Global Artificial Intelligence In Accounting Market Scope 2024, Forecast To 2033
8 Mar, 2024
The artificial intelligence in accounting market surged from $3.24 billion in 2023 to $4.82 billion in 2024 (CAGR: 48.6%), driven by automation and big data. Projected growth to $23.51 billion in 2028 (CAGR: 48.6%) is anticipated, fueled by advanced analytics and cloud solutions. Trends include explainable AI and blockchain integration.
Global Artificial Intelligence In Accounting Market Key Driver
The artificial intelligence in the accounting market is witnessing growth driven by the increasing reliance on AI technology, with approximately 15% of businesses implementing AI technologies in the UK in 2022. AI-powered accounting software streamlines financial processes, enhancing efficiency and accuracy in data management.
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The artificial intelligence in accounting market covered in this report is segmented –
1) Component:Solutions, Services
2) Technology:Machine Learning (ML) And Deep Learning, Natural Language Processing
3) Deployment Mode:Cloud, On-Premises
4) Enterprise Size:Large Enterprises, Small And Medium Sized Enterprises (SMEs)
5) Application:Automated Bookkeeping, Invoice Classification And Approvals, Fraud And Risk Management, Reporting, Other Applications (Expense And Auditing Management, And Tax And Revenue Filing)
By Geography: The countries covered in the artificial intelligence in accounting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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
Major Artificial Intelligence In Accounting Industry Players
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
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Artificial Intelligence 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.