F&A BPO Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033

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 growth in the historic period can be attributed to cost efficiency and operational optimization, focus on core business functions, globalization and expansion strategies, compliance and regulatory requirements, access to skilled financial professionals..

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 growth in the forecast period can be attributed to rise in demand for advanced analytics and reporting, focus on strategic financial planning, emphasis on risk management and fraud prevention, shift toward outcome-based service models, integration of esg (environmental, social, and governance) metrics.. Major trends in the forecast period include focus on regulatory compliance, integration of blockchain technology, demand for customized solutions, adoption of predictive analytics in financial forecasting, focus on cost optimization and efficiency..

Market Overview -
Finance and accounting (F&A) business process outsourcing (BPO) refers to support provided to customers for multiple business processes in the F&A domain through a single BPO contract. It assists businesses in streamlining accounting, tax, financial planning, and analytical processes.

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Government Regulatory Changes Fuel Growth In The F&A Bpo Market
The rising new rules and regulations and income tax law changes by the government are expected to propel the growth of the F&A BPO market going forward. The rise in new rules and regulations and income tax laws are changed to reduce inflation, provide housing, plan urban development, and regulate activities for the benefit of the public. F&A BPO processes are used in tax filings by taxpayers for improvement in mechanisms for avoiding and solving tax disputes. For instance, in July 2022, according to The United States Congress, the legislature of the federal government of the United States introduced the Billionaire Minimum Income Tax Act, which states that Individual taxpayers whose net wealth for the taxable year exceeds $100 million are subject to a minimum tax. The tax is equal to 20% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. If the taxpayer's net worth reaches $100 million, the tax cannot be more than 40% of that amount. Therefore, the rise in new rules and regulations and income tax law changes is driving the growth of the F&A BPO market.

Competitive Landscape -
Major companies operating in the f&a bpo market report are Ac*centure 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 .

Cloud-Based Accounting Software Drives Transformation In F&A Bpo Market
The rising adoption of cloud-based accounting software is a key trend gaining popularity in the F&A BPO market. A cloud-based accounting software refers to accounting software that is hosted in the cloud instead of being installed on a computer or manually maintained in ledgers and journals. Cloud accounting software is hosted remotely where financial information is transferred to the cloud, processed by a distant server, and then returned. Major companies operating in F&A BPO are introducing innovative cloud-based accounting software to sustain their position in the market. For instance, in March 2023, Focus Softnet, an India-based software company that provides accounting software launched its new accounting software FocusLyte. This is a cloud-based system that manages invoices and company payments mainly designed for small and medium enterprises that helps them with complex financial accounting processes.

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Key Segments -
The f&a bpo market covered in this report is segmented -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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