Artificial Intelligence in Accounting Market Size, Share, Trends, Growth and Forecast 2032

Artificial Intelligence in Accounting Market Insights

According to Zion Market Research, the global Artificial Intelligence in Accounting Market was worth USD 4.68 Billion in 2023. The market is forecast to reach USD 57.32 Billion by 2032, growing at a compound annual growth rate (CAGR) of 32.1% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Artificial Intelligence in Accounting Market industry over the next decade.

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The report gives a transparent view of the artificial intelligence in accounting market. We have included a detailed competitive scenario and portfolio of leading vendors operating in the artificial intelligence in accounting market. To understand the competitive landscape in the artificial intelligence in accounting market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Artificial Intelligence (AI) can prove to be a powerful tool in the future. AI will be implemented in almost every sector, as it provides accurate outputs that are far superior to human efforts. AI technology allows computers to perform tasks using machine-based learning.

The artificial intelligence in accounting market will grow due to the rising need for automation in accounting processes, which will eventually support the decision-making and enhanced data-based advisory. Integration of AI with accounting to automate mundane and repetitive tasks and reduce accounting variations will also prove to be beneficial for the artificial intelligence in accounting market in the upcoming years. The technology holds potential to bring the accounting process at ease, which would include invoice classification, bookkeeping, reporting, contract interpretation, tax and revenue filing, cost auditing and management, and fraud detection. NLP and ML algorithms can draw business insights from both structured and unstructured data.

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AI can also improve fraud detection via more advanced machine language models, which will enable better prediction of fraudulent activities. The artificial intelligence software impersonates the way a human thinks, enabling software to acquire knowledge by performing basic tasks. By processing large data volumes and identifying patterns, it can help in making recommendations and spot issues, as these algorithms process data in lesser time than humans.

AI has proven to be useful and powerful tool for analyzing, processing, and automating some of the most complex business functions. However, rising concerns over criticality of data quality and volume and issues related to investments with the help of AI in accounting may curtail the artificial intelligence in accounting market.

Artificial Intelligence in Accounting Market: Report Scope

Artificial Intelligence in Accounting Market: Segmentation Analysis

The study provides a crucial view of artificial intelligence in accounting market by segmenting it based on component, deployment mode, technology, enterprise size, application, and region. All the segments of artificial intelligence in accounting market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By component, the market is divided into services and solutions. Services are projected to capture a substantial share during the forecast period, driven by the increasing adoption of AI-powered accounting tools. This trend is expected to boost demand for both pre-deployment and post-deployment services, enhancing overall system efficiency and usability.

The artificial intelligence in accounting market is segmented by technology into natural language processing (NLP), machine learning, and deep learning. NLP is expected to hold a significant market share in the future due to its capability to understand human language and speech. This functionality is essential for implementing voice control in various systems. NLP not only enables voice recognition in sensors and devices but also offers localization features for creative translation. Key applications of NLP include information extraction, machine translation, question answering, report generation, and intent identification.

Artificial Intelligence in Accounting Market: Regional Analysis

The regional segmentation comprises the current and forecast demand for Middle the East and Africa, North America, Asia Pacific, Latin America, and Europe.

The Asia Pacific region is expected to dominate the artificial intelligence in accounting market during the forecast period, driven by increased investments, funding, and a surge in startups. The growing emphasis by governments on data compliance and regulations further supports this growth. Additionally, rapidly expanding economies like Japan, China, India, and Australia are adopting AI-driven accounting solutions to optimize human resource allocation and maintain data consistency. Organizations in the region are also benefiting from industrialization and globalization policies, favorable economic conditions, and the widespread advancement of digitalization.

North America is expected to witness notable growth in artificial intelligence in accounting market globally, owing to the substantial developments witnessed in the AI domain and rising implementation of AI across all the business sectors.

Artificial Intelligence in Accounting Market Key Players

Some major players in the artificial intelligence in accounting market include:

• AWS
• Microsoft
• Intuit
• Xero
• Sage
• UiPath
• OSP
• AppZen
• Kore.ai
• IBM
• YayPay

This report segments the global artificial intelligence in accounting market into:

By Component

• Services
  • Professional Services
  • Managed Services
• Solutions
  • Software Tools
  • Enterprise Sizes

By Deployment Mode

• Cloud
• On-Premises

By Technology

• Natural Language Processing
• Machine Learning and Deep Learning

By Enterprise Size

• Large Enterprises
• SMEs

By Application

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

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa