Globally, the finance and accounting outsourcing market has grown by 40 percent over the last year, according to Everest Research Institute, an independent research and analysis service.
The firm said that it expects the strong growth to continue for the next few years, thanks to offshoring cost reductions and the integration of multiple accounting processes from single, outsourced providers.
"As the market reaches maturity in the next three years, we see technology transformation emerging as the fundamental issue," said Everest vice president Phil Fersht, in a statement. "As buyers seek more value ... they are starting to seek out providers with the capability to deploy technology solutions that underpin, orchestrate and knit together their accounting processes."
Everest is currently working on a research initiative to explore what matters to outsourcing buyers as they determine how best to manage finance and accounting technology when they make the decision to outsource. The firm believes that the majority of high-end adopters are seeking technology solutions that build on their existing systems. However, an increasing proportion of midsized organizations -- as well as companies that have legacy issues, or have experienced extensive merger activity -- are considering entire system replacements.
Everest plans to release its findings in a white paper this October.
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