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SHARED SERVICES MARKET ANALYSIS Shared Services Market, 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 and Others), By Deployment (Cloud and On Premise)and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
Market Overview The global shared services market was valued US$ 28.79 Bn in 2019 and expected to reach US$ 98.17 Bn by 2027.
Market Dynamics- Drivers • Growing emphasis on cost reduction in overall operations is expected to drive growth of the global shared services market during the forecast period • Rising demand for enhancing customer service is expected to propel the global shared service market growth over the forecast period
Market Dynamics- Restraints • Challenges regarding data security and complexity are expected to restrain growth of the global shared services market over the forecast period • Negative impact of technological innovations is expected to hamper the global shared services market growth over the forecast period
Market Opportunities • Legal end-use segment can provide major growth opportunities for market players • Massive growth opportunities in emerging markets
Market Trends • Growing trend of process efficiency, process standardization, and centralization of data • Increasing popularity of self-service and cloud-based solutions • Segment information: • In global shared services market, by End-use segment, the IT & Telecom segment dominated the global market in 2019, accounting for 27.8% share in terms of value, followed by BFSI, Manufacturing, Healthcare and Pharmaceuticals, Media and Entertainment, Retail & Hospitality and Others respectively.
Competitive Section Key players operating in the global 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.
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