by The APAC and MEA finance and accounting managed services market provides specialized expertise, innovative tools and techniques to perform finance and accounting processes remotely for organizations. Finance and accounting managed services involve tasks such as bookkeeping, accounts payable and receivable, financial reporting, payroll services, special projects and consulting. Outsourcing these functions to skilled third-party providers allows companies to focus on their core business activities while receiving expert assistance for finance operations. With businesses facing increased globalisation and complex regulatory frameworks, there is significant demand for managed services that streamline processes and ensure compliance.
The global APAC and MEA finance and accounting managed services market is estimated to be valued at US$ 1153.13 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The finance and accounting managed services market in APAC and MEA is driven by the key trend of increasing adoption of cloud-based solutions. Many providers are offering cloud-based managed accounting platforms that allow organisations to access finances from anywhere using an internet connection. Transitioning to the cloud provides benefits such as flexibility, scalability, reduced IT costs and improved mobility. It enables real-time collaboration and information sharing between clients and service providers. The cloud also facilitates automation of recurring accounting tasks through tools for digital invoices,expense reports and payments. This is freeing up clients’ resources to focus on growth initiatives. With widespread internet and smartphone penetration, cloud adoption is projected to rise substantially in the forecast period, propelling the managed services industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Global APAC and MEA Finance and Accounting Managed Services Industry Market Size due to the large presence of established players. However, the market is growing at a decent pace providing opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous providers of finance and accounting managed services in the region providing options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key resources include skilled workforce which is available across the region.
Threat of new substitutes: The threat of substitutes is low as there are limited substitute options for finance and accounting managed services.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players competing for market share.
Key Takeaways
The APAC and MEA Finance and Accounting Managed Services Industry Market is expected to witness high growth over the forecast period supported by growing demand from various end-use industries across the region for outsourcing finance and accounting services. The global APAC and MEA finance and accounting managed services market is estimated to be valued at US$ 1153.13 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Regional analysis
The APAC region dominates the market and is expected to continue its dominance over the forecast period. Factors such as presence of numerous finance and accounting managed services providers and growing financial services industry in countries such as India and China are driving the market in the region. MEA is expected to be the fastest growing region during the forecast period supported by growing finance and outsourcing industry across major economies.
Key players
Key players operating in the APAC and MEA Finance and Accounting Managed Services Industry Market are Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, JINDAL ALUMINIUM LTD., Kaiser Aluminum.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
