Exploring Data & Analytics, Resilience, and the Next Normal in Finance: Finance and Accounting Outsourcing (FAO) State of the Market Report 2021
State of the Market

10 Dec 2020
by Shirley Hung, Vignesh Kannan, Abhishek Singh (BPS), Sailee Ladole

The threat of COVID-19 has caused unprecedented global disruption, requiring businesses to reassess their priorities. At such a time, CFOs are supporting their businesses in navigating an environment characterized by extreme uncertainty. At the same time, they recognize the need to develop a long-term strategy to enable their businesses to remain relevant and viable. These growing challenges also necessitate leverage of next-generation technology and greater level of support from service providers in delivering analytics and insights in the next normal. Since the ability to drive better insights depends on the quality of data, F&A service providers are also expanding capabilities into data management and data governance/security.

Despite the short-term disruptions due to the pandemic, the Finance and Accounting Outsourcing (FAO) market is expected to grow at a steady rate, driven by increased openness among organizations to engage with third-party service providers. Scope expansion, an increasing number of first-time outsourcers, and rising demand for next-generation technologies and high-end F&A work from mature outsourcers are expected to further drive this growth.

This report assesses the impact of COVID-19 on F&A and the role of digital in future-proofing finance, with a focus on data and analytics. It also provides an overview of the FAO market, buyer trends, and the service provider landscape in 2019. The report will be relevant for a broad set of stakeholders interested in creating future-ready finance functions for the next normal, including buyers / parent organizations, service providers, GBS organizations, and industry influencers (e.g., investors and industry bodies).


  • All industries and geographies
  • This research leverages our interactions with 25 leading FAO service providers and enterprise stakeholders across locations and industry verticals


In this research, we study the following topics:

  • COVID-19’s impact and the role of digital in future-proofing finance
  • Data & Analytics (D&A) in F&A
  • FAO market overview
  • FAO buyer trends
  • FAO service provider landscape


Finance and Accounting

Sourcing and Vendor Management


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