According to a new report, published by KBV research, The Global Finance And Accounting Business Process Outsourcing Market size is expected to reach $93.2 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
The Small & Medium Enterprises (SMEs) segment is showcasing a CAGR of 10% during (2022 - 2028). The growth is attributed to the assistance provided to SMEs to cut costs efficiently and increase profits. SMEs are also adopting these services due to innovative technologies like cloud computing, social media, process automation, etc. Also, with the rising efficiency of these technologies, finance, and accounting business process outsourcing companies can enhance the efficiency of their services even further. Thereby, the aid in cost-cutting and enhanced products will aid in the segment’s expansion.
The BFSI segment acquired maximum revenue share in the Global Finance And Accounting Business Process Outsourcing Market by Industry in 2021 thereby, achieving a market value of $20.6 billion by 2028. This is due to the importance of the finance and accounting BPO in the BFSI business models in numerous domains like customer service, investment management, asset management, etc. The rising digitalization of the services in the BFSI sector and the rising focus on personalized services have led to the requirement of services providers to enhance customer services, optimize data management and improve cross-selling opportunities.
The Procure-to-pay segment has shown the growth rate of 10.6% during (2022 - 2028). This is due to the enhancement in digital technology, the growing utilization of e-invoicing solutions, and the growing SaaS-based procure-to-pay suite adoption within the organization. By giving managed services, vendors provide expenditure planning skills and expenditure categorization to allow strategic sourcing and better planning capabilities.
The North America market dominated the Global Finance And Accounting Business Process Outsourcing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $34.6 billion by 2028. The Europe market is exhibiting a CAGR of 8.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 9.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/finance-and-accounting-business-process-outsourcing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Accenture PLC, Wipro Limited, Fiserv, Inc., Infosys Limited, Tata Consultancy Services Ltd., IBM Corporation, HCL Technologies Ltd. (HCL Enterprises), Genpact Limited, Capgemini SE, and Sutherland Global Services, Inc.
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By Industry
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By Geography
Companies Profiled
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