Shared Services Market Size, Share, Trends, Growth Outlook

The Global Shared Services Market Size is estimated to register 25.8% growth over the forecast period from 2023 to 2030.

 

The market growth is driven by an increasing Companies expanding globally often turning to shared services to maintain standardized and efficient operations across different regions. This trend has been particularly important for multinational corporations. Leading Companies focusing on Technological Advancements, Cloud-Based Shared Services, Customer-Centric Models, Sustainability and ESG (Environmental, Social, and Governance), Talent and Skills Development, and others to boost market shares in the industry.

 

 

Market Overview

The Shared Services Market involves the centralization and standardization of various business functions, such as finance, HR, IT, and customer service, in order to achieve cost efficiency, process optimization, and enhanced service quality. By leveraging technology and automation, shared service centers offer organizations cost savings, improved productivity, and scalability. While challenges include resistance to change, data security, and regulatory compliance, the market continues to evolve, emphasizing quality service delivery and addressing the changing needs of businesses.

 

Market Dynamics

Market Trends- By using analytics and business intelligence, shared services organizations can improve their efficiency and productivity, reduce costs, make better decisions, and provide better service to their clients.

In the Shared Services Market, the utilization of analytics and business intelligence has become a key driver of success. Shared services organizations are harnessing the power of data to streamline their operations and drive efficiency. By leveraging advanced analytics tools and business intelligence solutions, they can gain valuable insights into their processes, which, in turn, enable better decision-making and enhanced service delivery. This data-driven approach not only reduces costs but also fosters a culture of continuous improvement, ultimately contributing to the overall success and competitiveness of shared service centers in today's dynamic business environment.

 

Market Driver- The focus on customer experience is driving demand for shared services, as businesses increasingly recognize the importance of providing high-quality service to their customers.

The Shared Services Market is witnessing a growing emphasis on customer experience, with businesses acknowledging the pivotal role of delivering top-notch service to their clients. This customer-centric approach is driving increased demand for shared services as organizations seek to not only optimize their operational efficiency but also surpass customer expectations. By centralizing and standardizing support functions, shared service centers are well-positioned to enhance service quality, responsiveness, and personalization, enabling businesses to gain a competitive edge by providing exceptional customer experiences in a highly competitive marketplace.

 

Market Opportunity- Workforce transformation in the shared services market is driven by the need to develop new skills and capabilities to meet the changing demands of businesses and customers.

In the Shared Services Market, workforce transformation is being driven by the imperative to cultivate new skills and capabilities that can meet the evolving demands of businesses and customers. Shared service organizations are investing in developing adaptability, creativity, and agility among their employees to effectively embrace advanced technologies and cater to the diverse needs of modern businesses and clients, thereby enhancing their role and relevance in the evolving business landscape.

 

Market Share Analysis- Software Shared Services Market will register the fastest growth

The Global Shared Services Market is analyzed across Software, Services, Consulting, Integration, Maintenance, and others.  Software is poised to register the fastest growth. The Software Shared Services Market pertains to the centralized and standardized management of software-related functions within organizations, encompassing areas such as software development, IT support, licensing, and procurement. This market is driven by the imperative to optimize software processes, reduce costs, leverage emerging technologies, and ensure compliance. As an evolving sector, it responds to the dynamic nature of software and technology, making it essential for businesses to stay updated on the latest trends and drivers in this domain.

 

Market Share Analysis Banking, Financial Services, and Insurance (BFSI) held a significant market share in 2023

The Global Shared Services Market is analyzed across various End Users including Banking, Financial services and Insurance (BFSI), Media and Entertainment, Manufacturing, Healthcare, IT and Telecom, Retail & Hospitality, and others. Of these, Banking, Financial Services, and Insurance (BFSI) held a significant market share in 2023. The BFSI Shared Services Market focuses on delivering centralized, cost-effective solutions for the banking, financial services, and insurance sectors. By consolidating back-office functions, compliance, risk management, and customer support, organizations in BFSI can achieve operational efficiency, cost savings, and enhanced customer service. This market is primarily driven by the need to improve regulatory compliance, reduce expenses, and adapt to digital transformation trends, although its dynamics may have evolved.

 

Shared Services Market Segmentation

By Type

• Software
• Services
• Consulting
• Integration
• Maintenance

By End-User

• Banking, Financial services and Insurance (BFSI)
• Media and Entertainment
• Manufacturing
• Healthcare
• IT and Telecom
• Retail & Hospitality
• Others

By Deployment

• Cloud
• On Premise

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Shared Services Market Companies

• Symantec Corporation (United States)
• Tata Consultancy Services Limited (India)
• IBM (United States)
• Accenture Inc (United States)
• Infosys Limited (India)
• Oracle (United States)
• Cognizant (United States)
• Ernst & Young Global Ltd (United Kingdom)
• PricewaterhouseCoopers (United States)
• Deloitte (United States)
• Capgemini SE (France)
• McKinsey & Company, Inc. (United States)
• Hackett Group Inc (United States)

 

*List not exhaustive

Shared Services Market Outlook 2023

1 Market Overview

1.1 Introduction to the Shared Services Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Shared Services Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Shared Services Market Companies with Area Served

4.2.2 Products Offerings Global Shared Services Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Shared Services Market Trends

6.1 Global Shared Services Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Shared Services Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Shared Services Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Shared Services Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Shared Services Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Shared Services Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Shared Services Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Shared Services Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Shared Services Development Regional Status and Outlook

8.1 Global Shared Services Revenue (USD Million) By Regions (2018-2022)

8.2 North America Shared Services Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Shared Services Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Shared Services Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Shared Services Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Shared Services Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Shared Services Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Shared Services Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Shared Services Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Shared Services Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Shared Services Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Shared Services Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Shared Services Revenue (USD Million) by Applications (2018-2022)

8.5 South America Shared Services Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Shared Services Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Shared Services Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Shared Services Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Shared Services Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Shared Services Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Shared Services Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Shared Services Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Shared Services Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Shared Services Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Shared Services Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Shared Services Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Shared Services Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Shared Services Development Regional Status and Outlook Forecast

11.1 Global Shared Services Revenue (USD Million) By Regions (2023-2030)

11.2 North America Shared Services Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Shared Services Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Shared Services Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Shared Services Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Shared Services Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Shared Services Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Shared Services Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Shared Services Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Shared Services Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Shared Services Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Shared Services Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Shared Services Revenue (USD Million), by Applications (2023-2030)

11.5 South America Shared Services Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Shared Services Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Shared Services Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Shared Services Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Shared Services Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Shared Services Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Shared Services Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Shared Services Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Shared Services Market Companies with Areas Served

Table 3 Products Offerings Global Shared Services Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Shared Services Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Shared Services Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Shared Services Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Shared Services Revenue (USD Million) By Type (2018-2022)

Table 11 Global Shared Services Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Shared Services Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Shared Services Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Shared Services Market Share (%) By Regions (2018-2022)

Table 16 North America Shared Services Revenue (USD Million) By Country (2018-2022)

Table 17 North America Shared Services Revenue (USD Million) By Type (2018-2022)

Table 18 North America Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Shared Services Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Shared Services Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Shared Services Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Shared Services Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Shared Services Revenue (USD Million) By Country (2018-2022)

Table 26 South America Shared Services Revenue (USD Million) By Type (2018-2022)

Table 27 South America Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Shared Services Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Shared Services Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Shared Services Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Shared Services Revenue (USD Million) By Type (2023-2030)

Table 33 Global Shared Services Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Shared Services Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Shared Services Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Shared Services Revenue (USD)By Country (2023-2030)

Table 38 North America Shared Services Revenue (USD Million) By Type (2023-2030)

Table 39 North America Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Shared Services Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Shared Services Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Shared Services Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Shared Services Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Shared Services Revenue (USD Million) By Country (2023-2030)

Table 47 South America Shared Services Revenue (USD Million) By Type (2023-2030)

Table 48 South America Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Shared Services Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Shared Services Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Shared Services Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Shared Services Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Shared Services Revenue Market Share (%) By Type (2022)

Figure 5 Global Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Shared Services Revenue Market Share (%) By Applications (2022)

Figure 7 Global Shared Services Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Shared Services Market Share (%) By Regions (2022)

Figure 9 North America Shared Services Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Shared Services Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Shared Services Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Shared Services Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Shared Services Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Shared Services Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Shared Services Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Shared Services Revenue Market Share (%) By Type (2030)

Figure 26 Global Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Shared Services Revenue Market Share (%) By Applications (2030)

Figure 28 Global Shared Services Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Shared Services Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Shared Services Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Shared Services Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Shared Services Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Shared Services Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Shared Services Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Shared Services Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Shared Services Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

Shared Services Market Segmentation

By Type

• Software
• Services
• Consulting
• Integration
• Maintenance

By End-User

• Banking, Financial services and Insurance (BFSI)
• Media and Entertainment
• Manufacturing
• Healthcare
• IT and Telecom
• Retail & Hospitality
• Others

By Deployment

• Cloud
• On Premise

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)