Artificial Intelligence (AI) in the accounting market

PUNE, May 05, 2023 (GLOBE NEWSWIRE) — “The market for artificial intelligence in accounting was worth US$1.99 billion in 2022 and is projected to reach US$39.57 billion by 2030 at a compound annual growth rate (CAGR). of 45.31% over the forecast period 2023-2030 as reported by SNS Insider.”

Market Overview

Artificial intelligence (AI) has increasingly been integrated into various industries, and accounting is no exception. AI in accounting refers to the use of advanced computing technology to automate tasks and improve decision-making processes. AI tools in accounting can be used for a variety of tasks, including data entry, fraud detection, financial analysis, and tax preparation. By automating mundane tasks like data entry, AI technology allows accountants to focus on more complex tasks that require human expertise, such as B. Strategic planning and analysis.

market analysis

The integration of artificial intelligence (AI) into accounting has become an increasingly popular trend among both private and public companies, largely due to the need for faster and more accurate financial reporting. With the growing amount of financial data generated by companies, the demand for AI-driven accounting solutions is expected to continue to grow. Additionally, implementing AI in accounting can help companies minimize their vulnerability to accounting risks such as outstanding debt or tax penalties. All these factors contribute to the high growth of the artificial intelligence in accounting market.

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The main company profiles featured in this report are:

AWSMicrosoftIntuitXeroSageUiPathOSPAppZenKore.aiIBMYayPay & More

Impact of recession on artificial intelligence in accounting market growth

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While companies may be reluctant to invest in new technology during an economic downturn, the pandemic has also highlighted the potential benefits of artificial intelligence in the accounting market. As the economy recovers and companies look for ways to improve efficiency and reduce costs, AI is likely to play an increasingly important role in accounting.

Scope of Artificial Intelligence in Accounting Market Report:

Report Attributes Details Market Size in 2022 $1.99B Market Size by 2030 $39.57B CAGR CAGR of 45.31% From 2023 to 2030 Base Year 2022 Forecast Period 2023-2030 Historical Data 2020-2021 AI in Accounting Market: Key Segmentation • By Application (Invoice Classification & Approval, Automated Accounting, Reporting, Fraud & Risk Management, Other)
• By Component (Services [Professional Services and Managed Services]solutions [Software Tools and Enterprise Sizes])
• After deployment (cloud and on-premises)
• By organization size (Enterprise and SMB) Key regional coverage North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia Pacific (Japan, South Korea, China, India). , Australia, Rest of Asia Pacific), Middle East & Africa (Israel, United Arab Emirates, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)

Important regional developments

North America dominates the accounting artificial intelligence market with the highest market share due to the presence of a large number of accounting and AI players in the region. The United States and Canada are leading the way in adopting these new technologies, which has led to an increased focus on innovative solutions in the industry. However, Asia-Pacific will see significant growth in the AI ​​in accounting market. This growth is due to increasing awareness of AI and its benefits, an increasing emphasis on automating processes, and the availability of significant amounts of data in the region.

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Key takeaways from the Artificial Intelligence in Accounting market study

The field of artificial intelligence (AI) in accounting is expected to grow strongly in the coming years. In particular, the invoice classification and approval segment is expected to dominate this market. With the increasing use of technology in the accounting industry, AI-powered solutions are becoming increasingly popular to automate routine tasks like invoice processing and approvals. The large corporate segment is expected to lead the market as it recognizes the multiple benefits of leveraging AI-powered accounting tools. With the segment expected to dominate the market, it is clear that AI-powered accounting tools will play an increasingly important role in the business world in the coming years.

Recent developments related to artificial intelligence in the accounting market

Karbon, a leading provider of accounting practice management software, recently launched an innovative new AI tool to increase the efficiency and productivity of accounting practices. This cutting-edge tool is designed to automate routine tasks and streamline workflows, allowing accounting professionals to focus more on providing their clients with value-added services and additional financing. The funding will be used to accelerate the company’s growth plans and expand its financial automation capabilities.

Table of contents

1 Introduction

2. Research methodology

3. Market Dynamics

4. Impact Analysis

5. Analysis of the value chain

6. Porter’s 5 forces model

7. PEST Analysis

8. Artificial Intelligence in Accounting Market Segmentation by Application

9. Artificial Intelligence in Accounting Market Segment By Component

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10. Artificial Intelligence in Accounting Market Segmentation by Deployment

11. Artificial Intelligence in Accounting Market Segmentation by Company Size

12. Regional Analysis

13. Company Profiles

14. Competitive Landscape

15. Conclusion

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