Artificial Intelligence in Accounting Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

The Global Artificial Intelligence in Accounting Market size accounted for USD 1,511 Million in 2021 and is estimated to reach USD 53,893 Million by 2030.

According to our recent artificial intelligence in accounting industry analysis the market is primarily driven by the growing demand to automate accounting processes. One of the recent trends in artificial intelligence in accounting market includes the exponential growth of AI In Industry 4.0. Artificial intelligence in accounting market forecast that the industry will grow with a considerable CAGR of 48.9% throughout the forecast timeframe from 2022 to 2030.

Artificial intelligence has had a significant impact on the finance and accounting industries. Indeed, AI-enabled finance and accounting frameworks are the way for businesses to remain competitive in a progressively competitive market since they save time and offer deep insights. Artificial intelligence advancements can reshape the finance and accounting industries by eliminating tedious tasks and allowing finance professionals to perform higher-level analysis and client counseling. However, organizations are hesitant to implement AI in their workforce due to business or return on invested capital uncertainties.

Artificial Intelligence in Accounting Market Dynamics

Market Growth Drivers:

• Growing need to automate accounting processes
• The rapid growth of AI in Industry 4.0
• The exponential growth of data generated by the Internet and IoT devices
• Need for enhanced data-based advisory and decision-making

Market Restraints:

• Lack of skillsets and resistance to change
• The untapped potential of AI in accounting

Market Opportunities:

• Increasing demand for intelligent accounting processes
• Growing focus on innovation for integrating AI in accounting

Report Coverage

The surging need for enhanced data-based advisory and decision making is the major aspect boosting the global artificial intelligence in accounting market revenue. Accounting automation can simply assist businesses and financial professionals in performing their duties more efficiently. AI enables the automated processing and authorization of documents to improve internal accounting tasks such as purchasing and procurement, purchase orders, invoicing, expense reports, accounts payable and receivables, and so on.

Accounting and finance benefit from AI because it streamlines and optimizes many repetitive accounting tasks. As a result of AI providing valuable insights to financial and accounting analysts and assisting in analyzing large amounts of data quickly, organizations can save more time and money by generating more precise, actionable data at lower costs. This factor is anticipated to fuel the AI in accounting market growth.

However, the untapped potential of AI in accounting, lack of skilled professionals, and reluctance to transform the business into automation are the key suspects that are holding the market growth back. Furthermore, the rising need for intelligent accounting processes and increasing focus on innovation for integrating AI in accounting are some of the factors that are creating numerous growth opportunities for the market in the coming years.

Artificial Intelligence in Accounting Market Segmentation

The global artificial intelligence in accounting market segmentation is based on offering, technology, deployment model, application, enterprise size, and region.

Artificial Intelligence in Accounting Market By Offering

• Solutions
  • Software Tools
  • Platforms
• Services
  • Managed Services
  • Professional Services

Based on our analysis, the services segment is likely to register a substantial growth rate over the projected years 2022 – 2030. The rising deployment of artificial intelligence (AI) in accounting software and solutions has resulted in an increase in demand for pre-and post-implementation services, which has contributed to the segment's growth. Furthermore, AI is being used in financial services to automate repetitive tasks such as data collection and sorting, making sense of unstructured information, and detecting trends and patterns, thereby fueling the segment demand.

Artificial Intelligence in Accounting Market By Technology

• Machine Learning (ML) and Deep Learning
• Natural Language Processing

Among technologies, machine learning (ML) and deep learning acquired a significant amount of share in 2021. Machine learning software is more focused on specific solutions, whereas data science and machine learning technologies enable businesses to manage their AI projects from start to finish. Either of these strategies can be used to boost finance operations within an organization or in financial services. For instance, Nym Health – is a healthcare IT firm that uses machine learning tools to assist hospitals with the recurring problem of billing, which can be especially difficult due to complex coding. Their software automatically converts medical files and electronic health records from physician consultations into appropriate billing codes.

Artificial Intelligence in Accounting Market By Deployment Model

• Cloud
• On-Premise

In 2021, the cloud deployment model is anticipated to gather a considerable artificial intelligence in accounting market share throughout the forecasted years. Cloud computing software relieves accountants of lower-level, time-consuming tasks such as data entry and basic calculation. The cloud makes things simpler to provide clients with real-time access to one‘s account information. Furthermore, it allows for the expansion of consulting and advisory services. Input and handling massive quantities of data and financial data, which used to take days or weeks of a single accountant's time, can now be automated.

Artificial Intelligence in Accounting Market By Application

• Automated Bookkeeping
• Fraud and Risk Management
• Reporting
• Invoice Classification and Approvals
• Other Applications (Expense and Auditing Management, and Tax and Revenue Filing)

By application, fraud and risk management accounted for a major market share in 2021. The rising number of data and financial-related frauds and the requirement for enhanced data accuracy and protection are the prime factors driving the fraud and risk management segment growth. As a result, to avoid revenue loss, ML algorithms sift through massive amounts of data, spot potential fraud problems, and flag them for review.

Artificial Intelligence in Accounting Market By Enterprise Size

• Large Enterprises
• SMEs

The large enterprises segment is leading the market with a maximum amount of share in 2021. This could be attributed to the surging need for AI in their rapidly growing data, assertiveness to spend on new technologies, and competitiveness to keep their accounting department upgraded. However, SMEs are on the verge to grow at a noteworthy rate in the coming years due to the rising number of human errors, increased spending on staff, and the growing need to improve productivity among accounting operations.

Artificial Intelligence in Accounting Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa