Shared Services Center Market Overview:
The shared services center (SSC) market is gaining momentum as organizations seek to streamline operations, reduce costs, and enhance service quality. SSCs centralize back-office functions, such as HR, finance, and IT, enabling improved efficiency and resource optimization.
Global Shared Services Center Market size and share is currently valued at USD 38.88 billion in 2023 and is anticipated to generate an estimated revenue of USD 209.17 billion By 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 20.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Cost Reduction and Operational Efficiency: Companies adopt SSCs to centralize operations, reduce redundancies, and cut administrative costs.
- Technology Integration: The adoption of automation, AI, and analytics in SSCs enhances decision-making and operational efficiency.
- Globalization and Business Expansion: As businesses expand globally, SSCs provide scalable solutions for managing cross-border operations and compliance.
Shared Services Center Market Future Outlook:
The SSC market is expected to grow significantly, driven by the increasing adoption of digital technologies and hybrid work models. As businesses focus on process automation and data-driven decision-making, SSCs will play a critical role in supporting strategic objectives. Emerging markets in Asia-Pacific and Latin America are likely to witness substantial growth, offering cost-effective hubs for SSC operations.
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Key Companies in Shared Services Center Market:
- Ahlstrom
- Allen & Overy LLP
- Aspen Holdings
- Barclays
- Ernst & Young Global Limited
- Intermedix
- Invest Lithuania
- KPMG International Limited
- Nasdaq, Inc.
- Novartis AG
- PA Knowledge Limited
- PwC
- Tentacle Technologies
- Western Union Financial Services, Inc.
- WNS (Holdings) Ltd.
Shared Services Center Industry Developments:
Key developments in the SSC market include the integration of robotic process automation (RPA) and AI to improve service delivery and reduce manual tasks. Companies are also adopting cloud-based platforms to enhance collaboration and data security. Additionally, the rise of outsourcing partnerships is driving innovation in SSC models to offer specialized and customized solutions.
Shared Services Center Market Segmentation:
Polaris Market Research has segmented the shared services center market based on end-use industries, including BFSI, healthcare, retail, IT and telecom, and manufacturing. This segmentation provides insights into the varied applications and growth opportunities across sectors.
Shared Services Center, End Use Outlook (Revenue – USD Billion, 2019 – 2032)
- Pharmaceutical and clinical
- Legal
- BFSI
- Manufacturing
- Others
The shared services center market is poised for sustained growth as organizations increasingly prioritize efficiency and scalability. With advancements in technology and growing demand for centralized solutions, SSCs will continue to be a cornerstone of modern business operations.