APAC and MEA Finance and Accounting Managed Services Industry Market, by End User (Manufacturing, IT & Telecom, Retail & E-commerce, BFSI, Healthcare, and Others), and by Region (Asia Pacific and Middle East and Africa) - APAC and MEA Forecast to 2025, is expected to be valued at US$ 1,059.35 million by 2025, exhibiting a CAGR of 7.0% during the forecast period (2020-2025), as highlighted in a report published by Coherent Market Insights.
The finance and accounting services are comprise of several activities which are used in businesses to comply with local, state, and federal regulations. The major finance and accounting services include bookkeeping services, financial reporting, and statutory reporting. Finance and accounting managed services refer to outsource the related service to a third party service provider instead of hiring in-house team. By adopting managed services, the companies transfer a higher degree of control to a third party service provider.
APAC and MEA finance and accounting managed services industry market was accounted for US$ 879.72 Mn in terms of value in 2019 and is expected to grow at CAGR of 7.0% for the period 2020-2025.
The companies involved in finance and accounting managed services are inclining towards outsourcing their finance and accounting services to third parties instead of hiring in-house team owing to cost efficiency offered by managed service providers. As per Coherent Market Insight’s analysis, the cost associated with hiring in-house accountant such as recurring process, employees’ salaries, etc. is comparatively higher than outsourcing financial and accounting services to third party managed service providers. Moreover, according to the Coherent Market Insight’s analysis, over 60% operational cost can be reduced by outsourcing finance and accounting managed services. Moreover, the organization has the benefit to focus on their core competency if they outsource their complex accounting tasks to a third party service provider which leads to enhanced productivity and operational efficiency.
Several India-based finance accounting and managed service providers are planning to outsource their services to the UAE in the coming years. The managed service providers are planning to outsource some of their business process such as finance and accounting, and IT services.
For instance, in 2020, several organizations are focusing on outsourcing of few business processes to Saudi Arabia, to streamline their business process. Outsourcing was initiated by the banking and financial sector in the Saudi Arabia, and it is expected to increase over the forecast period.
APAC and MEA Finance and Accounting Managed Services Industry Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has poise a significant impact on finance and accounting managed services industry market. The pandemic led to temporarily shutdown of businesses, which has impacted the overall revenue significantly. The organizations are planning to cut down the operation cost which is encouraging them to adopt managed services for their finance and accounting services. This has poised a positive impact on the market growth.
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Key Trends and Analysis of the APAC and MEA Finance and Accounting Managed Services Industry Market:
Major companies operating in the APAC and MEA finance and accounting managed services industry market include: Baker Tilly, BDO, CROWE, Deloitte, Ernst & Young APAC and MEA Limited, Grant Thornton, KPMG, Mazars, PWC, RSM International, and TMF Group.
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