In terms of revenue, the Global Artificial Intelligence In Accounting Market is expected to reach USD 16069.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 44.90% from 2022 to 2028. This growth can be attributed to several factors including the increasing adoption of AI-based solutions across various industries, rising demand for cost-effective technology, and increasing use of cloud computing services. However, the market is still at its nascent stage with respect to the overall size and scope. Moreover, the market is highly fragmented with many companies operating in this space. The market is driven by several factors, including the increasing adoption of cloud computing services, a rise in the number of SMEs adopting AI-based solutions, and an increasing need for cost-effective technology. In addition, the increasing adoption of Artificial Intelligence In Accounting is expected to drive market growth over the forecast period.
Key Highlights from the Report:
- The services segment is projected to grow at a substantial Compound Annual Growth Rate (CAGR). The market growth is attributed to the rising implementation of Artificial Intelligence In Accounting software tools and solutions is driving demand for pre-and post-deployment services, which is driving growth in the services category.
- NLP segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). It is used in accounting for a variety of tasks like invoice classification and interpretation, contract interpretation, and so on. NLP enables users to voice recognition into devices and sensors, also for creative translation.
- North America is the largest regional segment. This is attributed to its dominance in AI & Machine Learning Technologies. The U.S. government is encouraging the adoption of advanced technologies like artificial intelligence, machine learning, and NLP. This provides an ample number of opportunities for the players in this market to expand their presence in North America.
Some of key players in the Artificial Intelligence In Accounting Market include - Microsoft (US), AWS (US), Xero (New Zealand), Intuit (US), Sage (England), OSP (US), UiPath (US), Kore.ai (US), AppZen (US), YayPay (US), IBM (US), Google (US), EY (UK), Deloitte (US), PwC (UK), KPMG (Netherlands), SMACC (Germany), OneUp (US), Vic.ai (US), Hyper Anna (Australia), Botkeeper (US), MindBridge Analytics (Canada), Bill.com (US).
The services sector accounts for the largest share of the market. The rising implementation of Artificial Intelligence In Accounting software tools and solutions is driving demand for pre-and post-deployment services, which is driving growth in the services category.
Accounting departments are facing difficulties in managing large volumes of data. Voice recognition is becoming an important feature of modern technology. NLP helps companies use voice commands to automate processes. NLP allows people to speak to machines and get results. Companies are using NLP to translate languages.
North America is expected to be a potential market for Artificial Intelligence In Accounting. This can be attributed to its technological advancement. Most AI-based accounting solution providers in the region employ technological advancements and various growth strategies such as product enhancements and new launches to strengthen their positions in the AI accounting market. Suppliers in North America are more likely to invest in R&D than suppliers in other regions. North America is currently the most promising market for AI. These factors drive the growth of this market over the forecast period.