The Shared Services Market is being driven by Need for business process automation
The Shared Services Market is expected to grow at a CAGR of 22.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 492.6 billion. Robotics Process Automation (RPA) is an advanced IT solution that utilizes artificial intelligence, intelligent systems, and automated software programs to automate manual business processes in various functions such as Finance and Accounting (F&A), Human Resources (HR), and Supply Chain Management (SCM) within organizations. By implementing RPA, businesses can significantly reduce manual errors, enhance operational efficiencies, and improve data sharing and enterprise resource utilization across business units. Chief Information Officers (CIOs) in Shared Services Centers (SSCs) are modernizing their traditional IT systems to digitally transform workflows and streamline business processes through the integration of automated and intelligent systems.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (On premises, Cloud) Application (F and A, IT, SCM, HR, CRM) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Shared Services Market Research Report
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The Shared Services Market in the IT sector is witnessing significant growth as enterprises seek to standardize and optimize non-core operations such as Finance, Human Resources, Procurement, and IT. This involves the implementation of uniform company processes, utilizing core capabilities, and adopting cutting-edge technologies like automation, artificial intelligence, and cybersecurity. Shared services offer cost savings through economies of scale, improved data security, and supply chain management. Business units and organizational units benefit from the cost-effective solutions, reducing labor costs and headcount, while mitigating risks from cybercriminals.
In the dynamic IT-driven business landscape, Shared Services Market encompasses various sectors such as Finance, Human Resources, IT, and Procurement. The success of this market relies on establishing robust relationships with key suppliers, ensuring efficient stock control systems, and deploying skilled professionals. Data sourcing and collection are crucial elements, with various internal and external data sources requiring evaluation based on cost, coverage, and quality. Companies meticulously inventory data sources and metadata to optimize business processes. Furthermore, prioritizing data security and combating cyber threats through alternative technologies like Artificial Intelligence (AI) and Machine Learning (ML) is essential. Developing economies and industrialization present new opportunities, necessitating continuous adaptation and innovation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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