The ability of technology to adapt and learn as per the condition defines artificial intelligence. It is designed to reduce human efforts to a minimum and something that can act without human interventions too. It is known to give precise outcomes of the data that is processed and is advantageous for finances and accounting. Demand for artificial intelligence is growing exponentially in finance, accounting, and digital marketing, giving a boost to global artificial intelligence in accounting market.
Artificial intelligence in accounting market will develop because of the rising requirement for automation in the accounting sector, which will in the long run contribute to data-based advising and decision-making practices. Integration of AI with accounting to automate regular & repetitive tasks and decrease accounting discrepancies will likewise be helpful for the artificial intelligence in accounting market in the future. The innovation holds the possibility to simplify the accounting processes, such as bookkeeping, invoice classification, reporting, tax & revenue filing, contract interpretation, fraud detection, and cost auditing & management. ML and NLP calculations can draw business insights from both organized and unstructured information. AI can likewise improve error detection by means of further developed machine languages, which will empower better identification of fraud activities. But, concerns over the criticality of information quality & volume and issues identified with investments with the assistance of AI in accounting are expected to hamper the global artificial intelligence in accounting market.
The global artificial intelligence in accounting market is classified based on application, component, deployment, enterprise size, technology, and region. Based on components, the market is divided into solutions (software tools and platform) and services (managed services and professional services). The segment of deployment is bifurcated into machine learning & deep learning and natural language processing. On the basis of enterprise size, the market is segmented into SMEs and large enterprises. In terms of application, the market is divided into reporting, invoice classification & approvals, automated bookkeeping, fraud & risk management, and others.
Geographically, Asia Pacific is foreseen to lead the global artificial intelligence in accounting market with the highest market share within the forecast period. This is attributed to the rising number of startups, more companies & VCs interested in funding & investments, improved government regulations, and more awareness about data compliances. In addition, development in Australia, Japan, India, and China regarding the implementation of AI applications in accounting processes are also growth contributing factors. Besides, companies running in this region would also benefit from the policies with respect to globalization and industrialization, spurring market growth.
The key players leading in the global artificial intelligence in accounting market are Microsoft, AWS, Intuit, Sage, Xero, UiPath, AppZen, OSP, Kore.ai, YayPay, IBM, etc. Among these, Xero launched new versions of the AI products to help accountants and bookkeepers to have better business fluidity. The new feature helps SMEs as well, and network expansion of the company in the future.
