Cloud Technology Is Fastest Growing Segment Fueling The Growth Of Shared Services Market


Shared Services Market 

The global Shared Services Market is estimated to be valued at US$ 162.48 Mn in 2023 and is expected to exhibit a CAGR of 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Shared services are consolidated business functions such as finance, accounting, human resources (HR) and procurement amongst others that are combined within or across business units. Shared services enable economies of scale and specialization to reduce cost and improve quality of service.

Market key trends:
Cloud adoption is one of the major trends being witnessed in the shared services market. The cloud technology helps organizations to reduce operational costs, gain greater access to data & resources, enhance productivity, and agility. The cloud-based shared services enable standardized processes, real-time data access, flexibility, affordability and scalability. According to estimates, over 70% of organizations are planning to adopt cloud-based shared services by 2027 due to advantages over on-premise systems. This rising adoption of cloud technology is expected to drive the market growth over the forecast period.
Segment Analysis
The global shared services market is segmented by service, organization, industry, and geography. By service, the market is divided into finance and accounting, customer relationship management (CRM), human resource management (HRM), information technology infrastructure library (ITIL) service management, supply chain management (SCM), and others. The finance and accounting segment holds the largest share of more than 30% in the global market. This is mainly due to growing demand for streamlining and centralizing finance and accounting operations across organizations.

Key Takeaways
The global Shared Services Market Analysis is expected to witness high, exhibiting a CAGR of 23% over the forecast period, due to increasing demand for cost optimization strategies . Regional analysis shows that North America dominates the shared service market, accounting for over 35% share owing to early adoption of advanced technologies. Asia Pacific is expected to grow at fastest rate during the forecast period due to growth in shared service adoption among small and medium enterprises.

Key players operating in the shared services market are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. The global shared services market size for 2023 is US$ 162.48 Mn. Regional analysis shows that North America dominates the shared service market, accounting for over 35% share owing to early adoption of advanced technologies. Asia Pacific is expected to grow at fastest rate during the forecast period due to growth in shared service adoption among small and medium enterprises. Key players focus on mergers and acquisitions to expand their shared service offerings and capabilities.

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