Finance accounting BPO market to hit $27.30Bn by 2028 — Technavio

NEW YORK, UNITED STATES — The global finance and accounting business process outsourcing (BPO) market is forecasted to grow at a 7.85% compound annual growth rate (CAGR) from 2023 to 2028, potentially reaching $27.30 billion by the end of the period 

According to a recent report by market research firm Technavio, this growth will be fueled by organizations increasingly looking to cut costs and boost efficiency through outsourcing.

Large enterprises are expected to drive much of this expansion as they grapple with high transaction volumes and complex financial reporting needs for which BPOs can provide support. 

The banking, financial services, and insurance (BFSI) segment also presents major growth opportunities as these institutions adopt advanced technologies like artificial intelligence and robotic process automation to optimize operations.

However, providers face challenges in delivering consistent and proven finance and accounting services at scale. 

Geographically, North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts explained that the region’s early adoption of advanced technologies makes it a lucrative market for finance and accounting BPO. The strong presence and penetration of top companies also fuel the market growth in North America.

Technavio’s report added that leading players — including Accenture, Capgemini, and Concentrix — are entering strategic partnerships and making acquisitions to expand their capabilities globally.