Shared Services Center Market segmentation includes large enterprises and small and medium enterprises (SMEs). The large enterprises category leads the market. Large enterprises are using SSCs more often to centralize and simplify a variety of business operations as they realize the cost and efficiency benefits. Consolidating support services like finance, HR, and IT makes sense since it enables big businesses to streamline workflows, cut down on redundancies, and boost productivity all around. This intentional adoption of shared services underscores the critical role SSCs play in satisfying the varied requirements of large and intricate company structures and is in line with the demand for agility and resource optimization.


The Shared Services Center market’s small and medium enterprises (SMEs) segment is anticipated to grow fastest during the projection period. Because they frequently need more means to create internal SSCs, SMEs may find that outsourcing is a practical way to obtain shared services. Through outsourced SSCs, SMEs can benefit from economies of scale, technology, and experience without having to make large upfront investments in internal infrastructure.


Figure 2: Shared Services Center Market, by Organization Size, 2023 & 2032 (USD Billion)


Shared Services Center Market, by Organization Size


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Shared Services Center Industry Vertical Insights


Based on Industry Verticals, the Shared Services Center Market segmentation includes BFSI, healthcare and life sciences, information technology and telecommunications, retail and consumer goods, government and public sector, energy and utilities, and others. The BFSI category leads the market. A number of functional divisions, including retail banking, investments, the loan department, corporate financing, etc., are characteristics of the BFSI segment. Certain common resources, including client transaction activity, loan repayment schedules, cash inflows, outflows, etc., may be shared by all of these functional divisions. Customers who want to access services from various functional divisions within the banks might use these data. Therefore, the broad reach of the BFSI segment in the global shared services market will guarantee a rise in demand for shared services among the industry's participants, thereby propelling the market's expansion.


The healthcare and life sciences segment of the Shared Services Center market is predicted to develop quickly over the projected period. Clinical trials, patient records, and research projects create enormous amounts of data for healthcare and life sciences firms. SSCs assist companies in using data for insights, decision-making, and evidence-based healthcare delivery by offering data management, analytics, and reporting services.


Shared Services Center Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Shared Services Center market will dominate this market. Owing to the expanding government initiatives to promote shared services, close service gaps, and improve regional cooperation. Through cooperative services, these initiatives seek to advance community sustainability and vibrancy, supporting a feasible market upsurge. To address service shortages and improve community capacity through collaborative, shared services activities, the U.S. Department of Municipal and Provincial Affairs, for example, launched the Community Collaboration Grants initiative in September 2023. These cooperative service projects support industries like recreation centers, emergency response, economic development, and others by providing grants of up to USD 100,000.


Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: SHARED SERVICES CENTER MARKET SHARE BY REGION 2023 (USD Billion)


SHARED SERVICES CENTER MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe's Shared Services Center market accounts for the second-largest market share. The expansion is attributed to the presence of a proficient workforce, extensive linguistic proficiency, and proximity to Western Europe both geographically and culturally. Additionally, the area is home to a large number of prestigious universities, providing access to a competent talent pool. Cities in East Europe compete with one another to draw investment for newly established or growing SSCs, and important variables, including infrastructure, labor costs, and population availability, determine their appeal. First-tier and capital cities like Bratislava, Budapest, and Warsaw have lost some of their appeal to second-tier cities as a result of this rivalry. Further, the German Shared Services Center market held the largest market share, and the UK Shared Services Center market was the fastest-growing market in the European region.


The Asia-Pacific Shared Services Center Market is expected to grow at the fastest CAGR from 2024 to 2032. The region's large pool of young English-speaking professionals, comparatively inexpensive wages, and low infrastructure expenses are some of the factors contributing to this rise. The region's cultural homogeneity, together with low labor and infrastructure costs in nations like China, Singapore, and India, could encourage the growth of SSCs. Moreover, China’s Shared Services Center market held the largest market share, and the Indian Shared Services Center market was the fastest-growing market in the Asia-Pacific region.


Shared Services Center Key Market Players & Competitive Insights


The Shared Services Center market will continue to grow due to major companies in the industry making significant R&D investments to extend their product ranges. Significant market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and cooperation with other organizations. Market participants also engage in various strategic actions to broaden their global footprint. The Shared Services Center sector must provide affordable products & services to grow and thrive in a more cutthroat and dynamic market.


One of the main strategies manufacturers use in the worldwide Shared Services Center market is local manufacturing, which expands the market sector and helps customers by lowering operating costs. Some of the biggest medical benefits in recent years have come from the Shared Services Center sector. Major players in the Shared Services Center market, including Accenture plc, Genpact Ltd., Deloitte Touche Tohmatsu Limited, Tata Consultancy Services Limited, WNS (Holdings) Ltd., CGI, Inc, Capgemini SE, Infosys Limited, EXLService Holdings, Inc., International Business Machines Corporation, and others, are engaging in research and development activities in an effort to boost market demand.


Information technology (IT) services are offered by Tata Consultancy Services Ltd (TCS), a subsidiary of Tata Sons Pvt Ltd. Cloud services, quality engineering, blockchain, enterprise solutions, IoT, business intelligence, business process outsourcing, and consultancy services are all provided by the company in addition to IT infrastructure services. Additionally, it provides business solutions to a range of industries, such as retail, manufacturing, information services, banking, financial services, banking media, technology, insurance, healthcare, life sciences, and education. TCS Optumera, TCS OmniStore, TCS ADD, TCS HOBS, Quartz, Jile, TCS MasterCraft, TCS BaNCS, Ignio, TAP, TCS iON, and TCS TwinX are among its software offerings. The global IT outsourcing company Tata Consultancy Services, with its headquarters in India, announced on January 17, 2023, the release of TCS Finance and the Shared Services Transformation suite, which will enable companies everywhere to leverage shared services and boost productivity.


Accenture Plc offers services and solutions in the areas of strategy, consulting, digital, technology, and operations. The business manages business operations for enterprise functions, including supply chain, marketing, sales, finance and accounting, and sourcing and procurement. In addition, it provides services unique to the industry, such as banking, insurance, health services, and platform trust and safety. The corporation provides services to the following industries: communications, media and technology, agribusiness, automotive, finance, capital markets, retail, travel, health, and chemicals. Accenture plc. It acquired Nautilus Consulting in September 2023. As a result of the growing effects of healthcare digitization, Nautilus Consulting specializes in electronic patient record solutions. This is similar to the shared services center trend in the industry, wherein industries such as healthcare concentrate on supporting operations to increase productivity. Accenture's move highlights the need for digital healthcare expertise and propels market expansion to address industry-specific requirements.


Key Companies in the Shared Services Center market include



Shared Services Center Industry Developments


November 2023: A new joint venture between Accenture and Vodafone is expected to receive investments totaling €150 million ($160 million) from the consultancy giant. Vodafone Intelligent Solutions, the company's current shared services division, was enlarged by this partnership. An unknown minority stake in the business was expected to be acquired by Accenture. It's basically an internal reorganization with the goal of streamlining processes. By centralizing services, the shared services model functions as a business inside a firm. CEO of Vodafone Margherita Della Valle promised that this change will improve customer service, expedite processes, and promote expansion.


August 2023: McKesson and Genpact Ltd. collaborated to increase automation and efficiency in McKesson's finance processes as part of the company's growth into shared services. They aim to standardize and streamline financial procedures, resulting in increased efficacy and efficiency, by utilizing automation and AI solutions.


Shared Services Center Market Segmentation


Shared Services Center Service Type Outlook



  • Finance and Accounting

  • Information Technology

  • Human Resources

  • Customer Service

  • Legal

  • Procurement

  • Compliance and Risk Management

  • Others


Shared Services Center Service Delivery Model Outlook



  • In-House Shared Services Centers

  • Outsourced Shared Services Centers


Shared Services Center Organization Size Outlook



  • Large Enterprises

  • Small and Medium Enterprises (SMEs)


Shared Services Center Industry Vertical Outlook



  • BFSI

  • Healthcare and Life Sciences

  • Information Technology and Telecommunications

  • Retail and Consumer Goods

  • Government and Public Sector

  • Energy and Utilities

  • Others


Shared Services Center Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size 2023 USD 56.2 Billion
Market Size 2024 USD 68.7 Billion
Market Size 2032 USD 281.2 Billion
Compound Annual Growth Rate (CAGR) 22.30% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Service Type, Service Delivery Model, Organization Size, Industry Vertical, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Accenture plc, Genpact Ltd., Deloitte Touche Tohmatsu Limited, Tata Consultancy Services Limited, WNS (Holdings) Ltd., CGI, Inc, Capgemini SE, Infosys Limited, EXLService Holdings, Inc., and International Business Machines Corporation
Key Market Opportunities ·SSCs offer opportunities for talent development and career advancement, as well as data analytics and insights.
Key Market Dynamics ·The growing adoption of shared services is cost reduction and advances in technology.


Frequently Asked Questions (FAQ) :

The Shared Services Center Market size was valued at USD 56.2 Billion in 2023.

The global market is projected to grow at a CAGR of 22.30% during the forecast period, 2024-2032.

North America had the largest share of the global market

The key players in the market are Accenture plc, Genpact Ltd., Deloitte Touche Tohmatsu Limited, Tata Consultancy Services Limited, WNS (Holdings) Ltd., CGI, Inc, Capgemini SE, Infosys Limited, EXLService Holdings, Inc., and International Business Machines Corporation.

The Finance and Accounting category dominated the market in 2023.

Large Enterprises had the largest share of the global market.

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.