Artificial Intelligence in Accounting Market Insights by Emerging Trends, Growth and Forecast till 2022-2031

Japan, Japan, Wed, 13 Apr 2022 01:31:26 / Comserve Inc. / -- Artificial Intelligence in Accounting Market Growing need to automate mundane accounting tasks and support data-based advisory and decision making is expected to drive the overall growth of AI in accounting market.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

Artificial Intelligence in Accounting Market Growing need to automate mundane accounting tasks and support data-based advisory and decision making is expected to drive the overall growth of AI in accounting market. The Artificial Intelligence (AI) in accounting market size is expected to grow from USD 666 million in 2019 to USD 4,791 million by 2024, at a Compound Annual Growth Rate (CAGR) of 48.4% during the forecast period. The AI in accounting is driven by various factors, such as the growing need to automate accounting processes and support enhanced data-based advisory and decision making. However, growing concerns over high criticality of data volume and quality, and investment related issues with integration of AI in accounting can hinder the growth of the market.

Services segment to grow at a higher CAGR during the forecast period

The AI in accounting market based on component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth of this segment can be attributed to the increasing deployment of AI in accounting software tools and solutions, which leads to increasing the demand for pre- and post-deployment services.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Artificial Intelligence in Accounting Market Insights by Emerging Trends, Growth and Forecast till 2022-2031

Fraud and risk management application segment to grow at the highest CAGR during forecast period

The AI in accounting market, based on applications, has been segmented into automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, and others. Others include expense auditing and management, and tax and revenue filing applications. The growth of the fraud and risk management segment is attributed to the increasing data related financial frauds and the need for enhanced data accuracy and protection. The technology has the capability to handle and evaluate unstructured data and identify threats. NLP uses advanced algorithms to analyze text to derive insights and sentiment from unstructured data.

APAC is expected to record the highest growth rate during the forecast period

Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period, owing to the growth in investments and funding, increasing number of startups, governments' rising focus on data regulations and compliances. The rapidly growing economies, such as China, Japan, Australia, and India, are implementing AI solutions in accounting processes to free human resources from mundane tasks and ensure data consistency. The companies operating in APAC would benefit from the flexible economic conditions, industrialization-and globalization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a huge impact on the business community. Meanwhile, North America is projected to hold the largest market size during the forecast period.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Artificial Intelligence in Accounting Market Insights by Emerging Trends, Growth and Forecast till 2022-2031

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the AI in accounting marketplace.

 By Company: Tier II - 15%, Tier II - 42%, and Tier III – 43%
 By Designation: C-Level Executives - 50%, Directors - 30%, and Others - 20%
 By Region: North America - 40%, Europe - 20%, APAC - 30%, MEA - 5%, and Latin America - 5%

Research Coverage

The market study covers the AI in accounting market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as components, (solutions, services), deployment modes, technologies, enterprise sizes, applications, and regions. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Hina Miyazu

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

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