Increasing emphasis on total operating cost reduction is anticipated to fuel market expansion for shared services globally over the forecast period. Companies' operational procedures have seen a significant change recently. In place of a transaction-based approach, management is now concentrating on a cost-based approach. Cost-cutting measures are currently required, and data centralization can help with that. Over the projected period, increasing need for better customer service is anticipated to fuel the expansion of the global shared service market. In every industry, providing excellent customer service is essential for business expansion and brand building. One important process provided by shared services is customer service. Companies can thus concentrate on their core capabilities by employing pooled service process expertise on customer service executives. So, in the near future, these elements are anticipated to promote market expansion. The main responsibility of a company's legal department is to defend its rights and pursue its interests. The current acceleration of shared services adoption in legal end-use is due to the emergence of new technologies and the growing need for cost reduction. The desire to lower prices and improve service quality is growing, which is propelling market expansion.
According to Coherent Market Insights, The market for Shared Services is anticipated to rise by USD156.78 billion between 2022 and 2027, expanding at a CAGR of 17.64%.
Top Companies in the Shared Services Industry:
1. Oracle Corporation
The company was started in 1977 and is based in Austin, Texas, U.S. The company provides enterprise business applications, application development and decision support tools, relational databases, and relational servers. The purchase of Cerner, a provider of health information technology, was announced by Oracle on December 20, 2021. Oracle declared on March 31, 2020, that it has signed a contract to buy LiveData Utilities.
2. Cognizant
The company was founded in 1994 and is based in Teaneck, New Jersey, U.S. The business provides customers throughout India with software development, integration, and maintenance services. Cognizant provides a distinctive working and learning environment. Cognizant sold Mustache to DJE Holdings and Oy Samlink to Kyndryl in January 2022.
3. IBM Corporation
The company was founded in 1911 and is located in New York, United States. The company provides network, cloud, digital workplace, process design and operations, application, technology consultancy and support, and business resilience, strategy, and design solutions. The business declared in June 2023 that it has signed a legally binding contract with Vista Equity Partners to buy Apptio Inc.
4. IBM Corporation
The business was started in 1967 and is based in Paris, France. The company offers a range of services including finance, consulting, supply chain management, engineering, business process management, outsourcing, cloud computing, and mobile software. The opening of Future4care, a European start-up accelerator specializing in digital healthcare, by Capgemini, Sanofi, Orange, and Generali took place in June 2021.
5. Tata Consultancy Services Limited
The firm was started in 1968 and is based in Mumbai. The business provides services in consulting, enterprise software, business processes, digital software solutions, and IT infrastructure. The business has announced the opening of the TCS DexamTM data marketplace platform on Google Cloud in June 2023.
6. Infosys Limited
The firm was started in 1981 and is based in Bengaluru. The business offers outsourcing, information technology, and business consulting services. The business stated in April 2023 that it will work with ServiceNow to introduce the Infosys Live Operations platform, which would improve the customer experiences (CX) for telecom operators.
7. HCL
The firm was started in 1991 and is based in Noida. The business provides services for outsourcing, application development, infrastructure management, and technology distribution. HCL Technologies and Google Cloud expanded their collaboration in March 2021 to deliver HCL Software's Digital Experience (DX) and Unica Marketing cloud-native solutions to Google Cloud.
Definition: Sharing resources and information amongst various business units within a corporation is referred to as providing share services. Alternatively said, shared services are the aggregation of business processes utilized by numerous parts of the same firm.
