SEATTLE, April 07, 2020 (GLOBE NEWSWIRE) -- Shared services are the consolidation of business operations, which is used by various parts of the organization. This includes sharing of resources and information among different business units of a company. Shared services are adopted in various industries since they are cost-efficient and are centralized in terms of back-office operations. This model caters to the requirement of diverse business units within the enterprise and is supported by information technology and its services.
The global shared services market was valued for US$ 30.9 MN in 2019 and it is estimated to reach US$ 75.8 MN by 2027.
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Market Drivers
- Growing demand for process efficiency is expected to drive growth of the global shared services market during the forecast period
- Rising need for higher degree of flexibility is expected to boost the global shared services market growth over the forecast period
Market Opportunities
- Rising use of shared services in pharmaceutical industry can provide major growth opportunities
- Growing adoption of shared services in BFSI segment can provide lucrative business opportunities
Key Takeaways
- North America holds the dominant position in the global shared services market and is expected to witness significant growth over the forecast period 2019-27. This is owing to large number of key players in the region. These key players in the region are constantly focusing on launching new product, partnership with other players, business expansion strategies and other business strategies to remain competitive the business. For instance, in January 2017, Oracle announced a new expansion plan in the regions of North America and EMEA. This would double the regional presence of cloud platform of Oracle.
- Among deployment segment, cloud sub segment is expected to dominate the global shared services market over the forecasted period 2019-27. This is owing to rapid adoption of cloud technologies in the global shared services market. Cloud technologies does not require huge investment in hardware by company, it can be purchased in lease from other companies. Thus adoption of cloud technology is going to increase in the forecast period. Key players across the globe are trying to capture this opportunity by entering into partnership with other companies. For instance, 2019, Microsoft Corporation, a US based technology company entered into strategic partnership with SAP SE. Through this partnership both companies are going to offer first-in-market cloud migration offerings.
- Among component segment, software sub segment was dominated in 2019 and it is expected to remain the same way in the forecast period. Software provide certain benefits such as easy installation, easy operations, increase in privacy and others. After installation software’s can be managed by company employees. Moreover, key players in the market are entering into partnership with other companies or government bodies. For instance, BMC Software, Inc. and Government of Canada entered into strategic partnership. Through this partnership BMC Software, Inc. will modernize IT Service Management for the Government of Canada.
Competitive Section
Major companies involved in the global shared services market are Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, SAP SE, Cognizant, HCL, Oracle Corporation, EXL, IBM Corporation, Atos SE, Genpact, and Accenture.
Key Developments
- Major companies in the market are focused on contracts and agreements, in order to strengthen market presence. For instance, in December 2019, Infosys Limited entered into a contract with Telenet, a Belgium-based telecom and broadband company to build new digital and data capabilities.
- Key players in the market are involved in mergers and acquisitions, in order to gain a competitive advantage in the market. For instance, in June 2019, Capgemini SE acquired Altran, an engineering consultancy for US$ 3.96 billion.
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Segmentation
Market Taxonomy:
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- By Component
- Software
- Services
- Consulting
- Integration
- Maintenance
- By End-use
- Banking, Financial services and Insurance (BFSI)
- Media and Entertainment
- Manufacturing
- Healthcare
- IT and Telecom
- Retail & Hospitality
- Others
- By Deployment
- Cloud
- On Premise