June 19, 2024
APAC And MEA Finance And Accounting Managed Services Industry Market

APAC and MEA Finance and Accounting Managed Services Industry Market is Estimated to Witness High Growth Owing to Rising Adoption of Cloud-based F&A Services

The APAC and MEA finance and accounting managed services industry provides various services including general ledger, accounts payable, accounts receivable, order management, payroll processing, intercompany transactions management, management reporting, financial planning and analysis, closing books, procurement and sourcing, finance transformation as well as regulatory reporting. The demand for cloud-based F&A services is rising owing to various advantages offered such as scalability, flexibility, cost-efficiency and data accessibility from anywhere. The use of cloud-based F&A services has enabled organizations to focus more on core business functions rather than IT infrastructure and resource management.

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 of 2024 to 2031.

Key Takeaways

Key players operating in the APAC and MEA Finance and Accounting Managed Services 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. Major opportunities in the market include the growing adoption of cloud-based financial and accounting services across sectors and geographies. Geographical expansion of leading F&A managed service providers in emerging economies of APAC and MEA regions is also a key opportunity.

Global expansion of the market is taking place through partnerships, acquisitions and strategic investments by major F&A managed service providers. Factors such as digitization initiatives by governments and growing digital payments are also supporting the global growth of the APAC and MEA finance and accounting managed services industry.

Market drivers

The primary driver for the APAC And MEA Finance And Accounting Managed Services Industry Market Growth is the rising adoption of cloud-based F&A services. The on-demand scalable delivery model and reduced IT infrastructure costs have driven organizations across sectors to adopt cloud-based F&A services to gain efficiencies. This is estimated to significantly drive the demand for finance and accounting managed services over the forecast period.

PEST Analysis

Political: The finance and accounting managed services industry in APAC and MEA regions operate under the regulatory policies set by respective governments and central banking authorities in each country. Regulations around data privacy, contracts, taxation etc directly impacts the operations of companies.

Economic: Strong economic growth seen in major economies like India, China and major GCC nations in the past decade has increased outsourcing of finance and accounting functions. Cost optimization remains a key driver for adoption of managed services in this industry.

Social: Acceptance of tech-enabled solutions and outsourcing non-core functions has increased. Growth of digital finance models and ease of regulatory compliance drives demand from organizations across industries.

Technological: Advanced digital capabilities around analytics, automation, blockchain and cloud are being leveraged by providers to deliver specialized managed services. Technologies help improve efficiencies, minimize risks and offer scalability.

Geographical regions of concentration

The major markets in terms of value for APAC and MEA finance and accounting managed services include India, Philippines, China, UAE, Saudi Arabia and Egypt. These countries account for over 70% of the total market value due to availability of skilled workforce, supportive government policies and presence of leading global in-country centers of managed services providers.

Fastest growing region

The Middle Eastern markets led by UAE and Saudi Arabia are expected to witness strongest growth over the forecast period. Digital transformation and mandate for in-country value addition is driving initiatives across banking, insurance and diversifying economies. Outsourcing to regional third-party providers ensures compliance and cost optimization for organizations as they scale operations in these high growth regions.

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