Asia Pacific shared services center market by end-use, 2012-2022, (units)
- Poised to witness considerable growth over the next seven years, pharmaceutical & clinical end-use accounted for 11% of the overall market share in 2014. Rapid increase in the need to reinvent traditional pharmaceutical R&D model to continue developing new products cost-effectively and efficiently, and adjust to the industry’s new realities is expected bolster demand over the forecast period.
- Projected to grow at an estimated CAGR of 35% from 2015 to 2022, legal end-use is expected to drive the SSC industry over the forecast period. Over the last few years, emergence of new technologies coupled with the need to reduce costs in the wake of global downturn has significantly forced corporate legal departments and law firms to change their traditional business approach and to adopt shared services and outsourcing associated with the legal profession.
- BFSI end-use accounted for over 20% of the overall revenue in 2014, and is presumed to witness significant growth in the market share over the forecast period, owing to the emerging trend among companies to enhance global presence and customer satisfaction. Availability of huge and highly educated workforce, lower wages, and improved English capabilities in countries across Asia Pacific and Eastern Europe are envisioned to boost industry growth.
- Projected to grow at an estimated CAGR of over 25% from 2015 to 2022, manufacturing end-use is expected to witness healthy growth in the foreseeable future. Organizations consider Asia Pacific as the most attractive market for off-shoring destination owing to the lower wages, higher employment rates, availability of pool of talents, and skilled and educated employees in the region, which are expected to drive industry growth.
- The Asia Pacific regional market is poised for high growth throughout the forecast period. It accounted for close to 30% of the overall market share in 2014. Close-knit cultural homogeneity coupled with low-cost arbitrage has made the Asia Pacific region a preferred destination for SSC establishment.
- The presence of a large number of universities, eventually enabling access to skilled labor force, multi-lingual skills in professionals coupled with cultural similarity to Western Europe is presumed to have driven growth in the European region.