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Earlier, clients used to outsource their non-core operations such as HR, finance, CRM, etc. to BPO providers such as Infosys, Wipro, and Cognizant. Later, clients were looking to cut down on costs on existing operations and bring about business improvement. They started outsourcing some parts of their core business operations. Outsourcing companies started offering business process services (BPS) to clients.  Analytics, knowledge process outsourcing, data reporting and maintenance, research, etc. come under the umbrella of BPS. A business process outsourcing (BPO) provider performs a process or a part of a process on behalf of another organization. This is done to save costs or increase productivity. Business process services (BPS) providers manage and execute all business operations. According to a white paper published by Cognizant, BPS is a mix of people, processes, and technology and not just the systems carrying out the processes. Finance and accounting business process services are a part of BPS solutions. They offer solutions in the areas of procure-to-pay and order-to-cash. They back office delays and missed opportunities in activities related to finance and accounting in order to deliver maximum business value. The finance and accounting business process service market includes services related to margin growth, working capital management, proactive risk, and regulatory compliance.

The global finance and accounting business process service market is expanding at a high growth rate. This is due to factors such as the need for cost and time savings and productivity gains in business operations, requirement of expertise of an outsourced organization to maintain business process, and the focus of clients on the core competencies of their organizations. The cost and time utilized for various finance and accounting operations is a major concern for any organization. Clients are outsourcing their finance and accounting operations to focus on their core competencies. Finance and accounting business processes of any organization need expertise and efficient management for smooth operation of business processes. These factors are anticipated to fuel the finance and accounting business process service market in the coming years. However, challenges related to creating a code of conduct, assigning accountability of risks, standardization of the process, and flexibility adoption in business processes are likely to restrain the finance and accounting business process service market. Nevertheless, increased automation of processes, significant buying power of consumers in developing economies, and the worldwide distribution of resources to achieve client goals are estimated to provide attractive opportunities to the finance and accounting business process service market.

The finance and accounting business process service market can be segmented based on deployment, vertical, and region. Based on deployment, the finance and accounting business process service market can be classified into on-premise and hosted. In terms of vertical, the finance and accounting business process service market can be categorized into banking, financial institutions and services (BFSI); retail; IT and telecom; oil & gas; health care; media & entertainment; logistics & transportation; manufacturing; and others.

Based on region, the global finance and accounting business process service market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. These geographic regions are further analyzed at the country level, wherein top countries across North America are the U.S. and Canada. Europe includes market analysis across the U.K., Germany, France, and Rest of Europe. Similarly, the finance and accounting business process service market in Asia Pacific is studied and analyzed across India, China, Japan, Australia, and the Rest of Asia Pacific. The top countries in Middle East & Africa and South America include GCC countries, South Africa, and Brazil.

Key players in the global finance and accounting business process service market include Accenture, Capgemini, Aegis Associates, Cognizant, TCS, EXL, Genpact, HCL technologies, HP, IBM Corporation, Infosys Limited, Quatrro, Wipro Limited, and WNS (Holdings) Ltd..

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Finance Accounting Business Process Service Market

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