F&A BPO Global Market Report 2023
Major players in the f&a bpo market are Accenture PLC, Capgemini SE, Genpact, Hewlett-Packard Development Company LP, IBM Corporation, Infosys BPM Limited, International Business Machines Corporation, Sutherland Global Services, Steria Limited, Tata Consultancy Services Ltd.
New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "F&A BPO Global Market Report 2023" - https://www.reportlinker.com/p06464183/?utm_source=GNW
, Wipro Ltd., Cognizant Technology Solutions Corporation, Exlservice Holdings, Inc., Serco Group Plc, Fiserv Inc., and HCL Technologies Limited.
The global F&A BPO market is expected to grow from $43.83 billion in 2022 to $46.50 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The F&A BPO market is expected to reach $57.39 billion in 2027 at a CAGR of 5.4%.
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.
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.
North America was the largest region in the F&A BPO market in 2022.Aisa Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in F&A BPO report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main service types of F&A BPO are order-to-cash, procure-to-pay, record-to-report, source-to-pay, multi processed.Order-to-cash is business operations and activities that refer to receiving and achieving customer requests for goods and services.
The various enterprise-size include small and medium enterprises (SMEs), and large enterprises. These are used in various verticals such as banking, financial services, and insurance(BFSI), healthcare, manufacturing, energy, and utilities, travel and logistics, it and telecommunications, media and entertainment, retail, others.
The rising new rules and regulations and income tax law changes by the government is 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 process are used in tax filings by the 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 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.
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.
In February 2023, Accenture plc, an Ireland-based consulting company completed the acquisition of SKS Group Holding GmbH for an undisclosed amount.This acquisition aims to expand Accenture’s technology, regulatory services, and consulting capabilities.
SKS Group Holding GmbH is a Germany-based financial consultant that provides regulatory management and strategic analysis.
The countries covered in the F&A BPO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The F&A BPO market research report is one of a series of new reports 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.
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