General and administrative outsourcing market to grow by USD 29.05 billion from 2023 to 2028; APAC accounts for 32% of market growth – Technavio

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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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 periodDetailed information on factors that will drive the growth of the General And Administrative Outsourcing Market between 2024 and 2028Precise estimation of the size of the General And Administrative Outsourcing Market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the General And Administrative Outsourcing Market industry across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about CompaniesComprehensive 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

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SOURCE Technavio