Shared Services Center Global Market Report 2024

The shared service center market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.11 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth observed in the historical period can be attributed to factors such as achieving cost efficiency, standardization of processes, changes in the regulatory environment, globalization, expansion initiatives, and the pursuit of enhanced service quality.

The shared service center market size is expected to see exponential growth in the next few years. It will grow to $0.26 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The anticipated growth in the forecast period can be attributed to a heightened focus on digital transformation, increasing demand for data analytics, the implementation of globalization and localization strategies, and a growing awareness of cybersecurity concerns. Major trends expected in the forecast period include an increased emphasis on intelligent automation, a continued focus on digital transformation, an enhanced employee experience, the adoption of hybrid work models, and the implementation of advanced data security measures.

The increasing demand for remote work and virtual service delivery is poised to drive the growth of the shared services center (SSC) market. Remote work, involving working outside a traditional office environment, and virtual service delivery, providing services without physical, face-to-face interactions, have gained widespread acceptance. Shared service centers offer scalability, flexibility, and cost efficiency, enabling the effective management and maintenance of services irrespective of employee location. Notably, the U.S. Bureau of Labor Statistics reported a significant increase in remote work, from 24% in 2020 to 42% in 2021, highlighting the growing trend. Consequently, the demand for remote work and virtual service delivery is expected to fuel the expansion of the shared services center (SSC) market.

Prominent companies in the shared services center market are strategically directing investments towards the development of shared service centers to achieve operational excellence, cost savings, enhanced service quality, and strategic advantages. For example, in January 2024, Advantech, a Taiwan-based technology corporation, launched the ASEAN Shared Service Center. This center aims to provide services such as supply chain management, finance, and human resources to Advantech's clients in the ASEAN region. The establishment of the center aligns with Advantech's "China+1" strategy, focusing on expanding its footprint in Southeast Asia and diversifying operations while mitigating risks. By offering localized support and expertise, the center enables Advantech to better serve its clients in the region.

In November 2023, Vodafone Group plc, a UK-based telecommunications company, entered into a strategic partnership with Accenture plc to accelerate the commercialization of its shared operations. Through this collaboration, Vodafone aims to launch its shared services offering, streamline structural complexity, and create growth opportunities by leveraging Accenture's technology, industry, and transformation services, along with its talent development expertise. Accenture plc, an Ireland-based technological corporation, brings its expertise to enhance Vodafone's shared services capabilities.

Major companies operating in the shared services center market report are Accenture PLC, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Novartis International AG, Abbott Laboratories, Oracle Corporation, KPMG, Broadcom Inc., SAP SE, Barclays PLC, Tata Consultancy Services Limited, Capgemini, Cognizant Technology Solutions Corp., Infosys Ltd., HCL Technologies Limited, Atos SE, Wipro Ltd., Nasdaq Inc., Western Union Financial Services Inc., Genpact Limited, Ahlstrom, Allen & Overy LLP, EXL Service Holdings Inc., Aspen Technology Inc., Intermedix Inc., PA Consulting Group Limited, Invest Lithuania.

North America was the largest region in the shared service center market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared services center market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the shared services center market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A Shared Service Center (SSC) is a centralized unit within an organization designed to consolidate and execute specific functions or services for multiple departments, divisions, or business units. The main objective of establishing a shared service center is to enhance operational efficiency, streamline processes, and achieve cost reductions by centralizing common administrative, support, or back-office functions that were previously decentralized across various departments or locations.

The primary types of Shared Services Centers (SSCs) include business strategy, operational strategy, and others. Business strategy pertains to the decisions, actions, and plans that an organization employs to achieve its long-term goals and objectives. Its components encompass software, services, consulting, integration, and maintenance. This approach finds application in various industries such as banking, financial services, and insurance (BFSI), media and entertainment, manufacturing, healthcare, information technology and telecommunications, retail, hospitality, and other sectors.

The shared services center market research report is one of a series of new reports that provides shared services center market statistics, including shared services center industry global market size, regional shares, competitors with shared services center market share, detailed shared services center market segments, market trends, and opportunities, and any further data you may need to thrive in the shared services center industry. This shared services center market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The shared services center market includes revenues earned by entities by providing services such as services that often include functions such as finance, human resources, information technology, procurement, and other administrative tasks and related software solutions, training modules, consultancy and advisory services, document management solutions, and communication tools. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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