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Economic Downturn: Tech & Trends

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"Economic Downturn: Tech & Trends"

The Critical Role of Finance as a Service (FaaS) in Today’s Finance and Accounting Marketplace

Big Four FaaS Market Study

New data underscores the critical role that outsourcing plays in the overall finance and accounting market today. The global market for finance and accounting outsourcing — also sometimes referred to as Finance as a Service (FaaS) — in 2020 was estimated at $37.9 billion. This is projected to grow to $53.4 billion by 2026, growing at a CAGR of 5.9% over this time. (globalnewswire.com)

Finance is now the second most outsourced function among corporations, behind IT and ahead of payroll and customer service, with 44% of businesses outsourcing the finance function. (moneytransfers.com)

The global economic crisis is one factor in the increased demand for FaaS. Growing demand for cost savings, digital transformation, more transparency and increased regulations are driving companies to standardize their finance and accounting activities. This move toward standardization is also driving the incorporation of financial management best practices, which is a key factor in the adoption of FaaS. 


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