by The APAC and MEA finance and accounting managed services industry includes a range of solutions that help businesses improve process efficiency and reduce costs through automation. Key service offerings include general ledger processes, financial reporting, accounts payable and accounts receivable, expense management, cost accounting, and compliance. This allows companies to focus on core competencies while experts manage back-office financial operations.
The global APAC and MEA finance and accounting managed services market is estimated to be valued at US$ 1328.41 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Automation reduces manual tasks and the potential for human errors while generating valuable insights through data analytics. There is also a trend of shifting from traditional on-premise systems to cloud-based financial software as a service (SaaS) solutions. This allows remote management and updating of services. The ease of working with SaaS vendors has led more businesses to relying on third-parties to handle their finances.
Market Dynamics:
One of the key drivers referred from the heading is Increasing Automation Adaption. Automation is reducing the need for manual data entry and processing in finance departments. It is enabling greater optimization of workflows through robotic process automation (RPA), artificial intelligence (AI) and cloud-based solutions. This is allowing finance and accounting managed services providers to take full advantage of technological innovations on behalf of their clients. They are able to deploy advanced automation strategies that deliver ongoing cost savings as well as improved accuracy, visibility and reporting. The growing capability of automation solutions is making managed services an attractive option for more businesses across APAC and MEA regions seeking to modernize while focusing on their core missions.
Segment Analysis
The APAC and MEA Finance and Accounting Managed Services Industry Market can be segmented based on service type, organization size and end use. By service type, managed bookkeeping is the dominating sub segment as it offers complete outsourcing of finance and accounting functions including accounts payable, accounts receivable, posting transactions, bank reconciliations and financial reporting. Small and medium enterprises account for the major share in the global market by organization size due to lack of in-house finance team and requirement of cost effective solutions. By end use, BFSI sector dominates the market due to increasing demand for cloud based accounting solutions to streamline their extensive finance operations.
PEST Analysis
Political: Favourable government initiatives towards digitization of accounting processes are driving adoption of managed finance and accounting services across APAC and MEA region.
Economic: Growing economy and rising disposable income are increasing spending capability of organizations on outsourcing non-core finance functions.
Social: Increasing internet and smartphone penetration are enabling wider access and adoption of cloud based accounting solutions.
Technological: Advancements in AI, analytics and cloud technologies are fueling development of innovative finance management platforms and services.
Key Takeaways
The Global APAC And MEA Finance And Accounting Managed Services Industry Market Size is expected to witness high growth at a CAGR of 18% during the forecast period with market size reaching US$ 1,328.41 Bn by 2024.
Regional analysis: The market in Southeast Asian countries is expected to grow at fastest pace owing to presence of young developing economies and growing digitalization.
Key players operating in the APAC and MEA Finance and Accounting Managed Services Industry Market are GuardRFID Solutions Inc., ALE International (Nokia Corporation), Favendo Gmbh, Teldio Corporation, CenTrak, Cisco Systems Inc. (Cisco Meraki), AiRISTA Flow Inc., Creativity Software Ltd., IBM Corporation, DigitalGlobe Inc. (Maxar Technologies), Aruba Networks (HPE Development LP), Ericsson Inc., HERE Global BV, IndoorAtlas Ltd., GL Communications Inc., and Esri Inc. The above companies are focusing on new product launches and partnerships to expand their market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
