Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Global Finance And Accounting Business Process Outsourcing Market Size, Share & Industry Trends Analysis Report By Enterprise-size , By Industry, By Service, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Finance and Accounting Business Process Outsourcing Market size is expected to reach $93.2 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
Market Growth Factors
The ability to save organization's time
A worker might spend around half of their workweek handling repetitive digital tasks. But when these repetitive tasks are outsourced, the organization can free up many hours on these processes. Outsourcing these works allows the company to allocate more time towards other things that are essential for the company and create a variety of responsibilities for the employees.
The finance and accounting business process outsource the organization to free up their workforce from completing non-core work and better utilize them, which is expected to increase their usage and thereby propel the market growth.
Business flexibility and continuity
Organizations often risk losing clients to a competitor with such lapses in business continuity. However, with outsourced accounting, the work with the providers is generally equipped with cloud-based systems and automation capabilities that offer uninterrupted services. Also, the organizations can get time-bound service from the service provider by having a business continuity plan in their service agreement. The flexibility and the business continuity assurance provided by the outsourcing service provider are anticipated to surge the finance and accounting business process outsourcing market's expansion.
Market Restraining Factor
Limited control and communication
This lack of communication can lead to a lack of management and human error. The financial process outsourcing provider sometimes lacks the management skills to carry out the given task, and due to the lack of communication, the organization cannot guide the outsourcing company properly. This also leads to increased errors, which can harm the organization's status and reputation. The issues caused due to the limited control and lack of communication will hinder the adoption of the finance and accounting business process outsourcing market growth.
Service Outlook
Based on service, the finance and accounting business process outsourcing market is segmented into order-to-cash, procure-to-pay, record-to-report, source-to-pay, and multi processed. The order-to-cash segment dominated the finance and accounting business process outsourcing market with the maximum revenue share in 2021. This is because order-to-cash is a collection of business activities and operations that includes receiving customer requests for services and goods. The order-to-cash function determines the company's cash inflow and working capital. In addition, it aids in cost savings, enhanced customer experience, and revenue generation. Therefore, these factors are expected to drive the segment's growth.
Enterprise Size Outlook
On the basis of enterprise-size, the finance and accounting business process outsourcing market is divided into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment held the highest revenue share in the finance and accounting business process outsourcing market in 2021. This is because large institutions are collaborating with numerous BPO service providers for enhanced cost efficiency and ease of customer management across multiple regions. Finance and accounting BPO allow large organizations to refocus on their core business activities to provide incremental value to their customers. These services benefit organizations for cost optimization and enhance business functions.
Industry Outlook
By industry, the finance and accounting business process outsourcing market is classified into BFSI, healthcare & life sciences, manufacturing, energy & utilities, travel & logistics, telecom & IT, media & entertainment, retail and others. The telecom & IT segment recorded a prominent revenue share in the finance and accounting business process outsourcing market in 2021. This is because BPO companies offer various services to the telecom & IT sector based on their requirement. In addition, the finance and accounting services include record-to-report, source-to-pay, order-to-cash, and procure-to-pay. Hence, the specialized services offered to the telecom & IT sector will propel the segment's expansion in the forecasted period.
Regional Outlook
Region-wise, the finance and accounting business process outsourcing market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the finance and accounting business process outsourcing market in 2021. This is because of the increasing requirement for business process outsourcing services due to their lower costs, focus on core business functions, and high efficiency. In addition, the customization of these service better meet with the individuals' needs, and there is a rising demand for cloud computing. These factors are expected to boost the market growth in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Wipro Limited, Fiserv, Inc., Infosys Limited, Tata Consultancy Services Ltd., IBM Corporation, HCL Technologies Ltd. (HCL Enterprises), Genpact Limited, Capgemini SE, and Sutherland Global Services, Inc.
Scope of the Study
By Enterprise-size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Industry
- BFSI
- Energy & Utilities
- Manufacturing
- Telecom & IT
- Travel & Logistics
- Healthcare & Life Sciences
- Media & Entertainment
- Retail
- Others
By Service
- Order-to-cash
- Source-to-pay
- Procure-to-pay
- Multi Processed
- Record-to-report
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
- Accenture PLC
- Wipro Limited
- Fiserv, Inc.
- Infosys Limited
- Tata Consultancy Services Ltd.
- IBM Corporation
- HCL Technologies Ltd. (HCL Enterprises)
- Genpact Limited
- Capgemini SE
- Sutherland Global Services, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies deployed in Finance and Accounting Business Process Outsourcing Market
Chapter 4. Global Finance And Accounting Business Process Outsourcing Market by Enterprise-size
Chapter 5. Global Finance And Accounting Business Process Outsourcing Market by Industry
Chapter 6. Global Finance And Accounting Business Process Outsourcing Market by Service
Chapter 7. Global Finance And Accounting Business Process Outsourcing Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Accenture PLC
- Wipro Limited
- Fiserv, Inc.
- Infosys Limited
- Tata Consultancy Services Ltd.
- IBM Corporation
- HCL Technologies Ltd. (HCL Enterprises)
- Genpact Limited
- Capgemini SE
- Sutherland Global Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vq9lds
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