The Artificial Intelligence In Accounting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence In Accounting Global Market Report 2024, 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.
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.
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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)
Product innovation is the key trend gaining popularity in the artificial intelligence in accounting market going forward. Major companies operating in the artificial intelligence in accounting market are focusing on developing new products to strengthen their position in the market. For instance, in May 2023, Ramp Business Corporation., a US-based provider of finance automation, launched Ramp Intelligence, a suite of tools for financial services driven by AI. The unique feature of this product is the integration of GPT (generative pre-trained transformer)-4-powered solutions, including an accounting copilot, vendor price intelligence, automated accounting processes, and contract extraction and negotiation. Through these solutions, customers get automated visibility into business performance, month-end closure procedures that are considerably faster and more precise, democratized software prices, and expenses that code themselves.
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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26. South America Artificial Intelligence In Accounting Market
27. Brazil Artificial Intelligence In Accounting Market
28. Middle East Artificial Intelligence In Accounting Market
29. Africa Artificial Intelligence In Accounting Market
30. Artificial Intelligence In Accounting Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- Amazon Web Services Inc
- Xero Limited
- Intuit Inc
- Sage Group PLC
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