by The shared services market includes mobile computers and terminals that are ruggedized for various industry applications. Shared services offer mobility solutions that allow real-time access to data in the field. Ruggedized handheld devices in the shared services market are built to withstand vibration, drops, freezing temperatures, rain, and dust. They provide workers in industries like transportation & logistics, manufacturing, oil & gas, and construction/mining access to critical data everywhere work takes them.
The Global shared services market is estimated to be valued at US$ 187.18 Mn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the shared services market are Dell Inc., Curtiss-Wright Corp., Getac Technology Corp., General Dynamics Corp., Zebra Technologies Corp., L3 Technologies Inc., Panasonic Corporation, Scio Teq, Sparton Corp., Crystal Group Inc., Kyocera Corp., and Beijer Electronics Group AB. These players are focusing on new product launches and partnerships to expand their shared services portfolio and geographical presence.
The growing retail sector and need for efficient warehouse management is a major opportunity for Shared Services Market Size. Emerging economies with growing industrial and logistics sectors are anticipated to increasingly adopt rugged mobile computers. North America currently dominates the market but Asia Pacific is expected to witness highest growth during the forecast period.
Market drivers
The increasing deployment of mobile computers and data capture devices across various industries is a key driver for the shared services market growth. Rugged mobile devices improve workforce productivity and operational efficiency through real-time access to data. They aid in activities like warehouse management, field service management, transportation & logistics and inventory management. Government mandates regarding implementation of electronic logging devices are also propelling the adoption of shared services.
PEST Analysis
Political: The shared services market is witnessing favorable regulations supporting outsourcing of non-core operations of organizations. However, data privacy regulations pose some challenges for cross-border operations.
Economic: Availability of skilled labor at lower costs and savings achieved through economies of scale are driving organizations to adopt shared services models. However, economic uncertainties impact various industry verticals affecting their IT budgets.
Social: Younger demographics are more inclined towards shared and collaborative consumption models. However, some stakeholders resist change in processes resulting from shared services centralization.
Technological: Digitization and advanced technologies like AI, blockchain enable flexible and scalable shared services delivery models. However, integrating legacy systems with new technologies poses integration challenges.
Geographical regions with high market share
North America region accounts for the highest share in the global shared services market in terms of value, followed by Europe. This is attributed to strong presence of shared services providers as well as growing adoption across industry verticals to improve efficiencies.
Fastest growing region
The Asia Pacific region is poised to witness the highest growth in the shared services market during the forecast period. This can be accredited to rapid digital transformation initiatives of organizations based in emerging countries like India, China coupled with availability of skilled resources and government support for outsourcing industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
