A latest published report “Artificial Intelligence in Accounting Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 146 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability. An exclusive data offered in this report is collected by research and industry experts team.
The Artificial Intelligence (AI) in Accounting Market size is expected to grow from USD 666 Million in 2019 to USD 4,791 Million by 2024, at a Compound Annual Growth Rate (CAGR) of 48.4% during the forecast period.
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Key Players- 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), One Up (US), Vic.ai (US), Hyper Anna (Australia), Botkeeper (US), MindBridge Analytics (Canada), and Bill.com (US).
“Services segment to grow at a higher CAGR during the forecast period”
The AI in accounting market based on component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of this segment can be attributed to the increasing deployment of AI in accounting software tools and solutions, which leads to increasing the demand for pre- and post-deployment services.
“Fraud and risk management application segment to grow at the highest CAGR during forecast period”
The AI in accounting market, based on applications, has been segmented into automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, and others. Others include expense auditing and management, and tax and revenue filing applications. The growth of the fraud and risk management segment is attributed to the increasing data related financial frauds and the need for enhanced data accuracy and protection.
“APAC is expected to record the highest growth rate during the forecast period”
Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period, owing to the growth in investments and funding, increasing number of startups, governments’ rising focus on data regulations and compliances. The rapidly growing economies, such as China, Japan, Australia, and India, are implementing AI solutions in accounting processes to free human resources from mundane tasks and ensure data consistency. The companies operating in APAC would benefit from the flexible economic conditions, industrialization-and globalization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a huge impact on the business community.
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o To project the size of the market and its submarkets, in terms of value, with respect to the 4 regions (along with their respective key countries)
o To define, segment, and project the global Artificial Intelligence in Accounting Market size
o To understand the structure of the Market by identifying its various subsegments
o To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
o To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
o To profile key players and comprehensively analyze their core competencies
o To understand the competitive landscape and identify major growth strategies adopted by players across key regions
o To analyze the competitive developments such as expansions and investments, new product launches, mergers and acquisitions, joint ventures, and agreements in the Artificial Intelligence in Accounting Market.
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