The APAC and MEA finance and accounting managed services industry provides outsourcing services related to finance and accounting functions including bookkeeping, invoicing & accounts payable, payroll management, audit support and financial statement preparation. Customers benefit from managed services through lower operational costs, improved efficiency and access to specialized skills. The APAC and MEA region has seen rapid economic growth and increasing digitalization of business processes driving demand for managed services.
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.
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. Growing demand from SMEs and large enterprises across industries for cost optimization and focus on core competencies are major drivers for the market. North America region dominates currently due to high technology adoption rate however APAC and MEA regions are expected to witness highest growth during forecast period due to growing digitalization and economic expansion.
Market key trends
One of the key trends in the APAC And MEA Finance And Accounting Managed Services Industry Market Demand is the growing adoption of cloud-based offerings. Cloud-based finance and accounting platforms offer benefits like scalability, remote access, lower upfront costs and automatic software upgrades. They allow customers to use managed services remotely through web-based interfaces without having to manage on-premise infrastructure. This has accelerated digital transformation of finance functions and driven increased spending on cloud-based managed services.
Porter’s Analysis
Threat of new entrants: Low – High capital requirement for software and infrastructure setup makes it difficult for new players to enter the market.
Bargaining power of buyers: High – As there is no product differentiation, buyers can negotiate for better pricing and terms.
Bargaining power of suppliers: Low – Market has many Finance and Accounting service providers with sufficient capacity so dependence on individual suppliers is not high.
Threat of new substitutes: Medium – Alternate technologies like AI and cloud based solutions pose threat to traditional managed services.
Competitive rivalry: High – presence of many global and regional players leading to high competition on pricing and service offerings.
Geographical regions
North America accounts for the largest share of the global APAC and MEA Finance and Accounting Managed Services market in terms of value. Developed countries like US and Canada have high digital maturity and penetration of managed services.
The Middle East region is expected to grow at the fastest pace over the forecast period. Countries like UAE, Saudi Arabia and Qatar are investing heavily in digital transformation of finance functions and outsourcing non-core activities to managed service providers. Initiatives like smart city projects also boost the demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it