F&A BPO Global Market Report 2024

“F&A BPO Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on f&a bpo market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for f&a bpo? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The f&a bpo market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Service: Order-To-Cash; Procure-To-Pay; Record-To-Report; Source-To-Pay; Multi Processed
• 2) By Enterprise-size: Small And Medium Enterprises (SMEs); Large Enterprises
• 3) By Vertical: Banking, Financial Services and Insurance (BFSI); Healthcare; Manufacturing; Energy And Utilities; Travel And Logistics; IT And Telecommunications; Media And Entertainment; Retail; Other Verticals
• Companies Mentioned: Accenture plc; Capgemini SE; Genpact; Hewlett-Packard Development Company LP; International Business Machines Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Finance and Accounting (F&A) Business Process Outsourcing (BPO) involves providing support to customers for various business processes in the F&A domain through a consolidated BPO contract. This service aids businesses in optimizing accounting, tax-related activities, financial planning, and analytical processes.

The primary service types within F&A BPO include order-to-cash, procure-to-pay, record-to-report, source-to-pay, and multi processes. Order-to-cash encompasses business operations and activities related to receiving and fulfilling customer requests for goods and services. F&A BPO services cater to enterprises of different sizes, including small and medium enterprises (SMEs) and large enterprises. These services find applications across various industry verticals such as banking, financial services, and insurance (BFSI), healthcare, manufacturing, energy and utilities, travel and logistics, information technology (IT) and telecommunications, media and entertainment, retail, and others.

The F&A BPO market research report is one of a series of new reports from The Business Research Company that provides F&A BPO market statistics, including F&A BPO industry global market size, regional shares, competitors with an F&A BPO market share, detailed F&A BPO market segments, market trends, and opportunities, and any further data you may need to thrive in the F&A BPO industry. This F&A BPO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The f&a bpo market size has grown strongly in recent years. It will grow from $46.6 billion in 2023 to $49.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The observed growth in the historic period for Finance and Accounting (F&A) Business Process Outsourcing (BPO) can be attributed to several factors. These include the pursuit of cost efficiency and operational optimization, businesses focusing on their core functions, strategies involving globalization and expansion, the need for compliance with regulatory requirements, and the access to skilled financial professionals that outsourcing provides. These factors collectively contributed to the demand and adoption of F&A BPO services during the historic period.

The f&a bpo market size is expected to see strong growth in the next few years. It will grow to $64.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period for Finance and Accounting (F&A) Business Process Outsourcing (BPO) can be attributed to several factors. These include an increasing demand for advanced analytics and reporting, a heightened focus on strategic financial planning, an emphasis on risk management and fraud prevention, a shift towards outcome-based service models, and the integration of Environmental, Social, and Governance (ESG) metrics. Major trends expected in this period include a continued focus on regulatory compliance, the integration of blockchain technology in financial processes, a growing demand for customized solutions, the adoption of predictive analytics in financial forecasting, and an increased emphasis on cost optimization and efficiency in financial operations. These trends collectively contribute to the evolving landscape of F&A BPO in the forecast period.

The evolution of new rules, regulations, and income tax laws set forth by governments is poised to drive the expansion of the F&A BPO market. These regulatory changes are implemented to curb inflation, address housing concerns, facilitate urban development, and regulate activities for the broader public interest. F&A BPO processes play a pivotal role in tax filings, enabling taxpayers to enhance mechanisms for preventing and resolving tax disputes. For instance, in July 2022, the United States Congress introduced the Billionaire Minimum Income Tax Act, mandating a 20% minimum tax on individual taxpayers with net wealth exceeding $100 million. The tax is calculated as 20% of the sum of taxable income and net unrealized gains, capped at 40% of the taxpayer's net worth. This shift in regulations underpins the growth of the F&A BPO market, emphasizing the need for efficient tax compliance and resolution mechanisms.

The escalating threat of cyberattacks is projected to be a catalyst driving the growth of the F&A BPO market. Cyberattacks encompass malevolent and intentional efforts to breach, disrupt, or illicitly access computer systems, networks, or digital devices for various nefarious purposes. F&A BPO plays a pivotal role in fortifying cybersecurity by implementing robust protocols, overseeing financial transactions, and ensuring adherence to compliance standards to counter cyber threats. For instance, recent data from Checkpoint revealed a substantial 38% increase in global cyberattacks in 2022 compared to the previous year. This heightened risk landscape is fueling the demand for F&A BPO services as businesses seek enhanced security measures against cyber threats.

The surging adoption of cloud-based accounting software emerges as a prominent trend shaping the F&A BPO market. Cloud-based accounting software, hosted remotely rather than locally installed, simplifies financial management processes by transferring and processing financial data on distant servers. Key players in the F&A BPO landscape are introducing innovative cloud-based accounting software solutions to fortify their market positioning. For example, in March 2023, Focus Softnet, an India-based software company, unveiled FocusLyte, its cloud-based accounting software tailored for small and medium enterprises. This software streamlines complex financial accounting tasks, managing invoices and company payments, catering to the evolving needs of modern businesses.

Major companies within the F&A BPO market are strategically developing innovative solutions such as Finance as a Service (FaaS) to offer enhanced options for businesses. FaaS represents a comprehensive solution that delivers financial and accounting services to businesses through subscription-based or outsourced models. For instance, in October 2021, PKF Mueller, a certified public accounting and business advisory company based in the US, collaborated with American SMB Services to launch Mueller dotKonnect (MdK). MdK introduced a FaaS solution specializing in Finance and Accounting Business Process Management (BPM) and Business Process Outsourcing (BPO). This innovative solution by MdK emphasizes flexibility, scalability, continuity, and cost-effectiveness for clients, leveraging cloud technology and online accounting applications.

In February 2023, Accenture plc, an Ireland-based consulting company, successfully finalized the acquisition of SKS Group Holding GmbH, a Germany-based financial consultant. This strategic acquisition by Accenture aims to bolster the company's technological capabilities, regulatory services, and consulting expertise. SKS Group Holding GmbH specializes in providing regulatory management and strategic analysis, contributing to Accenture's diversified portfolio and strengthening its market position within the financial and advisory services domain.

Major companies operating in the f&a bpo market report are Accenture plc, Capgemini SE, Genpact, Hewlett-Packard Development Company LP, International Business Machines Corporation, Infosys BPM Limited, Sutherland Global Services, Steria Limited, Tata Consultancy Services Ltd., Wipro Ltd., Cognizant Technology Solutions Corporation, Exlservice Holdings Inc., Serco Group Plc, Fiserv Inc., HCL Technologies Limited, DXC Technology, WNS Global Services, SAP Concur, Genesys, Mphasis Limited, Sopra Steria, Tech Mahindra Business Process Services, RR Donnelley Global Outsourcing, Williams Lea Tag, Quatrro Global Services, Wolters Kluwer Financial Services, Datamatics Global Services Limited, HealthEquity, Invensis Technologies, Firstsource Solutions .

North America was the largest region in the F&A BPO market in 2023. Asia Pacific is expected to be the fastest-growing region in the F&A BPO market report during the forecast period. The regions covered in the f&a bpo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the f&a bpo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The F&A BPO market includes revenues earned by entities by providing financial reporting, accounts payable, accounts receivable, treasury and cash management, yield management, tax accounting, shareholder accounting, risk analytics, and financial administration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.