Shared Services Market size to grow by USD 156.78 billion from 2022 to 2027; the emergence of robotics process automation will be a major market trend - Technavio
NEW YORK, June 7, 2023 /PRNewswire/ -- The global shared services market size is estimated to increase by USD 156.78 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 17.64% during the forecast period. Discover some insights on market size, historic period (2017 to 2021), and Forecast (2023 to 2027) before buying the full report -Request a sample report
Shared services market – Vendor Analysis
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Vendor Offerings -
Shared Services Market - Segmentation Assessment
For insights on global, regional, and country-level parameters with growth opportunities
Shared Services Market – Market Dynamics
Leading Drivers -
A major factor driving growth in the shared services market is the need for business process automation. It is a key part of business transformation at the functional level as it reduces manual work and increases the operational efficiency of your organization. Manual steps in financial, HR, and supply chain processes are reduced through data accuracy and consistency using shared services.
Furthermore, automated business processes minimize redundancies and errors in transactional processes. Hence, the increasing demand for business process automation drives the growth of the global shared services market during the forecast period.
Key Trends -
An emerging trend in the shared service market is the emergence of robotics process automation. RPA is a comprehensive IT solution that is developed through advanced technologies such as AI, intelligent systems, and automated software programs. It can be used to automate manual business processes across several functions in organizations, including F&A, HR, and SCM.
Furthermore, RPA eliminates manual errors in the business processes of organizations and enhances operational efficiencies to a great extent. Hence, such factors will increase the market growth during the forecast period.
Major challenges -
A major challenge hindering the growth of the shared services market is the effective design and implementation of SSCs. The designing and implementation of SSCs require technical expertise along with domain experts to assess the requirements of the clients. To fulfill business requirements specific to the clients, SSCs should be carefully designed. Furthermore, SSCs manage a lot of complex transactional processes that require IT systems, reducing the complexities and error rates, as well as backup and recovery solutions. Additionally, the implementation of SSCs that lack the requisite quality of IT services might prompt the termination of shared services contracts. Hence, such factors will hinder the market growth during the forecast period.
Driver, Trend & Challenges are the factor of market dynamics, which states about
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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