The global Artificial Intelligence (AI) in accounting market size was USD 2.23 Billion in 2022 and is expected to register a revenue CAGR of 48% over the forecast period, according to the latest report by Reports and Data.
As AI technology advances, more accounting firms are likely to embrace AI-powered solutions, boosting the market's global development. Over the projection period, artificial intelligence in the accounting industry is likely to offer considerable potential for firms aiming to expand their capability for financial analysis and reporting.
The development of new AI-powered accounting solutions is aiding in the automation of many manual accounting processes and improving the accuracy and efficacy of financial analyses. These innovative solutions, which were developed specially to meet the demands of organizations, are anticipated to contribute to the market revenue growth as they make it easier for enterprises to integrate AI technology into their accounting operations.
The growing need for automation of accounting processes, including payroll, accounts payable and receivable, and tax preparation, is one of the key reasons fueling the market's revenue development. AI-powered solutions may improve the effectiveness and accuracy of many of these processes while also saving time and labor by doing away with the requirement for human data entry. This trend is anticipated to continue as businesses strive to streamline their accounting processes and save expenses.
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The rising demand for automation of accounting procedures is indeed a significant factor driving market revenue growth. AI-powered solutions have been increasingly adopted in the accounting industry to streamline various processes, such as payroll, accounts payable and receivable, and tax preparation.
By leveraging AI technology, companies can automate repetitive and time-consuming tasks, such as data entry and invoice processing. This automation not only saves time but also reduces the potential for human error, leading to increased accuracy in financial records and reports.
Moreover, AI-powered solutions can analyze large volumes of financial data quickly and efficiently, enabling businesses to gain valuable insights and make data-driven decisions. These solutions can identify patterns, detect anomalies, and provide predictive analytics, helping organizations optimize their financial operations and improve overall efficiency.
The benefits of adopting AI-powered accounting solutions extend beyond efficiency gains. They can also contribute to cost reduction as companies can reduce their reliance on manual labor and allocate resources more effectively. By automating accounting procedures, businesses can streamline their workflows, reduce the need for manual intervention, and minimize the risk of costly errors or delays.
Given these advantages, it is expected that the trend of adopting AI-powered solutions for accounting procedures will continue to grow. As technology advances and AI algorithms become more sophisticated, the capabilities of these solutions will likely expand, further driving the demand for automation in the accounting industry.
Top Companies Operating in the Global Artificial Intelligence (AI) in Accounting Market:
Intuit, Xero, SAP, Oracle, QuickBooks, Microsoft, MYOB, Zoho Books, FreshBooks, Wave, Yendo, KashFlow, Acclipse, Acclivity Group, and Less Accounting.
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The global market is further segmented into type and application:
Component Outlook (Revenue, USD Billion; 2022 - 2032)
- Solutions
- Services
End-User Industry Outlook (Revenue, USD Billion; 2022 - 2032)
- Banking & Financial Services
- Healthcare
- Retail
- Manufacturing
- IT & Telecom
- Others
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Financial Planning & Analysis
- Tax Preparation
- Accounts Payable & Receivable
- Payroll Management
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights from the Report
· The solutions segment is predicted to have the greatest revenue CAGR throughout the projection period. Increasing demand for accounting process automation and accuracy, as well as the availability of sophisticated AI technology and cloud-based solutions, are likely to boost category revenue development. Solutions refer to software and tools that employ AI to automate accounting procedures, identify fraud, and give insights into financial data in the context of AI in accounting. These systems may be customised to specific accounting functions such as accounts payable and receivable, financial reporting, and auditing. They may also employ machine learning algorithms to develop and become more accurate in their predictions over time.
· Throughout the projected period, the financial planning and analysis segment is predicted to generate the most revenue. By giving insights into financial data and forecasting future patterns, AI-based systems may aid in financial planning and analysis. These systems, for example, can examine previous financial data to forecast future income and costs, identify high-risk areas, and provide cost-cutting recommendations. This can assist firms in making educated decisions and optimizing financial performance. Furthermore, the process of financial planning and analysis applies to businesses of all sizes, from small startups to large enterprises. This suggests that AI-based financial planning and analysis products have a big market. These elements are projected to fuel the segment's revenue growth.
· The banking and financial services segment is expected to generate the most revenue during the forecast period. The banking and financial services business includes solutions for financial institutions such as banks, insurance companies, and investment organizations. These elements are projected to fuel the segment's revenue growth.
· The North American market is expected to have the largest revenue share during the forecast period due to the presence of many technology-focused companies and early adoption of AI technology in the region. The United States is the largest market for artificial intelligence in the accounting market in North America, owing to the presence of numerous technology firms and widespread adoption of AI technology in the country. North America has been a leader in technological advancements, and the early adoption of AI technology in the region has given it a competitive edge over other regions. The development of advanced AI-powered accounting solutions in North America has helped companies streamline their financial management processes. The demand for automation in accounting processes in the North American market has increased due to the need for effective financial management, fewer errors, and higher productivity.
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