What Is The Current and Historic Market Size Analysis Of The Artificial Intelligence In Accounting Market?
The artificial intelligence in accounting market has seen considerable growth due to a variety of factors.
•The market size for artificial intelligence in accounting has seen rapid expansion in the recent times. It is predicted to rise from a value of $4.74 billion in 2024 to $6.98 billion in 2025, representing a compound annual growth rate (CAGR) of 47.3%.
The historic growth can be linked to factors such as the introduction of automated systems in accounting, the progress of big data, advancements in machine learning, as well as cost and time efficiencies and improved accuracy.
What Are The Predictions for The Artificial Intelligence In Accounting Market Size In The Coming Years?
The artificial intelligence in accounting market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for artificial intelligence in accounting is set to experience significant expansion in the coming years. It is projected to reach $35.8 billion by 2029, growing at a compound annual growth rate (CAGR) of 50.5%.
The growth during the forecast period may be ascribed to the advancements in data analytics, cloud-based accounting systems, the incorporation of natural language processing (NLP), personalized financial consultation, and enhancements in cybersecurity. Notable trends during the forecast time include the use of explainable AI in financial reporting, integration of blockchain, continual learning algorithms, enabling of remote work, and application of ethical AI in the accounting sector.
What Are The Essential Drivers Behind The Growth Of The Artificial Intelligence In Accounting Market?
The growth of the artificial intelligence in the accounting market is anticipated to soar due to the increasing dependence on AI. Automation, a technology that operates with reduced human intervention, is commonly used in the accounting industry. They utilize AI-powered accounting software to expedite data input and pairing, leading to faster, more accurate, and less error-filled processes. Consequently, the growing adoption of AI is projected to stimulate the advancement of artificial intelligence in the accounting sector. To illustrate, a 2022 report from the UK government's Department for Digital, Culture, Media & Sport (DCMS) estimated that currently, about 2% of organizations are examining AI, while 10% predict they will adopt at least one AI technology in the future. This equates to around 62,000 and 292,000 companies, respectively. At least one AI technology has been adopted by approximately 15% of all businesses, which includes 432,000 organizations. Hence, the progressive reliance on AI is fueling the expansion of the artificial intelligence in the accounting market.
How Is The Global Artificial Intelligence In Accounting Market Divided Into Key Segments?
The artificial intelligence in accounting market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Technology: Machine Learning (ML) And Deep Learning, Natural Language Processing
3) By Deployment Mode: Cloud, On-Premises
4) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises (SMEs)
5) By Application: Automated Bookkeeping, Invoice Classification And Approvals, Fraud And Risk Management, Reporting, Other Applications (Expense And Auditing Management, And Tax And Revenue Filing)
Subsegments:
1) By Solutions: Accounting Software, Audit And Compliance Solutions, Financial Reporting Tools, Tax Management Solutions, Expense Management Systems, AI-driven Analytics Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance, Training And Education, Managed Services
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What Trends Are Reshaping The Future Of The Artificial Intelligence In Accounting Market?
In the realm of artificial intelligence in accounting, product innovation is becoming a prominent trend. To consolidate their foothold, principal companies in this market are focusing on the creation of new products. A case in point is the Ramp Business Corporation., a U.S based firm specializing in finance automation, which rolled out Ramp Intelligence in May 2023. This suite of tools, designed for financial services and powered by AI, is noteworthy for its incorporation of GPT-4 driven solutions. These include an accounting co-pilot, vendor price intelligence, automated accounting practices, and contract extraction and negotiation. With these solutions, clients gain automated insights into business performance, expedited and more accurate month-end closure procedures, democratized software costs, and self-coding expenses.
Who Are the Key Players in the Artificial Intelligence In Accounting Market?
Major companies operating in the artificial intelligence in accounting market include:
• Intuit Inc.
• Xero Limited
• Sage Group plc
• Microsoft Corporation
• SAP SE
• IBM Corporation
• Oracle Corporation
• QuickBooks
• Wave Financial Inc.
• Botkeeper Inc.
• BlackLine Inc.
• OneUp
• Vic.ai
• YayPay Inc.
• AppZen
• Bill.com
• Tipalti Inc.
• KPMG LLP
• Deloitte Touche Tohmatsu Limited
• PricewaterhouseCoopers (PwC)
• EY (Ernst & Young)
• Grant Thornton LLP
• MindBridge Analytics Inc.
• HighRadius Corporation
• FloQast Inc.
• Workday Inc.
• Smacc GmbH
• Acumatica Inc.
• Prophix Software Inc.
• Qvalia
What are the Regional Insights into the Artificial Intelligence In Accounting Market?
North America was the largest region in the artificial intelligence in accounting market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
