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Making perturbative quantum field theory (QFT) mathematically rigorous is an important step towards understanding how the non-perturbative framework should look like. Recently, two approaches have been developed to address this issue: perturbative algebraic quantum field theory (pAQFT) and the factorization algebras approach developed by Costello and Gwilliam. The former works primarily in Lorentzian signature, while the later in Euclidean, but there are many formal parallels between them. In this talk I will show the recent results relating these two frameworks and discuss the consequences for future research (joint work with Gwilliam).