The market is expected to grow at a rapid pace due to the increase in the number of deals in the Shared Services Market across public and private sectors.

PORTLAND, PORTLAND, OR, UNITED STATE, October 21, 2021 /EINPresswire.com/ -- The shared services market is observing lucrative growth potential as enterprises around the globe are increasingly focused on declining their overall cost incurred on quality improvement and production of services offered.

Implementation of SSCs at operational stages across organizations offer cost reduction and operational efficiency, along with enhanced productivity, which drives growth of the market. In addition, location proximity is one of the major driving forces in the shared services market. However, implementation of shared services is a complex process as it necessitates changes across complete business process and infrastructure of an organization.

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Robotic Process Automation (RPA) is being adopted across industries due to its benefits. Amongst the next generation technologies such as artificial intelligence and machine learning, RPA is one of the technologies that is experiencing heavy shift due to benefits including high short payback period, RoI, and enhanced overall performance with reduction in cost.

RPA is enabling digital transformation into shared services. It gains significance with increased productivity and cost savings generated due to automating rules-based and repetitive processes. The application of machine learning, predictive analytics, and other technological models to RPA can lead to larger value in both generating higher level insights as well as managing back office processing.

Impact of COVID-19 on Shared Services Market:

• The global economies have been churned by the effective shutdown enacted on businesses operations as a result of the COVID-19 pandemic.

• However, the situation is turned into an advantage for various global business services (GBS) centers or shared service centers (SSC), which are seizing this opportunity to offer their capabilities to adapt to novel as well as more agile operating models.

• Shared service centers are anticipated to continue concentrating on established technologies such as automation and analytics to provide robust solutions in areas such as customer retention and demand forecasting.

Major players analyzed include Cognizant Technology Solutions Corp., International Business Machines Corporation, Accenture Plc, Capgemini SE, SAP SE, Tata Consultancy Services Ltd., Infosys Ltd. Symantec, Oracle, and Wipro Ltd.

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