Overview and Scope
Artificial intelligence (AI) in accounting refers to the application of AI to improve the effectiveness of fundamental and core processes and procedures in a way that eventually results in better business decisions. It is used to automate routine processes, spot trends in financial data, and offer knowledge to guide corporate decisions.
Sizing and Forecast
The artificial intelligence in accounting market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $4.82 billion in 2024 at a compound annual growth rate (CAGR) of 48.6%. The growth in the historic period can be attributed to automation in accounting, big data expansion, advancements in machine learning, cost and time savings, enhanced accuracy.
The artificial intelligence in accounting market size is expected to see exponential growth in the next few years. It will grow to $23.51 billion in 2028 at a compound annual growth rate (CAGR) of 48.6%. The growth in the forecast period can be attributed to advanced data analytics, cloud-based accounting solutions, integration of natural language processing (nlp), personalized financial advice, cybersecurity enhancement. Major trends in the forecast period include explainable ai in financial reporting, blockchain integration, continuous learning algorithms, remote work enablement, ethical ai in accounting.
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Segmentation & Regional Insights
The artificial intelligence in accounting market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Technology: Machine Learning (ML) And Deep Learning, Natural Language Processing
3) By Deployment Mode: Cloud, On-Premises
4) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises (SMEs)
5) By Application: Automated Bookkeeping, Invoice Classification And Approvals, Fraud And Risk Management, Reporting, Other Applications (Expense And Auditing Management, And Tax And Revenue Filing)
North America was the largest region in the artificial intelligence in accounting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing reliance on artificial intelligence (AI) is expected to boost the growth of artificial intelligence in the accounting market going forward. Automation refers to a technology that performs activities with fewer human inputs. Accountancy industries use artificial intelligence-powered accounting software to automate data input and matching, making the process quicker, more precise, and less error-prone; hence, the increasing reliance on artificial intelligence (AI) is expected to boost artificial intelligence in the accounting market. For instance, according to a report published by the Department for Digital, Culture, Media & Sport (DCMS), a UK-based governmental body, in 2022, approximately 2% of organizations are already testing AI. 10% of companies expect to use at least one AI technology in the future, which would be equivalent to 62,000 and 292,000 firms, respectively. Around 15% of all businesses (432,000 organizations) implemented at least one AI technology. Therefore, the increasing reliance on artificial intelligence (AI) is driving the growth of artificial intelligence in the accounting market.
Key Industry Players
Major companies operating in the artificial intelligence in accounting market report are Microsoft Corporation, Amazon Web Services Inc., Xero Limited., Intuit Inc., Sage Group plc, OSP Labs Pvt. Ltd., UiPath Inc., Kore.ai Inc., AppZen Inc., YayPay Inc., International Business Machines Corporation, Google LLC, Ernst & Young Global Limited, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited
The artificial intelligence in accounting market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence In Accounting Market Characteristics
3. Artificial Intelligence In Accounting Market Trends And Strategies
4. Artificial Intelligence In Accounting Market – Macro Economic Scenario
5. Global Artificial Intelligence In Accounting Market Size and Growth
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32. Global Artificial Intelligence In Accounting Market Competitive Benchmarking
33. Global Artificial Intelligence In Accounting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence In Accounting Market
35. Artificial Intelligence In Accounting Market Future Outlook and Potential Analysis
36. Appendix
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