Shared services are a consolidation of organizational or departmental common activities, functions and resources to avoid unnecessary duplication and redundancy. They help companies focus more on core business functions by outsourcing non-core functions like finance, human resources, procurement, supply chain and information technology. With growing business complexity and need for efficiency and cost optimization, demand for shared services has increased significantly.

The global Shared Services Market is estimated to be valued at US$ 162.48 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased demand for outsourced non-core business functions has been a major trend driving growth of the shared services market. As companies look to streamline operations and focus more on core revenue-generating activities, many non-core operational functions are being outsourced to specialized shared service providers. These providers offer standardized, automated and technology-driven services at lower costs as compared to operating these functions in-house. They also allow companies to scale up or down non-core operations based on business needs through their flexible on-demand services models. The cost savings and operational efficiencies achieved through outsourcing to experienced shared services providers has encouraged many companies across industries to increasingly rely on third-party providers for common back-office functions. This rising preference for outsourcing is expected to continue accelerating demand in the global shared services market over the forecast period.

Segment Analysis
The global shared services market is fragmented into two key segments- research use and clinical use. The clinical use segment currently dominates the market, owing to increasing adoption of NGS technologies by clinical laboratories and hospitals for cancer diagnostics and prevalence of chronic and infectious diseases. This segment is expected to witness high growth during the forecast period due to increasing application areas of NGS in clinical settings.

Key Takeaways
The Global Shared Services Market Analysis is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 162.48 Mn in 2023.

Regional analysis
North America is currently the dominant region in the global shared services market. The growth in this region is driven by well-established healthcare infrastructure and growing popularity of NGS technologies in clinical research organizations & pharmaceutical companies for drug discovery applications. Asia Pacific is expected to witness the fastest growth over the coming years owing rapid economic development, favorable government support & initiatives, rising healthcare expenditure and increasing awareness about advanced genomic analysis technologies.

Key players
Key players operating in the shared services market are INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. INOVIQ and Thermo Fisher Scientific Inc. currently occupy a significant share in the global market. market.

Explore more information on this topic, Please visit @      https://www.dailyprbulletin.com/desire-for-outsourcing-non-core-operations-is-estimated-to-shape-future-trends