The Europe Finance and Accounting Business Process Outsourcing Market would witness market growth of 8.8% CAGR during the forecast period (2022-2028).
Performance dashboards update and compile their key performance indicators (KPIs) in one place so business leaders can access any financial information anytime. Investment firms can maintain and set up dashboards or general ledgers for clients who want to make business decisions based on business insights, not intuition. Shifting a company’s accounting practices and services to the cloud has become essential. Outsourcing firms can handle technical, financial, and operational matters to make quantitative analysis more reliable and accessible.
With the utilization of outsourced accounting software and technology, managerial accounting can be achieved seamlessly and accurately. Business process outsourcing (BPO) is a method of subcontracting numerous business-related operations to third-party vendors. Even though BPO originally applied solely to manufacturing entities, like soft drink manufacturers that outsourced large segments of their supply chains, BPO now uses it to outsource various services and products.
Many businesses, from small startups to large companies, outsource processes, as new and innovative services are present in today’s ever-changing, highly competitive business climate. In a broad context, companies adopt BPO practices in two primary areas of back-office and front-office operations. Back office BPO refers to a company contracting its core business assistance operations like payment processing, IT services, human resources quality assurance, accounting, etc., to outside professionals who ensure the smooth running of the business.
Germany has one of the most significant ICT industries and the most prominent software sector in Europe, with 95,808 IT companies. There is a robust requirement for US products and services across all segments. Major players like Apple, Microsoft, Dell, etc., have prominent market shares. Germany is also equipped with many highly specialized SMEs. Since 2007, the net revenue in the IT sector has risen from $76.4 billion to approximately $114.3 billion in the year 2021. The IT sector has a stronghold in the region. It is constantly growing, which is expected to increase outsourced projects, thereby surging the growth of the region's finance and accounting business process outsourcing market.
The Germany market dominated the Europe Finance and Accounting Business Process Outsourcing Market by Country in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,054.9 million by 2028. The UK market is anticipated to grow at a CAGR of 7.9% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 9.6% during (2022 - 2028).
Based on Enterprise-size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Industry, the market is segmented into BFSI, Energy & Utilities, Manufacturing, Telecom & IT, Travel & Logistics, Healthcare & Life Sciences, Media & Entertainment, Retail and Others. Based on Service, the market is segmented into Order-to-cash, Source-to-pay, Procure-to-pay, Multi Processed and Record-to-report. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Finance And Accounting Business Process Outsourcing Market will Hit $93.2 Billion by 2028, at a CAGR of 9.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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