Artificial Intelligence In Accounting Market

Global Artificial Intelligence In Accounting Market is valued at USD 2493.73 Million in the year 2022 and is projected to reach a value of USD 48461.41 Million by the year 2030. The Global Market is expected at a Compound Annual Growth Rate (CAGR) of 44.90% over the forecast period.

The accounting market has been witnessing a rapid evolution over the past few years. This is due to the increasing demand for automation and digitization in the field of accounting. With the help of artificial intelligence (AI), companies can now automate many manual processes that were previously performed manually. AI-based software solutions have become increasingly popular among accountants, especially those who want to automate their workflows. AI-based software can automate tasks that are time consuming, repetitive, and prone to human error. Enterprises can do cash flow projections, predict insolvency, and detect fraud by integrating AI. This enables accountants to respond to financial difficulties before their clients become concerned, and to alter their expenditure accordingly. Accountants can also broaden their forecasting consulting services. Create standard financial plans while also incorporating other critical company sectors and develop traditional financial plans and incorporate other important business areas.

Market Segmentation:

The Global Artificial Intelligence In Accounting Market is segmented by Component, Deployment Mode, Technology, Enterprise Size, and Application. By Component, the target market is bifurcated as solutions (software tools and platforms) and services (professional services and managed services). By Deployment Mode, the market is segmented as cloud, and on-premises. Based on Technology, the market is segmented as machine learning (ML) and deep learning, and NLP. By Enterprise Size, the market is segmented as large enterprises, and small and medium-sized enterprises (SMEs). On the basis of application, the market is bifurcated into automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, and others (expense and auditing management, and tax and revenue filing).

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Services segments holds the largest market share in terms of revenue during the forecast period The services sector accounts for the largest share of the market. The rising implementation of Artificial Intelligence In Accounting software tools and solutions is driving demand for pre- and post-deployment services, which is driving growth in the services category. The accessibility of integrating pre-built solutions with existing accounting infrastructure is expected to fuel market growth in the solutions sector over the forecast period. The expanding number of accounting sector innovations and partnerships, as well as the emphasis on automating repetitive accounting operations to improve efficiency, are also factors driving adoption.

NLP accounts for the largest share of this market during the forecast period:

Data management will become a difficulty for accounting departments as the volume of accounting data increases. The ability to understand human speech is one of the fundamental concepts of Natural Language Processing. Without NLP, it would be difficult to establish voice control over many systems. Furthermore, NLP enables users to include not only voice recognition into devices and sensors, but also localization functions, resulting in creative translation. Machine translation, information extraction, report production, question answering, gathering data, providing context, and determining the user's intent are all examples of NLP applications. NLP is used in accounting for a variety of tasks like as invoice classification and interpretation, contract interpretation, and so on. As the language and format variations of contracts and invoices increase, the leading AI of accounting vendors is focusing on providing NLP integrated solutions. AI's NLP technology in accounting has grown significantly as data regulation and compliance conditions have been tightened.

Fraud & risk management segments dominates the market share in the forecast period:

The use of Artificial Intelligence In Accounting is rapidly increasing in fraud and risk management applications due to the increase in data-related financial fraud and the need for enhanced data accuracy and protection. The technology has the ability to process and evaluate unstructured data and identify threats. Natural Language Processing (NLP) uses advanced algorithms to analyze text to gain insight and sentiment from unstructured data.

The North America region dominated the Artificial Intelligence In Accounting Market during the forecast period:

North America dominates the Artificial Intelligence In Accounting Market over the forecast period. The region is considered to be the most advanced region in technology adoption and infrastructure. Key industry players offer AI-based accounting solutions and services to automate tedious and repetitive tasks. Enterprises in the region leverage AI, IoT, and ML and deep learning technologies in their business processes in order to gain a competitive advantage and to optimize their financial processes. Accounting departments and firms adopt automation to make their work easier. Some of the significant applications where the North American AI vendors' focus would be include fraud & risk management, invoice classification and approvals, and automated bookkeeping applications.

Competitive Landscape:

Some of the major key players in the Artificial Intelligence In Accounting Market are Microsoft (US), AWS (US), Xero (New Zealand), Intuit (US), Sage (England), OSP (US), UiPath (US), Kore.ai (US), AppZen (US), YayPay (US), IBM (US), Google (US), EY (UK), Deloitte (US), PwC (UK), KPMG (Netherlands), SMACC (Germany), OneUp (US), Vic.ai (US), Hyper Anna (Australia), Botkeeper (US), MindBridge Analytics (Canada), Bill.com (US).

Segmentation of Artificial Intelligence In Accounting Market: