Artificial Intelligence in Accounting Market Size Slated to Reach USD 53,893 Million by 2030, Due to Exponential Growth in Financial Data Analysis by Acumen Research and Consulting

BERLIN, July 20, 2022 (GLOBE NEWSWIRE) -- 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.

The rising need for faster and more accurate accounting in private and public firms is the recent artificial intelligence in accounting market trend that fuels the demand. In addition, the growing number of financial data is anticipated to expand artificial intelligence in accounting market revenue. Integrating AI into accounting can also improve accuracy while decreasing human error. This can further optimize the accounting process because reducing errors means spending less time discovering, tracking down, and correcting errors. In the big picture, this can potentially make a company less vulnerable to large-scale accounting problems like outstanding debts or tax penalties. According to Accenture Consulting, the financial services industry will benefit from robotic process automation.

COVID-19 Impact on Global Artificial Intelligence in Accounting Market

Due to the COVID-19 pandemic, businesses were looking for ways to work smarter. The overall Fintech industry experienced positive growth as a result of the COVID-19 pandemic. As governments and authorities around the world encourage the use of digital payments in response to the pandemic, the demand for AI-based accounting software has increased significantly. Work-from-home scenarios have increased the popularity of digital payments, as has the adoption of teleconferencing, telemedicine, telebanking, and online food delivery.

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Artificial Intelligence in Accounting Market Dynamics

The increasing improvements and investments in the AI accounting industry are the leading aspects supporting artificial intelligence in accounting market value. Over the years, significant advances in artificial intelligence have been made in the accounting profession, which has shifted its focus from pencil and paper entry to software-based entry. Because AI applies to all significant components of accounting operations, it is modifying how financial institutions perform while delivering efficiencies.

Numerous benefits offered by AI in accounting are also expected to drive market growth. A solid AI program improves the accountant's efficiency. This relieves the accountant of the burden of collecting information for audits or analyzing organizational expenses. These actions tend to consume a significant amount of time and energy, which may divert attention away from more important tasks such as strategic development and regulatory compliance. Another advantage of artificial intelligence in accounting is its potential to cut the risk for fraud. Because AI technology can audit every financial document, it can detect discrepancies and notify accountants of their presence. While this can prevent small, honest mistakes from becoming much larger problems, it can also quickly draw attention to large-scale questionable activities.

Furthermore, the implementation of natural language processing in accounting is expected to create several growth prospects during the forecasted years. Because the accounting domain frequently deals with textual documents such as financial performance, management assessment, domain standards, compliance, regulations, and evidence about the same, among others, companies using NLP would be able to obtain insights, inference, and methodologies to advance their knowledge and avoid potential risks. It also assists businesses in automating accounting tasks such as data entry, financial report processing, invoices, and receipts, among others, and eliminating time sinks, thereby saving business costs.

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Worldwide Artificial Intelligence in Accounting Market Segmentation

The global artificial intelligence in accounting market is split into six segments, including offering, technology, deployment model, application, enterprise size, and region. There are two types of offerings: solutions (software tools and platforms) and services (managed and professional services). The services segment is expected to grow the fastest in the artificial intelligence in accounting market. The technology sector is divided into two sections: machine learning (ML) and deep learning, and natural language processing (NLP). According to a recent artificial intelligence in accounting market forecast, natural language processing will gain significant traction in the coming years.

The deployment models are classified as cloud and on-premise. For example, cloud computing accounted for a sizable market share. The application segment is classified as follows: automated bookkeeping, invoice classification and approvals, fraud & risk management, reporting, and other applications (expense and auditing management, and tax and revenue filing). The fraud and risk management segment held a sizable share in 2021. The enterprise size segment is divided further into large enterprises and small-and-medium enterprises (SMEs). According to our research, the large enterprise segment will generate significant revenue in 2021, while the SMEs segment will grow rapidly in the coming years.

Artificial Intelligence in Accounting Market Regional Overview

The global artificial intelligence in accounting market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America generated the largest artificial intelligence in accounting market share. This is due to the presence of the maximum number of accounting and AI players in the region. As a result, countries like US and Canada receive greater attention while adopting new technologies. Meanwhile, the Asia-Pacific region is anticipated to achieve notable growth due to the rising awareness of artificial intelligence, growing emphasis on automating processes, and the presence of a significant amount of data in the region.

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Artificial Intelligence in Accounting Market Players

Prominent artificial intelligence in accounting companies covered globally includes AppZen, IBM, AWS, Bill.com, Deloitte, Botkeeper, EY, Hyper Anna, Kore.ai, Intuit, KPMG, Microsoft, Google, OneUp, Sage, OSP, SMACC, MindBridge Analytics, PwC, UiPath, YayPay, Vic.ai, and Xero.

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The Global Artificial Intelligence (AI) In Aviation Market accounted for USD 321.4 Million in 2020 with a considerable CAGR of 47.3% during the forecast period of 2021 to 2028.

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