New Analysis from Global Industry Analysts Reveals Steady Growth in Finance and Accounting Outsourcing, with Market Expected to Reach $ 53.4 Billion Globally by 2026


SAN FRANCISCO, November 16, 2021 / PRNewswire / – A new market study released by Global Industry Analysts Inc. (GIA), the leading market research firm, today released its report titled “Finance and Accounting Outsourcing – Global Market Trajectory and Analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.

Outsourcing of finance and accounting

FACTS AT A GLANCE
Editing: 16; Posted: November 2021
Executive pool: 5323
Companies: 142 – Players covered include Accenture PLC; Capgemini SE; Cognizant technology solutions company; Exlservice Holdings, Inc .; Genpact; Hewlett-Packard Development Company LP; IBM Corporation; Infosys BPM Limited; Serco Plc Group; Sutherland World Services; Tata Consultancy Services Ltd. ; Wipro Ltd. ; WNS (Holdings) Ltd. and others.
Blanket: All major geographies and key segments
Segments: Type (multi-process F&A BPO, source-to-payment outsourcing, record-to-report outsourcing, procurement-to-payment outsourcing, order-to-cash outsourcing)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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ABSTRACT-

Global Finance and Accounting Outsourcing Market to Reach US $ 53.4 billion by 2026
The accounting outsourcing service is an essential function in the global finance and accounting market. The global economic crisis is expected to drive demand for F&A BPO activities, as the service requires less customization when the process and technology is outsourced (compared to customer service and HR BPO). The growing demand for transparency and the increase in regulations are pushing companies to standardize their BPO F&A (Finance and Accounting) activities. The move towards standardization also drives the integration of best practices into financial management, which is a major factor in the adoption of F&A BPO services. The regulated nature of many F&A standards allows BPO service providers to deploy a common platform for various clients, thereby reducing personalization, improving margins, and allowing clients to capitalize on economies of scale. The number of new companies starting to use accounting outsourcing every year is steadily increasing, while service contracts from older clients have also been extended for outsourcing companies. In the future, outsourcing service providers would increasingly leverage advanced technologies such as machine automation and artificial intelligence to speed up tasks and increase customer productivity. The finance and accounting outsourcing field is seeing a pressing need for vendors to migrate from antiquated pricing models to automation initiatives to stay relevant and ensure renewal of service contracts.

In the midst of the COVID-19 crisis, the global finance and accounting outsourcing market is estimated to be US $ 37.9 billion in 2020, is expected to reach a revised size of US $ 53.4 billion by 2026, with a CAGR of 5.9% over the analysis period. Multi-Process F&A BPO, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.8% to reach US $ 19.3 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the source-to-pay outsourcing segment is readjusted to a revised CAGR of 5.9% for the next 7-year period. This segment currently accounts for a 24.5% share of the global finance and accounting outsourcing market.

The US market is estimated at $ 18.3 billion in 2021, when China is expected to reach $ 2 billion by 2026
The finance and accounting outsourcing market in the United States is estimated at US $ 18.3 billion in 2021. The country currently represents a 45.7% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 2 billion during the year 2026, with a CAGR of 7.6% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 4.9% and 5.4% respectively over the period of analysis. In Europe, Germany is expected to grow by around 5.2% CAGR while the rest of the European market (as defined in the study) will reach US $ 2.1 billion at the end of the analysis period. In Asia Pacific, adoption of latest technology would boost the growth of accounting software market.

Record-to-Report outsourcing segment to be achieved $ 9.4 billion by 2026
In the global Record-to-Report outsourcing segment, United States, Canada, Japan, China and Europe will lead to the estimated 5.5% CAGR for this segment. These regional markets representing a combined market size of US $ 5.7 billion in 2020 will reach a projected size of 8.2 billion US dollars at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 837.3 million by 2026. Following

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About Global Industry Analysts, Inc. & StrategyRâ„¢
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving more than 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for more than 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.



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