Dublin, Sept. 17, 2019 (GLOBE NEWSWIRE) -- The "Artificial Intelligence in Accounting Market by Component, Deployment Mode, Technology, Enterprise Size, Application (Automated Bookkeeping, Fraud and Risk Management, and Invoice Classification and Approvals), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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 CAGR of 48.4%.
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 report includes the study of the key players offering AI in accounting solutions and services. The major AI in accounting vendors 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), and Bill.com (US).
The study includes an in-depth competitive analysis of these key players in the AI in accounting market, with their company profiles, recent developments, and key market strategies.
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 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 the 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 the 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.
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.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall AI in accounting market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Artificial Intelligence in Accounting Market
4.2 Market Top 3 Applications
4.3 Market By Region
4.4 Market in North America, By Application and Deployment Mode
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Automate Accounting Processes
5.2.1.2 Need for Enhanced Data-Based Advisory and Decision-Making
5.2.2 Restraints
5.2.2.1 Lack of Skillsets and Resistance to Change
5.2.2.2 Untapped Potential of AI in Accounting
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Intelligent Accounting Processes
5.2.3.2 Growing Focus on Innovation for Integrating AI in Accounting
5.2.4 Challenges
5.2.4.1 High Criticality of Data Volume and Quality
5.2.4.2 Investment Related Issues With Integration of AI in Accounting
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.3.6 Use Case: Scenario 6
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 International Financial Reporting Standards
5.4.3 Federal Trade Commission
5.4.4 International Organization for Standardization/International Electrotechnical Commission Standards
5.4.4.1 ISO/IEC JTC 1
5.4.4.2 ISO/IEC JTC 1/SC 42
6 Artificial Intelligence in Accounting Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Software Tools
6.2.1.1 Growing Demand for Software Tools to Enable Easy Integration of AI in the Existing Accounting Architecture
6.2.2 Platforms
6.2.2.1 Platforms to Provide A Complete Foundation for Designing AI in Accounting Solutions in Various Applications
6.3 Services
6.3.1 Professional Services
6.3.1.1 Increase in Technicalities in the Deployment and Implementation of AI in Accounting Solutions to Drive the Demand for Professional Services
6.3.2 Managed Services
6.3.2.1 Growing Need for Organizations to Focus on Core Operations and Streamline Accounting Processes to Drive the Demand for Managed Services
7 Market By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Benefits of Cloud-Based Solutions to Drive Its Adoption in the Market
7.3 On-Premises
7.3.1 Data Integrity and Security Offered By On-Premises Solutions to Drive Its Adoption in the Market
8 Market By Technology
8.1 Introduction
8.2 Machine Learning and Deep Learning
8.2.1 Growing Demand to Identify Patterns, Analyze Accounting Data, and Enhance Decision-Making to Drive the Adoption of Ml and Deep Learning in the Market
8.3 Natural Language Processing
8.3.1 Several Functionalities of Natural Language Processing to Drive Its Adoption in the Market
9 Artificial Intelligence in Accounting Market, By Enterprise Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Need to Manage Large Volumes of Accounting Data Being Generated From Multiple Business Units and Transactions to Drive the Adoption of the Market in Large Enterprises
9.3 Small and Medium-Sized Enterprises
9.3.1 Demand for Automating Mundane Accounting Tasks to Overcome the Lack of Skilled Workforce to Drive the Adoption of the Market in Small and Medium-Sized Enterprises
10 Market By Application
10.1 Introduction
10.2 Automated Bookkeeping
10.2.1 Need to Automate Data Collection, Efficiently Handle Paperwork, Minimize Inconsistencies, and Extract Insights to Support Advisory to Drive the Adoption of the Market for the Automated Bookkeeping Application
10.3 Invoice Classification and Approvals
10.3.1 10.3.1 Analysis of Numerous Invoices and Contracts, While Ensuring Data Accuracy and Maintaining the Accounting Speed to Compel Organizations to Adopt AI in Accounting Solutions and Services
10.4 Fraud and Risk Management
10.4.1 Increasing Data Risks and the Need for Enhanced Data Accuracy and Protection to Drive the Adoption of the Market
10.5 Reporting
10.5.1 Need to Eliminate Time-Consuming Reporting Tasks and Comply By Regulatory Requirements to Drive the Adoption of AI in Reporting Applications
10.6 Others
11 Artificial Intelligence in Accounting Market By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Need to Automate Monotonous Accounting Processes and Support Enhanced Decision-Making to Fuel the Demand for AI in Accounting in the US
11.2.2 Canada
11.2.2.1 Government Push to Integrate AI in Business Processes to Boost the Adoption of AI in Accounting Solutions and Services in Canada
11.3 Europe
11.3.1 Germany
11.3.1.1 Strong Infrastructure and Highly Skilled Workforce to Boost Investments in AI in Accounting in Germany
11.3.2 United Kingdom
11.3.2.1 Government's Focus on Innovation and Research to Fuel the Adoption of AI in Accounting in the UK
11.3.3 France
11.3.3.1 Focus on R&D and Rapid Growth in AI in Accounting Startups to Drive the Growth of Market in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Development of Relevant Policies and Regulations to Shape the Growth of Market in China
11.4.2 Japan
11.4.2.1 Rapid Decline in Labor Force and Limited Arrival of Immigrants to Drive Automation of Mundane Tasks and Create Growth Potential for AI in Accounting in Japan
11.4.3 India
11.4.3.1 Government Push for the Adoption of AI By Businesses and the Need for Automation of Business Processes to Drive the Adoption of AI in Accounting in India
11.4.4 Australia
11.4.4.1 Increasing Investments, Industrial Developments, and Focus on Elimination of Middleman in Accounting to Drive the Adoption of AI in Accounting in Australia
11.4.5 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 United Arab Emirates
11.5.1.1 Implementation of UAE AI 2031 Strategy to Encourage Organizations to Adopt AI in Accounting Solutions and Services
11.5.2 South Africa
11.5.2.1 Focus on R&D and Government Initiatives to Boost the Growth of Market in South Africa
11.5.3 Rest of Middle East and Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Public and Private Sectors' Focus on the Development of AI to Drive the Adoption of AI in Accounting in Brazil
11.6.2 Mexico
11.6.2.1 Government Initiatives to Drive the Adoption of AI in Accounting in Mexico
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic Differentiators
12.2.4 Emerging Companies
12.3 Strength of Product Portfolio
12.4 Business Strategy Excellence
13 Company Profiles
13.1 Introduction
13.2 Microsoft
13.3 AWS
13.4 Xero
13.5 Intuit
13.6 Sage
13.7 OSP
13.8 UiPath
13.9 Kore.AI
13.1 AppZen
13.11 YayPay
13.12 IBM
13.13 Google
13.14 EY
13.15 Deloitte
13.16 PwC
13.17 KPMG
13.18 SMACC
13.19 OneUp
13.20 Vic.AI
13.21 Hyper Anna
13.22 Botkeeper
13.23 MindBridge Analytics
13.24 Bill.com
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