Finance And Accounting Business Process Outsourcing Market Will Grow Rapidly In Coming Years

Finance And Accounting Business Process Outsourcing Industry

The global finance and accounting business process outsourcing market size is expected to reach USD 110.74 billion by 2030, exhibiting a CAGR of 9.3% from 2024 to 2030, according to a new study by Grand View Research, Inc. Innovation, global competition, and new technologies are the key driving factors behind the expansion and growth of the finance & accounting business process outsourcing (BPO) industry. Technologies such as robotic process automation (RPA) that have emerged over the past few years have influenced the F &A BPO market.

RPA with its speed, efficiency, and cost savings abilities is slowly making its way into all industries and all types of business processes. Robotic process automation has also emerged as the fastest-growing trend in finance & accounting BPO, particularly in the management sector, providing high-value creation with fast time-to-value and notable cost savings. These developments would further drive the market’s growth during the forecast period.

Earlier, the customer service industry was entirely reliant upon Interactive Voice Response (IVR) and websites for transferring a call to the correct representative. However, nowadays most of the people have at least one social media account, resulting in a significant shift in consumer behavior. Social media browsing has recently become the third most popular online activity. Companies have now realized the importance of social media as it provides consumer data and feedback that can enhance a company’s ability to analyze impending trends and innovate.

Enterprises are aggressively investing in real-time customer engagement instead of call center software programs, which will allow them to procure first-hand product insights and turn concerns into new solutions or products that will address the upcoming challenges. This change in customer management is considered a huge opportunity by the finance & accounting business process outsourcing industry service providers.

Gather more insights about the market drivers, restrains and growth of the Global Finance And Accounting Business Process Outsourcing market

Finance And Accounting Business Process Outsourcing Market Segments Highlights:

• Based on services, the source-to-pay segment is expected to register a CAGR of 12.9% from 2024 to 2030 in the F&A BPO market. BPO providers often benefit from economies of scale and well-established procurement procedures that enable them to source goods and services at discounted rates, negotiate favorable agreements, and manage their suppliers effectively, which contributes to cost savings and better procurement outcomes
• Based on enterprise size, the large enterprises segment is expected to register a CAGR of 9.6% from 2024 to 2030 in the F&A BPO market. Large enterprises are adopting new business strategies to capture a huge chunk of buyers and retain their position in the finance and accounting BPO market
• Based on the vertical, the IT & telecom segment is expected to register a CAGR of 10.5% from 2024 to 2030 in the F&A BPO market. Financial and accounting outsourcing is being used by IT & telecommunications companies all over the world to reduce overall capital expenditure (CAPEX). F&A outsourcing solutions assist telecom companies in developing a flexible strategy for optimizing current investments, managing cost pressures, acquiring and retaining more customers, and gaining access to specialized resources.
• Asia Pacific region is expected to register a CAGR of 10.7% from 2024 to 2030 in the F&A BPO market. The use of cutting-edge technologies in F&A BPO services is becoming more popular as digital transformation emerges as a strategic necessity for enterprises in the Asia Pacific region. Service providers are improving productivity, decreasing manual errors, and offering real-time insights into financial performance by using automation, data analytics, and cloud-based solutions.

Finance And Accounting Business Process Outsourcing Market Report Segmentation

Grand View Research has segmented the global finance and accounting business process outsourcing market based on services, enterprise size, vertical, and region:

Finance And Accounting Business Process Outsourcing Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Order-to-Cash
• Procure-to-Pay
• Record-to-Report
• Source-to-Pay
• Multi Processed

Finance And Accounting Business Process Outsourcing Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• SMEs
• Large Enterprises

Finance And Accounting Business Process Outsourcing Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Healthcare
• Manufacturing
• Energy & Utilities
• Travel & Logistics
• IT & Telecommunications
• Media & Entertainment
• Retail
• Others

Finance And Accounting Business Process Outsourcing Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Malaysia
  • Philippines
  • Indonesia
  • Thailand
• Latin America
  • Brazil
• Middle East & Africa (MEA)
  • UAE
  • KSA
  • South Africa

Key Finance And Accounting Business Process Outsourcing Company Insights

• Accenture plc
• Capgemini
• CKH Group
• Cognizant
• Fiserv, Inc.
• Genpact
• HCL Technologies Limited
• Infosys Limited
• International Business Machines Corporation
• Invensis Technologies Pvt Ltd
• Outsourced Bookkeeping
• Sutherland
• Tata Consultancy Services Limited
• Teleperformance SE
• Wipro Limited

Order a free sample PDF of the Finance And Accounting Business Process Outsourcing Market Intelligence Study, published by Grand View Research.