Shared Services Market to grow at a CAGR of 17% by 2024, Emergence of Robotics Process Automation is a Major Trend to Fuel the Market Growth - Technavio

The shared services market report offers a comprehensive analysis by Application (F&A, IT, SCM, HR, and CRM) and Geography (North America, Europe, APAC, South America, and MEA)

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- The shared services market share is expected to increase by USD 152.38 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 17% as per the latest market forecast report by Technavio. The emergence of robotics process automation in a shared services market is a major trend that is expected to have a positive impact in the coming years. Robotics process automation (RPA) is a comprehensive IT solution, which is developed through advanced technologies such as AI, intelligent systems, and automated software programs. RPA can be used to automate manual business processes across several functions in organizations such as F&A, HR, and SCM. RPA eliminates manual errors in the business processes of organizations and enhances operational efficiencies to a great extent. The use of RPA in SSCs is gradually increasing to automate routine business processes so that organizations can share data and enterprise resources within their business units. Chief information officers (CIOs) of SSCs are revamping their traditional IT systems to digitally transform the workflow across business units with the emergence of automated and intelligent systems.

The shared services market is segmented by application (F&A, IT, SCM, HR, and CRM) and geography (North America, Europe, APAC, South America, and MEA)

• Regional Highlights - 35% of the market's growth will originate from North America during the forecast period. The US is the key market for shared services in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions.
• Revenue Generating Segment - The shared services market share growth by the F and A segments will be significant for revenue generation. Shared services for finance and accounting services as a key function for most organizations. Therefore, shared services in the F&A area are widely adopted by leading organizations.

• The key factors driving growth in the shared services market is the cost reduction and increasing business efficiency.
• Cost reduction is one of the main factors responsible for the implementation of SSCs in organizations. However, many organizations want to improve their business performance, the speed of service delivery, and quality by implementing the shared services model.
• The shared services model helps in saving costs as it connects different units of enterprises via a centralized SSC that helps to reduce errors and redundancy in information. In addition, organizations can save expenditure by implementing the shared services model on a single IT platform that will work at different functional levels, including processes like finance, HR, marketing, and operations.

The shared services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The shared services market report also offers information on several market vendors, including Accenture Plc, Capgemini SE, Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Genpact Ltd., Infosys Ltd., International Business Machines Corp., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd. among others.

• Accenture Plc - The company offers a wide portfolio of supplier management services, including shared services, end-to-end source-to-pay processing, supplier integration into production planning, and collaborative product design services.
• To know about all major vendor offerings -Click Now!

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist shared services market growth during the next five years
• Estimation of the shared services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the shared services market across North America, Europe, APAC, South America, and MEA
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of shared services market vendors

The competitive scenario provided in the Shared Services Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our Shared Services Market Forecast Report - Buy Now!

Related Reports -

• The managed IT infrastructure services market share is expected to increase to USD 64.51 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.34%.
• The predicted growth for the data loss prevention market share from 2021 to 2026 is USD 6.03 billion at a progressing CAGR of 23.78%.

Table of Content

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• F&A - Market size and forecast 2019-2024
• IT - Market size and forecast 2019-2024
• SCM - Market size and forecast 2019-2024
• HR - Market size and forecast 2019-2024
• CRM - Market size and forecast 2019-2024
• Market opportunity by Application

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Volume driver- Demand led growth
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Accenture Plc
• Capgemini SE
• Cognizant Technology Solutions Corp.
• Deloitte Touche Tohmatsu Ltd.
• Genpact Ltd.
• Infosys Ltd.
• International Business Machines Corp.
• SAP SE
• Tata Consultancy Services Ltd.
• Wipro Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research Methodology
• List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

SOURCE Technavio