Global Finance and Accounting Business Process Outsourcing Market is valued at approximately USD 56.42 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.00% over the forecast period 2023-2030. Finance and Accounting Business Process Outsourcing (F&A BPO) refers to the outsourcing of financial and accounting processes to a third-party service provider. These services include tasks such as bookkeeping, accounts payable and receivable, payroll processing, financial reporting, tax preparation, and other related functions. F&A BPO helps businesses to reduce their operational costs, improve process efficiency, and focus on their core competencies. The major driving factors for the Global Finance and Accounting Business Process Outsourcing Market are the rising demand for the cost-effective and reliable services and the growing demand for Knowledge Process Outsourcing (KPO). Moreover, rising key initiatives for the key market players is creating lucrative growth opportunity for the market over the forecast period.
In October 2020, Wipro Limited, an Indian multinational corporation, announced that it had signed a multi-year deal with Telefónica Germany / O2 to deliver transformational customer experience management services. This includes KPO services such as business analytics, automation, and digital services. Similarly, in January 2021, Infosys BPM, the business process management arm of Infosys, announced a strategic partnership with US-based Archrock Inc., a leading provider of natural gas compression services. The partnership aims to deliver advanced KPO services such as data analytics, automation, and process optimization to improve Archrock’s business operations. However, the high cost of Finance and Accounting Business Process Outsourcing stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Finance and Accounting Business Process Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America has been the dominant region in the F&A BPO market, owing to the presence of several large players and high demand for outsourcing services. The region is expected to continue leading the market due to the growing adoption of digital technologies in the financial sector and the need for cost optimization among businesses. The Asia Pacific region is also expected to experience significant growth in the F&A BPO market, primarily driven by the increasing adoption of outsourcing services among small and medium-sized enterprises (SMEs) and the growing number of outsourcing service providers in the region. Countries such as India, China, and the Philippines are the major outsourcing hubs in the region, with a large pool of skilled and cost-effective talent.
Major market player included in this report are:
Infosys Limited (Infosys BPM)
HCL Technologies Limited
Tata Consultancy Services Limited
Recent Developments in the Market:
Ø In February 2021, Massmart, a leading retailer in Africa, announced its partnership with Genpact to enhance its financial operations and utilize advanced analytics and digital technology to foster competitive growth.
Global Finance and Accounting Business Process Outsourcing Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Service, Enterprise-size, Vertical, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Service offerings of key players. The detailed segments and sub-segment of the market are explained below:
Small & Medium Enterprises (SMEs)
Energy & Utilities
Travel & Logistics
IT & Telecommunications
Media & Entertainment
Middle East & Africa
Rest of Middle East & Africa