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DUBLIN, April 07, 2023 (GLOBE NEWSWIRE) — “Finance and Accounting Business Process Outsourcing Market Size, Share and Trends Analysis Report by Service, Enterprise Size, Vertical, Region and Segmentation Forecasts, 2023 – 2030” report has been added. ResearchAndMarkets.com’s Providing.
The global finance and accounting process outsourcing market size is expected to reach 110.74 billion by 2030, expanding at a CAGR of 9.1% from 2023 to 2030.
Innovation, global competition and new technologies are the main factors behind the expansion and growth of the financial and accounting process outsourcing (BPO) industry. Technologies such as Robotic Process Automation (RPA) that have emerged in the past few years have impacted the BPO industry.
RPA with its speed, efficiency and cost-effective capabilities is gradually entering all industries and all business processes. Robotic process automation has emerged as a growing trend in finance and accounting BPO, especially in the management sector, with high value for quick turnaround times and significant cost savings. These developments will further drive the growth of the market during the forecast period.
In the past, the customer service industry was completely dependent on Interactive Voice Response (IVR) and websites to route calls to the right representative. However, now a days majority of the population has at least one social media account which has led to a drastic change in consumer behavior. Social media browsing has recently become the third most popular online activity. Companies recognize the importance of social media as customer data and feedback enhance a company’s ability to analyze upcoming trends and innovate.
Enterprises are investing in real-time customer engagement rather than call center software programs, which allow them to buy first-hand product insights and turn concerns into new solutions or products that address upcoming challenges. This shift in customer management is seen as a major opportunity by financial and accounting processing service providers.
Leading vendors such as Tech Mahindra, Wipro, Infosys Ltd and TCS are increasingly incorporating AI and blockchain technologies to offer differentiated offerings to their customers. Favorable government initiatives are paving the way for the growth of the overall foreign trade market in India.
For example, in May 2020, the Government of India under the Ministry of Electronics and Information Technology (MEIT) launched the MeitY Startup Hub (MSH) portal, which aims to promote technology innovation, startups and intellectual property development. Similarly, low labor costs, competitive IT infrastructure, highly educated and skilled workforce and favorable tax incentives are some of the factors driving the growth of the financial and accounting (F&A) business process outsourcing (BPO) industry in the Philippines.
Financial and accounting business process foreign market report highlights
- The paid record segment is expected to maintain a CAGR of 12.2% during the forecast period. A number of vendors such as Accenture and KPMG are building Centers of Excellence (CoE) to enhance R2R process expertise. These service providers are creating technology partnerships to access tools beyond general ledger and authentication. For example, reporting solutions and asset management solutions
- The largest enterprise segment is expected to maintain a CAGR of 9.3% during the forecast period. Large enterprises are adopting new business strategies to capture more buyers and maintain their position in the finance and accounting BPO market.
- The IT and telecommunications segment is expected to maintain a CAGR of 10.2% during the forecast period. Financial and accounting services are being used by telecommunications companies worldwide to reduce total capital expenditure (CAPX). F&A outsourcing solutions help telecom companies develop a flexible strategy to optimize current investments, manage cost pressures, acquire and retain more customers, and acquire unique resources.
- The North American finance and accounting BPO market is expected to reach $38.88 billion by 2030. The growth is driven by increasing cloud-enabled and digital-related services for businesses that require frequent support and maintenance.
Key Features:
| Report behavior | Details |
| Number of pages | 130 |
| Forecast time | 2022 – 2030 |
| Estimated market value in 2022 (USD) | 56.42 billion dollars |
| Projected Market Value in 2030 (USD) | 110.74 billion dollars |
| Compound annual growth rate | 9.1% |
| Covered regions | International |
Key topics covered:
Chapter 1 method and scope
Chapter 2 Executive Summary
Chapter 3 Financial and Accounting Business Process Outsourcing: An Industry Perspective
Chapter 4 Financial and Accounting Business Process Outsourcing: Service Segment Analysis
4.1 Finance and Accounting Business Process Outsourcing Market Share by Service, 2022 and 2030
4.2 Order-to-Cash
4.3 Purchase for payment
4.4 Record-to-Report
4.5 Source of payment
4.6 Multiprocessing
Chapter 5 Financial and Accounting Business Process Outsourcing: Organization Size Segment Analysis
5.1 Finance and Accounting Business Process Outsourcing Market Share by Firm Size, 2022 and 2030
5.2 Small and medium-sized enterprises (small and medium-sized enterprises)
5.3 Large enterprises
Chapter 6 Financial and Accounting Business Process Outsourcing: Vertical Segment Analysis
6.1 Finance and Accounting Business Process Outsourcing Market Share by Vertical, 2022 and 2030
6.2 BFSI
6.3 Healthcare
6.4 Manufacturing
6.5 Energy and Utilities
6.6 Travel and Logistics
6.7 IT and Telecommunications
6.8 Media and Entertainment
6.9 Retail
6.10 Other
Chapter 7 Financial and Accounting Business Process Outsourcing: Regional Segment Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive landscape
Companies are mentioned
- Emphasis
- Infosys Limited (Infosys BPM)
- HCL Technologies Limited
- Wipro Limited
- Grab it.
- Sutherland
- IBM Corporation
- Tata Consultancy Services Limited
- Genpact
- Fiserv, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/flb9cg
About ResearchAndMarkets.com
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International finance and accounting business process foreign market
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