February 21, 2024

APAC And MEA Finance And Accounting Managed Services Industry Market Propelled by Rising Demand for Outsourcing of Finance and Accounting Functions

Finance and accounting managed services help businesses to focus on their core functions by outsourcing finance-related tasks such as accounts payable, accounts receivable, payroll processing, financial reporting and other finance operations functions to third party finance and accounting managed services providers. These service providers help improve operational efficiency, reduce costs and ensure compliance with financial regulations through their specialized domain expertise and scalable service delivery models.

The global APAC and MEA Finance and Accounting Managed Services Industry Market is estimated to be valued at US$ 1328.41 Bn in 2024 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.

Market key trends:
The increasing demand for finance and accounting managed services across APAC and MEA region is being mainly driven by the rising trend of outsourcing of finance and accounting functions among organizations. As businesses look to focus on their core operations, there has been a significant rise in the outsourcing of support functions such as finance and accounting to third-party managed service providers. The managed service providers offer specialized skills and technologies through scalable delivery models to help businesses improve efficiency of finance operations and reduce costs. This trend is expected to continue driving significant demand for finance and accounting managed services over the forecast period.

SWOT Analysis
Strength: The APAC and MEA Finance and Accounting Managed Services Industry has a large potential market in the developing economies of Asia Pacific and Middle East regions.
Weakness: Lack of skilled workforce and technical expertise in finance and accounting processes is a challenge for this market.
Opportunity: Growing financial needs of SMEs presents an opportunity for managed service providers to tap into this segment.
Threats: Economic uncertainties and geopolitical tensions pose threats to the steady growth of this industry.

Key Takeaways
The Global APAC And MEA Finance And Accounting Managed Services Industry Market Size is expected to witness high growth.

Regional analysis: The Asia Pacific region dominates the market currently due to rapid digital transformations in countries like India, China, Japan and Australia. Countries in Middle East and Africa are also emerging as lucrative markets for finance and accounting managed services driven by growing young population and startup ecosystems.

Key players operating in the APAC and MEA Finance and Accounting Managed Services Industry 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. They are focusing on partnerships, mergers and acquisitions to expand their geographic footprint in high potential regions.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it