Accounting, Market, Finance, BPO
Finance and accounting BPO, Part 1: Market analysis and forecast 2003 to 2008
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Traditionally, finance and accounting (F&A) has been operated internally because management has viewed the data generated in this function as critical and potentially damaging intelligence if it fell into a competitor’s hands.
F&A services were outsourced in silos to multiple vendors to make it impossible for anyone to reconstruct a meaningful picture of the business. Today, enterprises are just beginning to outsource the management and execution of F&A processes to external service providers. Principal drivers are cost reduction, regulatory compliance, industry consolidation, reduction of environment complexity and access to new technology and management portals.The worldwide outsourcing market for finance and accounting services will reach $114 billion by 2008 at a CAGR of 6 percent during the 5-year forecast period. The F&A BPO market will reach $11.2 billion in 2004, growing to $17.2 billion in 2008. The Americas market accounts for $6.4 billion in 2004 and is set to rise to $9.7 billion by 2008, a growth rate of 11 percent CAGR, accounting for more than half of the global total.
In this report, the Yankee Group explores the growing F&A business process outsourcing (BPO) marketplace and analyzes how this market will develop during the next 5 years. We provide our taxonomy of BPO services for F&A offerings (see Exhibit 1). We also forecast the size and growth of the global market for these services. We examine in detail the market drivers and inhibitors behind the adoption of F&A BPO and concentrate on the evolving competitive marketplace for F&A BPO services.
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