NEW YORK, Feb. 5, 2024 /PRNewswire/ — The general and administrative outsourcing market size is estimated to grow by USD 29.05 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.35% during the forecast period.
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Technavio has announced its latest market research report titled Global General and Administrative Outsourcing Market 2024-2028
What’s New?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Global General And Administrative Outsourcing Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Type (Finance and accounting outsourcing, Payroll outsourcing, Recruitment outsourcing, and Procurement outsourcing), End-user (Large enterprises and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
The finance and accounting outsourcing segment is estimated to witness significant growth during the forecast period. Finance and accounting (F&A) functions, often used interchangeably, are witnessing increased outsourcing, making software and services accessible to businesses of all sizes. Outsourced F&A services help control regulatory and financial risks, and the global economic crisis is expected to boost the demand for FAO services due to reduced customization needs.
Geography Overview
APAC accounts for 32% of market growth. Another region offering significant growth opportunities to companies is North America. Some of the developed economies in the world are in North America, which increases the rate of data generation and consumption. Additionally, the integration of cloud-based services, automation, and AI into the GAO process is anticipated to lead to the development of a new intelligent general and administrative outsourcing market in the region during the forecast period.
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General And Administrative Outsourcing Market-Market Driver
The high focus on reducing operational operating costs is the key factor driving market growth. Operating costs encompass regular expenses in manufacturing, maintenance, and administration. GAO (Global Accounting Outsourcing) aids in minimizing these costs, enhancing business efficiency by providing services for various processes like procurement, payroll, F&A, and recruitment. Organizations leverage GAO services to expand market share, customer base, and improve customer relationships. Opting for GAO services can result in substantial cost savings, estimated between 30%-50%, compared to setting up an in-house business process team, which entails additional costs for workforce management, infrastructure, and employee training.
What are the key data covered in this General And Administrative Outsourcing Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the General And Administrative Outsourcing Market between 2024 and 2028
Precise estimation of the size of the General And Administrative Outsourcing Market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the General And Administrative Outsourcing Market industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about Companies
Comprehensive analysis of factors that will challenge the growth of General And Administrative Outsourcing Market Companies
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ToC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio