Artificial Intelligence

Artificial Intelligence (AI) in Accounting Market to Surpass USD 39.57 Billion by 2030 owing to Rising Need for Faster and More Accurate Accounting in Private and Public Firms | Research by SNS Insider

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Pune, May 05, 2023 (GLOBE NEWSWIRE) — “The Artificial Intelligence in Accounting Market had a value of USD 1.99 billion in 2022, and it is projected to reach USD 39.57 billion by 2030, with a compound annual growth rate (CAGR) of 45.31% during the forecast period of 2023-2030, as reported by SNS Insider.“

Market Overview

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

Market Analysis

The integration of artificial intelligence (AI) in accounting has become an increasingly popular trend among both private and public firms, primarily due to the need for faster and more accurate financial reporting. With the growing volume of financial data generated by companies, the demand for AI-driven accounting solutions is expected to continue to rise. Moreover, implementing AI in accounting can help organizations minimize their exposure to accounting risks such as outstanding debts or tax penalties. All these factors are contributing to the high growth of the artificial intelligence in accounting market.

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Key Company Profiles Listed in this Report Are:

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

Impact of Recession on Artificial Intelligence in Accounting Market Growth

While businesses may be hesitant to invest in new technologies during an economic downturn, the pandemic has also highlighted the potential benefits of artificial intelligence in accounting market. As the economy recovers and businesses seek ways to improve their efficiency and reduce costs, AI is likely to play an increasingly important role in the accounting sector.

Artificial Intelligence in Accounting Market Report Scope:

Report Attributes Details
Market Size in 2022 USD 1.99 Bn
Market Size by 2030 USD 39.57 Bn
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 and Approvals, Automated Bookkeeping, Reporting, Fraud and Risk Management, Others)
• By Component (Services [Professional Services and Managed Services], Solutions [Software Tools and Enterprise Sizes])
• By Deployment (Cloud and On-Premises)
• By Organization size (Large Enterprises and SMEs)
Key Regional Coverage North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)

Key Regional Developments

North America dominates the artificial intelligence in accounting 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 charge in adopting these new technologies, which has resulted in an increased focus on innovative solutions in the industry. However, the Asia-Pacific region is set to witness significant growth in the AI in accounting market. This growth can be attributed to the increasing awareness of AI and its benefits, a growing emphasis on automating processes, and the availability of significant amounts of data in the region.

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Key Takeaway from Artificial Intelligence in Accounting Market Study

  • The field of artificial intelligence (AI) in accounting is expected to witness significant growth in the coming years. In particular, the invoice classification and approvals segment is projected to dominate this market. With the increasing use of technology in the accounting industry, AI-powered solutions are becoming increasingly popular for automating routine tasks such as invoice processing and approvals.
  • The large enterprise segment is expected to lead the market as they realize the manifold benefits of leveraging AI-powered accounting tools. With the segment expected to dominate the market, it’s clear that AI-powered accounting tools will play an increasingly important role in the business world in the years to come.

Recent Developments Related to Artificial Intelligence in Accounting Market

  • Karbon, a leading provider of accounting practice management software, has recently launched an innovative new AI tool to enhance the efficiency and productivity of accounting practices. This cutting-edge tool is designed to automate routine tasks and streamline workflow processes, allowing accounting professionals to focus more on providing value-added services to their clients.
  • Trullion, an innovative AI-powered accounting platform, has recently raised an impressive $15 million in additional funding. The funding will be used to accelerate the company’s growth plans and expand its capabilities in the realm of financial automation.

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Artificial Intelligence in Accounting Market Segmentation, by Application

9. Artificial Intelligence in Accounting Market Segmentation, by Component

10. Artificial Intelligence in Accounting Market Segmentation, by Deployment

11. Artificial Intelligence in Accounting Market Segmentation, by Organization Size

12. Regional Analysis

13. Company Profiles

14. Competitive Landscape

15. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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