Artificial Intelligence (AI) in an Accounting Market

AI Accounting Market witnessed USD 343 Million in 2018, growing at a robust CAGR of 48.4% during forecast period.

Artificial Intelligence (AI) is a digital computer or robot controlled by a computer that can perform a specific task without human intervention. Artificial Intelligence is a game-changer in the field accounting and professional service.AI is a powerful tool which uses for analyzing and automated low-level business functions. In accounting, AI automated all data handling and process, because AI in accounting provides reliable results such as increased productivity, reduced cost of operation and improved accuracy. AI helps accounting profession and make it valuable in the business process like monthly and quarterly procedure, audit, expense management, etc.

The key factor driving the market growth is the growing need for automated processes in accounting and the increasing demand for data-based advisory and decision making. In addition, AI in accounting helps to push efficiency of business and drive deep to client data and provide real-time analysis to enhance marketing which increases the demand of Ai in accounting. For instance, Robotics Process Automation (RPA) reduces the time of audit and contractual processing from months to a few weeks. Moreover, it saves time by reducing costs, which also increases the demand for AI in accounting. However, lack of skill set and growing concern of a high volume of critical data are restraining the market growth.

Various notable players in the market include Microsoft Corporation, AWS, Inc., Intuit Inc., Xero Ltd., Google LLC, Deloitte Touche Tohmatsu Limited, Sage Group Plc, Ernst & Young, PricewaterhouseCoopers (PwC), AppZen Inc. and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive.

The global Artificial Intelligence (AI) in an Accounting market has been segmented based on component, deployment mode, organization size, risk type and vertical, and key geographies. Based on the component, global Artificial Intelligence (AI) in an Accounting market has been segmented into software and services. Based on deployment mode, the market is segmented into on-cloud and on-premises. Based on organization size, the market has been segmented into the small and medium enterprises and large enterprises. Based on application, the market is segmented into Automated Bookkeeping, Invoice Classification and Approvals, Reporting, Fraud and Risk Management and Others.

The research report “AI Accounting market” provides an in-depth analysis of the global Artificial Intelligence (AI) in an Accounting market based on component, deployment mode, organization size, application and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the global Artificial Intelligence (AI) in an Accounting market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

Key questions answered in this research report:

1- At what pace is global Artificial Intelligence (AI) in an Accounting market growing? What will be a growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Artificial Intelligence (AI) in an Accounting market?
4- What are the various application areas and how they are poised to grow?

Market Segmentation

• By Component

• Software
• Service

• By Deployment Mode

• On-Cloud
• On-Premises
• By Organisation Size
• Small and Medium Enterprise
• Large Enterprise

• By Verticals

• Automated Bookkeeping
• Invoice Classification and Approvals
• Reporting, Fraud and Risk Management
• Others

By Region

• North America
As a part of customization
o By Component
o By Deployment Mode
o By Organisation Size
o By Application
o US
o Canada
o Mexico

• Europe
As a part of customization
o By Component
o By Deployment Mode
o By Organisation Size
o By Application
o UK
o Germany
o Spain
o Rest of Europe

• Asia-Pacific
As a part of customization
o By Component
o By Deployment Mode
o By Organisation Size
o By Application
o China
o Australia
o India
o Rest APAC

• ROW
As a part of customization
o By Component
o By Deployment Mode
o By Organisation Size
o By Application
o Brazil
o South Africa
o GCC countries
o Rest of world (remaining countries of LAMEA region)

Leading Market Players
• Microsoft Corporation
• AWS, Inc.
• Intuit Inc.
• Xero, Ltd.
• Google LLC
• Deloitte Touche Tohmatsu Limited
• Sage Group plc
• Ernst & Young
• PricewaterhouseCoopers (PwC)
• AppZen Inc.