Global Shared Services Center Market, By End-User (Pharmaceutical & Clinical, Legal, BFSI, Manufacturing), and opportunities and forecast 2020-2027
Shared Services Center Market Overview
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
Shared Services Center Market Study Global Market Analysis, Insights and Forecast, 2020-2027
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
*Similar details will be provided for the following companies
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
List of Figures
Figure 1: Global Shared Services Center Market Revenue Breakdown (USD Billion, %) by Region, 2019 & 2027
Figure 2: Global Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 3: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 4: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 5: Global Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 6: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 7: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 8: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 9: Global Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 10: Global Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 11: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 12: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 13: Global Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 14: Global Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 15: Global Shared Services Center Market Value (USD Billion), by Region, 2019 & 2027
Figure 16: North America Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 17: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 18: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 19: North America Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 20: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 21: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 22: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 23: North America Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 24: North America Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 25: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 26: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 27: North America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 28: North America Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 29: North America Shared Services Center Market Forecast (USD Billion), by U.S., 2016-2027
Figure 30: North America Shared Services Center Market Forecast (USD Billion), by Canada, 2016-2027
Figure 31: Latin America Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 32: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 33: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 34: Latin America Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 35: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 36: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 37: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 38: Latin America Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 39: Latin America Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 40: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 41: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 42: Latin America Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 43: Latin America Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 44: Latin America Shared Services Center Market Forecast (USD Billion), by Brazil, 2016-2027
Figure 45: Latin America Shared Services Center Market Forecast (USD Billion), by Mexico, 2016-2027
Figure 46: Latin America Shared Services Center Market Forecast (USD Billion), by Rest of Latin America, 2016-2027
Figure 47: Europe Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 48: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 49: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 50: Europe Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 51: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 52: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 53: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 54: Europe Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 55: Europe Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 56: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 57: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 58: Europe Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 59: Europe Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 60: Europe Shared Services Center Market Forecast (USD Billion), by U.K., 2016-2027
Figure 61: Europe Shared Services Center Market Forecast (USD Billion), by Germany, 2016-2027
Figure 62: Europe Shared Services Center Market Forecast (USD Billion), by France, 2016-2027
Figure 63: Europe Shared Services Center Market Forecast (USD Billion), by Italy, 2016-2027
Figure 64: Europe Shared Services Center Market Forecast (USD Billion), by Spain, 2016-2027
Figure 65: Europe Shared Services Center Market Forecast (USD Billion), by Russia, 2016-2027
Figure 66: Europe Shared Services Center Market Forecast (USD Billion), by Rest of Europe, 2016-2027
Figure 67: Asia Pacific Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 68: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 69: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 70: Asia Pacific Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 71: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 72: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 73: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 74: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 75: Asia Pacific Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 76: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 77: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 78: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 79: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 80: Asia Pacific Shared Services Center Market Forecast (USD Billion), by China, 2016-2027
Figure 81: Asia Pacific Shared Services Center Market Forecast (USD Billion), by India, 2016-2027
Figure 82: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Japan, 2016-2027
Figure 83: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Australia, 2016-2027
Figure 84: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Southeast Asia, 2016-2027
Figure 85: Asia Pacific Shared Services Center Market Forecast (USD Billion), by Rest of Asia Pacific, 2016-2027
Figure 86: Middle East & Africa Shared Services Center Market Value Share (%), By Segment 1, 2019 & 2027
Figure 87: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 88: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 89: Middle East & Africa Shared Services Center Market Value Share (%), By Segment 2, 2019 & 2027
Figure 90: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 91: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 92: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 93: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 94: Middle East & Africa Shared Services Center Market Value Share (%), By Segment 3, 2019 & 2027
Figure 95: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 96: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 97: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 98: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Others, 2016-2027
Figure 99: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by GCC, 2016-2027
Figure 100: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by South Africa, 2016-2027
Figure 101: Middle East & Africa Shared Services Center Market Forecast (USD Billion), by Rest of Middle East & Africa, 2016-2027
List of Tables
Table 1: Global Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 2: Global Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 3: Global Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 4: Global Shared Services Center Market Revenue (USD Billion) Forecast, by Region, 2016-2027
Table 5: North America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 6: North America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 7: North America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 8: North America Shared Services Center Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 9: Europe Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 10: Europe Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 11: Europe Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 12: Europe Shared Services Center Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 13: Latin America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 14: Latin America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 15: Latin America Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 16: Latin America Shared Services Center Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 17: Asia Pacific Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 18: Asia Pacific Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 19: Asia Pacific Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 20: Asia Pacific Shared Services Center Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 21: Middle East & Africa Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 22: Middle East & Africa Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 23: Middle East & Africa Shared Services Center Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 24: Middle East & Africa Shared Services Center Market Revenue (USD Billion) Forecast, by Country, 2016-2027
