The demand for outsourcing finance and accounting functions will remain strong over the next 12 to 18 months, with the strongest growth coming in the higher-end market according to Everest Research Institute.

In its study, the research concern said that nearly $600 million in FAO contracts are up for renewal in the U.S., while nearly 40 percent of the FAO contracts signed over the past two years have been in the mid-market, which they defined as having between $2 billion and $5 billion in revenue. Everest also said that FAO in Europe is projected to rise, citing a rise in delivery centers in Eastern Europe and a "maturing" single-currency environment.

On the supply side, Everest said that large-scale concerns such as Accenture, IBM and Genpact currently hold about 65 percent of the FAO market share. As an example, Accenture just secured a $185 million FAO and procurement services contract with Microsoft Corp.

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