Global Artificial Intelligence In Accounting Market Is Anticipated To Reach Around USD 7,085 Million By 2025

07-Oct-2019 | Zion Market Research

Zion Market Research  has published a new report titled “Artificial Intelligence in Accounting Market By Component (Services and Solutions), By Deployment Mode (Cloud and On-Premises), By Technology (Natural Language Processing and Machine Learning & Deep Learning), By Enterprise Size (Large Enterprises and SMEs), and By Application (Invoice Classification & Approvals, Automated Bookkeeping, Reporting, Fraud & Risk Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global artificial intelligence in accounting market was USD 450 million in 2018 and is expected to reach around USD 7,085 million by 2025, at a CAGR of approximately 48% between 2019 and 2025.

Artificial Intelligence (AI) can prove to be a powerful tool in the future. AI will be implemented in almost every sector, as it provides accurate outputs that are far superior to human efforts. AI technology allows computers to perform tasks using machine-based learning.

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Browse the full “Artificial Intelligence in Accounting Market By Component (Services and Solutions), By Deployment Mode (Cloud and On-Premises), By Technology (Natural Language Processing and Machine Learning & Deep Learning), By Enterprise Size (Large Enterprises and SMEs), and By Application (Invoice Classification & Approvals, Automated Bookkeeping, Reporting, Fraud & Risk Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/artificial-intelligence-in-accounting-market

The artificial intelligence in accounting market will grow due to the rising need for automation in accounting processes, which will eventually support the decision-making and enhanced data-based advisory. Integration of AI with accounting to automate mundane and repetitive tasks and reduce accounting variations will also prove to be beneficial for the artificial intelligence in accounting market in the upcoming years. The technology holds the potential to bring the accounting process at ease, which would include invoice classification, bookkeeping, reporting, contract interpretation, tax and revenue filing, cost auditing and management, and fraud detection. NLP and ML algorithms can draw business insights from both structured and unstructured data. AI can also improve fraud detection via more advanced machine languages models, which will enable better prediction of fraudulent activities. However, rising concerns over criticality of data quality and volume and issues related to investments with the help of AI in accounting may curtail the artificial intelligence in accounting market.

Global Artificial Intelligence in Accounting Market

On the basis of technology, the artificial intelligence in accounting market includes natural language processing and machine learning and deep learning. NLP will hold a significant share in the future, owing to its ability to understand human language/speech, as without it would be difficult to implement voice control on different systems deprived of NLP. It not only allows users to integrate voice understanding into sensors and devices but also provides localization features that lead to creative translation. NLP includes information extraction, machine translation, question answering, report generation, and identifying a user’s intent.  By component, the artificial intelligence in accounting market includes services and solutions. Services will hold a noteworthy share over the forecast period, owing to the rising deployment of AI in accounting tools, which will enhance the demand for pre-deployment and post-deployment services.

The Asia Pacific is anticipated hold a significant share in the artificial intelligence in accounting market over the forecast period, owing to the rising investments and funding, a growing number of startups, and increasing government focus on data compliances and regulations. Moreover, rapid growth in the economies of Japan, China, India, and Australia are implementing artificial intelligence solutions in the accounting processes to allocate human resources for different tasks and ensure data consistency. Moreover, the organizations operating in the Asia Pacific would gain from policies for industrialization and globalization, flexible economic conditions, and growing digitalization.

Some major players of the artificial intelligence in accounting market include AWS, Microsoft, Intuit, Xero, Sage, UiPath, OSP, AppZen, Kore.ai, IBM, and YayPay.

This report segments the global artificial intelligence in accounting market into:

Global Artificial Intelligence in Accounting Market: By Component

  • Services
    • Professional Services
    • Managed Services
  • Solutions
    • Software Tools
    • Enterprise Sizes

Global Artificial Intelligence in Accounting Market: By Deployment Mode

  • Cloud
  • On-Premises

Global Artificial Intelligence in Accounting Market: By Technology

  • Natural Language Processing
  • Machine Learning and Deep Learning

Global Artificial Intelligence in Accounting Market: By Enterprise Size

  • Large Enterprises
  • SMEs

Global Artificial Intelligence in Accounting Market: By Application

  • Invoice Classification and Approvals
  • Automated Bookkeeping
  • Reporting
  • Fraud and Risk Management
  • Others

Global Artificial Intelligence in Accounting Market: By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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