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Artificial Intelligence In Accounting Global Market Expected to Witness $23.51 Billion with Impressive Growth at a 48.6% CAGR By 2028 | Microsoft Corporation, Xero Limited., Intuit Inc., Sage Group PLC, AppZen Inc.
Artificial Intelligence In Accounting Global Market
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.
Market Overview -
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.
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The Surge Of Artificial Intelligence In Accounting And The Shifting Landscape Of Automation
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.
Competitive Landscape -
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
Breakthrough Products Driving Artificial Intelligence In Accounting Market Growth
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.
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Key Segments -
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)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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