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Artificial Intelligence In Accounting Market Trends, Size, Industry Analysis And Forecast To 2032
Artificial Intelligence In Accounting Market Analysis
The Business Research Company's Artificial Intelligence In Accounting Global Market Report 2023 identifies increasing reliance on artificial intelligence (AI) as the major driver for the artificial intelligence in accounting market's growth in the forecast period. 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.
The global artificial intelligence in accounting market is expected to grow from $2.18 billion in 2022 to $3.24 billion in 2023 at a compound annual growth rate (CAGR) of 48.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The artificial intelligence in accounting market is expected to reach $15.69 billion in 2027 at a CAGR of 48.3%.
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Major competitors in the artificial intelligence in accounting market are Microsoft Corporation, Amazon Web Services Inc., Xero Limited., Intuit Inc., Sage Group plc, OSP Labs Pvt. Ltd., UiPath Inc.
A key trend in the artificial intelligence in accounting market includes product innovation. 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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The artificial intelligence in accounting market 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)
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the artificial intelligence in accounting market.
The Business Research Company's "Global Artificial Intelligence In Accounting Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Artificial Intelligence In Accounting Market Include:
1. Executive Summary
2. Artificial Intelligence In Accounting Market Characteristics
3. Artificial Intelligence In Accounting Market Trends And Strategies
4. Artificial Intelligence In Accounting Market - Macro Economic Scenario
5. Global Artificial Intelligence In Accounting Market Size and Growth
…..
32. Global Artificial Intelligence In Accounting Market Competitive Benchmarking
33. Global Artificial Intelligence In Accounting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence In Accounting Market
35. Artificial Intelligence In Accounting Market Future Outlook and Potential Analysis
36. Appendix
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