Finance Accounting Business Process Outsourcing Market to grow at 7.85% CAGR from 2023 to 2028, Accenture Plc, Alight Solutions LLC, Amdocs Ltd. among Key Contributors to growth - Technavio

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Jan 25, 2024, 20:30 ET

NEW YORK, Jan. 25, 2024 /PRNewswire/ -- The global finance accounting business process outsourcing market size is estimated to grow by USD 27.30 billion from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7.85% during the forecast period. Some major companies include Accenture Plc, Alight Solutions LLC, Amdocs Ltd., Anderson Business Solutions Pvt. Ltd., Capgemini Service SAS, Cognizant Technology Solutions Corp., Concentrix Corp., Deloitte Touche Tohmatsu Ltd., ExlService Holdings Inc., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., NTT DATA Corp., Oracle Corp., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., WNS Holdings Ltd., and Datamatics Global Services Ltd. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) - Request a sample report

Technavio has announced its latest market research report titled Global Finance Accounting Business Process Outsourcing Market 2024-2028

Which segment is significant during the forecast period?
Technavio has segmented the market based on End-user (Large enterprises and SMEs), Application (BFSI, IT and telecommunications, Manufacturing, Healthcare, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The large enterprises segment is anticipated to experience substantial growth during the forecast period. As crucial end-users of accounting software, large enterprises, with complex financial management needs and extensive operations, require business process outsourcing capable of managing significant transactions, delivering comprehensive financial reports, and providing advanced financial analysis and forecasting capabilities.

Which region offers significant growth during the forecast period?
By geography, the market is segmented into North America, Europe, APAC, South America, and Middle East and Africa.

North America will contribute 31% to the growth during the forecast period.

Insights on the contribution of various segments including country and region wise historical data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

What is one of the major factors driving the growth during the forecast period?

The focus on reducing operational costs significantly drives growth. By outsourcing various business processes, including accounting, payroll, and financing, organizations aim to minimize operating costs, enhance efficiency, and achieve objectives like expanding customer base and improving relationships. This trend fuels growth during the forecast period.

What is a major hindrance to the growth during the forecast period?

Although trends like the rising number of acquisitions and partnerships by companies fuel the growth, challenges such as the inability to offer proven finance accounting services hamper the growth during the forecast period.

Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this report?

CAGR during the forecast period
Detailed information on factors that will drive the growth between 2024 and 2028
Precise estimation of the size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of vendors

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What are some important factors to be considered?

The market witnesses significant growth, driven by organizations' focus on cost reduction, compliance, and risk management. Outsourced finance functions, accounting software, and technology integration contribute to enhanced business and financial management. The global market experiences growth with the increasing adoption of BPO services and the optimization of finance and accounting processes.

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The structured finance market size is estimated to grow at a CAGR of 11.8% between 2023 and 2028. The market size is forecast to increase by USD 997.68 billion.

The Decentralized Finance (DeFi) Market size is estimated to grow at a CAGR of 40.32% between 2022 and 2027 and the size of the market is forecast to increase by USD 99,652 million.

ToC

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio