WASHINGTON, April 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Artificial Intelligence In Accounting Market finds that the increase in need to automate the accounting process is expediting market growth. Primarily driven by the widespread of Covid-19 pandemic, the total Global Artificial Intelligence in Accounting Market is estimated to reach USD 16069.8 Million by the year 2028.
The Global Market valued at a revenue of USD 1,721.9 Million in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 45.10% in the forecast period.
Furthermore, the growing demand for intelligent accounting processes is also anticipated to augment the growth of the Global Artificial Intelligence in Accounting Market, states Vantage Market Research, in a report, titled “Artificial Intelligence In Accounting Market Size, Share & Trends Analysis Report by Component (Solutions, Software Tools, Platforms, Services), by Deployment mode (Cloud, On-premises), by Technology (Machine Learning (ML) and Deep Learning, NLP), by Enterprise (Large Enterprises, Small and Medium-sized Enterprises (SMEs), by Application (Automated Bookkeeping, Invoice Classification and Approvals, Fraud and Risk Management, Reporting), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increase in Need to Automate Accounting Processes to Fuel Global Artificial Intelligence in Accounting Market
The increasing need to automate accounting processes is expected to fuel the growth of the Artificial Intelligence In Accounting Market during the forecast period. Automation the accounting process needs using software to automate essential tasks that are associated with finance and accounting. These tasks include accounts reconciliation, updating financial records, and creating financial statements, among others. Some of the benefits of using accounting automation are better data integrity, that is the human errors are reduced. Automation further leads to improved efficiency and speedier approvals along with fast customer payments, too. The integration of AI in accounting increases the productivity and output quality with greater transparency and auditability and also provides numerous opportunities and minimizes the traditional time-consuming responsibilities. Additionally, AI also helps in predicting accurate financial statements. With machine learning (ML), the investment professionals can predict future trends based on historical data and provide valuable insights which are also expected to contribute to the demand for artificial intelligence in accounting.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Artificial Intelligence in Accounting market is predicted to grow at a CAGR of roughly 45.10% during the forecast period.
- The Artificial Intelligence in Accounting market was estimated to be worth roughly USD 1,721.9 Million in 2021 and is expected to reach USD 16069.8 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Artificial Intelligence in Accounting market.
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Segmentation of Artificial Intelligence In Accounting Market:
- Component
- Solutions
- Software Tools
- Platforms
- Services
- Professional Services
- Managed Services
- Deployment mode
- Cloud
- On- Premises
- Technology
- Machine Learning (ML) and Deep Learning
- NLP
- Enterprise
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Application
- Automated Bookkeeping
- Invoice Classification and Approvals
- Fraud and Risk Management
- Reporting
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Widespread of Covid-19 Pandemic to Augment Market Growth
Owing to the COVID-19 pandemic, the overall Fintech industry witnessed a positive growth in the market. In response to the pandemic, as governments and authorities across the globe are encouraging the use of digital payments, the AI-based accounting software demand witnessed a significant increase. Further, due to the lockdown and work-from-home trend, the digital payments use increased and became more popular, as is the adoption of telemedicine, teleconferencing, online food delivery, and telebanking. This further is expected to leverage the adoption of artificial intelligence in the accounting process. However, the lack of skill sets and resistance to change along with high criticality of data volume and quality is expected to hamper the growth of the market. Moreover, growing focus on innovation for integrating AI in accounting is expected to create immense opportunities for the growth of the market in near future.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT & telecom industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Artificial Intelligence in Accounting Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Artificial Intelligence In Accounting Market
North America has dominated the Global Artificial Intelligence In Accounting Market in 2021 and is likely to continue the same trend during the forecast period. The U.S. dominated the North America region in 2021. This is attributable to the increasing initiatives by the government for the adoption of advanced technologies, like artificial intelligence, machine learning, and natural language processing in the region. Furthermore, the presence of AI-based solution providers in this region are continuously focusing on research and development of advanced AI-based accounting solutions which is also anticipated to support the regional growth of the market.
List of Prominent Players in the Artificial Intelligence in Accounting Market:
- Microsoft (US)
- AWS (US)
- Xero (New Zealand)
- Intuit (US)
- Sage (England)
- OSP (US)
- UiPath (US)
- Kore.ai (US)
- App Zen (US)
- Yay Pay (US)
- IBM (US)
- Google (US)
- EY (UK)
- Deloitte (US)
- PwC (UK)
- KPMG (Netherlands)
- SMACC (Germany)
- One Up (US)
- Vic.ai (US)
- Hyper Anna (Australia)
- Bot keeper (US)
- Mind Bridge Analytics (Canada)
- Bill.com (US)
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Artificial Intelligence In Accounting Market Size, Share & Trends Analysis Report by Component (Solutions, Software Tools, Platforms, Services), by Deployment mode (Cloud, On-premises), by Technology (Machine Learning (ML) and Deep Learning, NLP), by Enterprise (Large Enterprises, Small and Medium-sized Enterprises (SMEs), by Application (Automated Bookkeeping, Invoice Classification and Approvals, Fraud and Risk Management, Reporting), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/artificial-intelligence-in-accounting-market-812208
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Artificial Intelligence in Accounting Market?
- How will the Artificial Intelligence in Accounting Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Artificial Intelligence in Accounting Market?
- What is the Artificial Intelligence in Accounting market drivers and restrictions?
- What will be the CAGR and size of the Artificial Intelligence in Accounting Market throughout the forecast period?
Recent Developments:
July, 2021: Bot keeper announced to partner with Vic.ai to evolve accounting automation. This new module will provide accountants and firms a unified, faster, more intelligent, and advanced autonomous Accounts Payable (AP) solution integrated with their GL and bill pay systems, all from within the Bot keeper Operating System.
August, 2021: Nexelus released their much-anticipated cloud-based solution, apworks.ai. This game-changing product addresses the manual practice and high cost of Accounts Payable processing; using artificial intelligence and machine learning technology to automate and simplify the payables process for operations and finance teams in any business sector.
This market titled “Artificial Intelligence in Accounting Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Component • Solutions • Software Tools • Platforms • Services • Professional Services • Managed Services • Deployment mode • Cloud • On- Premises • Technology • Machine Learning (ML) and Deep Learning • NLP • Enterprise • Large Enterprises • Small and Medium-sized Enterprises (SMEs) • Application • Automated Bookkeeping • Invoice Classification and Approvals • Fraud and Risk Management • Reporting • Others • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Microsoft (US) • AWS (US) • Xero (New Zealand) • Intuit (US) • Sage (England) • OSP (US) • UiPath (US) • Kore.ai (US) • App Zen (US) • Yay Pay (US) • IBM (US) • Google (US) • EY (UK) • Deloitte (US) • PwC (UK) • KPMG (Netherlands) • SMACC (Germany) • One Up (US) • Vic.ai (US) • Hyper Anna (Australia) • Bot keeper (US) • Mind Bridge Analytics (Canada) • Bill.com (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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