The Global Artificial Intelligence In Accounting Market is predicted to develop from USD 1,721.9 Million in 2021 to USD 16069.8 Million by 2028, at a Compound Annual Growth Rate 45.10% during the forecast period. Artificial Intelligence is useful in every area and the delicate nature of accounting is helped by it too. AI can process documents using natural language processing and computer vision faster hence can provide real-time status and solutions making daily reporting possible and inexpensive. This insight allows companies to be proactive and adjust course if the data show unfavorable trends.
The rising need to automate accounting processes, and assist data on total advisory and choice making are important elements driving the Artificial Intelligence In Accounting Market. The AI-based accounting software calls for elevation as governments throughout the globe are encouraging the usage of virtual bills in reaction to the pandemic. The work-from-home situation encourages virtual bills to be more popular like the integration of e-commerce in our daily lives. Although factors such as the risk of data breaches would stand in the way of every continuously developing technology. The potential effects of the ongoing war and instability in Eastern Europe are also expected to have a negative impact on the global economy, especially with harsh long-term effects on Russia. This in turn, discourages the growth of Artificial Intelligence In Accounting Market on the broad spectrum. However, the growing dependence on AI software to carry out time-taking and tedious tasks in the accounting sector such as data analytics and processing is expected to present more opportunities in the forecast period.
Artificial Intelligence In Accounting Market can be segmented based on components into solutions and services such as professional, and managed services. The services segment is expected to grow at a rapid rate during the forecast period. The growth of this segment can be attributed to the increasing deployment of Artificial Intelligence In Accounting software tools and solutions, which has resulted in an increase in demand for pre-and post-implementation services. The market can also be segmented on the basis of deployment type into on-premise and cloud.
Artificial Intelligence In Accounting Market has been segmented on the basis of application into automated accounting, invoice classification and approval, fraud and risk management, reporting, and more. Others include expense verification and management, as well as tax and income reporting apps. The growth of the fraud and risk management segment is driven by the proliferation of data-related financial fraud and the need to improve data accuracy and protection. Based on technology, the Artificial Intelligence In Accounting Market is divided into machine learning and deep learning, and NLP. NLP uses advanced algorithms to analyze text to derive insights from unstructured data.
Artificial Intelligence In Accounting Market has been studied in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America has been the largest region of the Artificial Intelligence In Accounting Market for the past few years and it will keep increasing in the upcoming years. North America region owns 42.10% of the global market. This is due to the concentrated wealth of countries in the region which attracts breaches. While Asia Pacific is expected to grow at the fastest rate during the forecast period.
Some of the prominent companies functioning in the Global 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).