Artificial Intelligence (AI) is a digital computer or robot managed by a computer which
can perform a specific task without the intervention of human. Artificial
Intelligence is a game-changer in the domain of accounting and professional
service. AI is a powerful tool which utilized for analyzing and automated
low-level business functions. In accounting, AI automated all data managing and
process, since AI in accounting offers definitive results such as increased
productivity, decreased cost of operation and improved precision. AI assists
accounting profession and makes it valuable in the business process such as
monthly and quarterly procedure, auditing, expense management, etc. The
major driver propelling the artificial intelligence in accounting market growth is the increasing requirement
for automated processes in accounting and the escalated demand for data-based
advisory and decision making. In addition to this, the artificial intelligence in
accounting helps to propel efficiency of business and dive deep into client
data and offer real-time analysis to improve marketing which surges the demand
of artificial
intelligence in accounting. For example, Robotics Process Automation (RPA) minimizes
the time of audit and contractual processing from months to some weeks. Further,
it saves time by minimizing costs, which also surges the demand for AI in
accounting. On the other hand, the lack of skill set and rising concern about a
high volume of crucial data are the factors likely to restrain the artificial intelligence in accounting market growth.
Moreover,
the rising automation of accounting processes, to minimize human intervention
and resulting errors, is the key factor behind the exceptional increase of the
global artificial intelligence in accounting market. Furthermore, owing to
COVID-19 the complete Fintech sector had experienced a positive growth in the
market. The AI-powered accounting software demand surged as governments and
authorities across the world are promoting the usage of digital payments in
response to the pandemic. The work-from-home scenario made the digital payments
more popular, same in the adoption of telemedicine, online food delivery, teleconferencing
and telebanking.
The
global Artificial Intelligence in Accounting Market is segregated on the basis
of component as Software and Service. Based on Application the global Artificial
Intelligence in Accounting Market is segmented in Automated Bookkeeping, Invoice
Classification and Approvals, Fraud and Risk Management and Others. Based on Deployment
Mode the global Artificial Intelligence in Accounting Market is segmented in On-Cloud
and On-Premises. Based on Organization Size the global Artificial Intelligence
in Accounting Market is segmented in Small and Medium Enterprise and Large
Enterprise.
The
global Artificial Intelligence in Accounting Market report provides geographic
analysis covering regions, such as Europe, North America, Asia Pacific, and
Rest of The World. The Artificial Intelligence in Accounting Market for each
region is further segmented for major countries including the U.S., Canada,
Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa,
and others.
Competitive Analysis
Microsoft,
AWS, Xero, Intuit, Sage, OSP and others are among the major players in the
global Artificial Intelligence in Accounting Market. The companies studied in
terms of product strategy and various n several growth and expansion strategies
to gain a competitive edge in the market. The major players not only follow
value chain integration with business operations in multiple stages of the
value chain.
- In June
2019, Xero launched new product improvements to allow accountants and
bookkeepers to efficiently run their businesses. The company’s new products and
features consists a updated version of Xero App Marketplace and US collaboration
with Novo to build Xero’s presence in the financial web. This collaboration
would allow business owners to fast access to the financial data needed for
running businesses.
- In May
2019, Intuit acquired a developer of an advanced data integration, ingestion,
and analytics platform, Origami Logic. This acquisition is in line with the
company’s strategy to become an AI-driven expert platform. It would support the
company’s objective at streamlining data structures and architectures to create
opportunities.
- In March
2019, UiPath made a partnership with Bonitasoft, a provider of an open-source
platform for business process automation, to propel a new level of integration
of Robotic Process Automation (RPA) with Business Process Management (BPM). According
to this partnership, the two companies would be able to build pliable and strong
automation solutions, even when the basic application does not have an
Application program Interface (API).
The global Artificial Intelligence in Accounting
Market has been segmented as below:
Artificial
Intelligence in Accounting Market, By Component
Artificial
Intelligence in Accounting Market, By Application
- Automated Bookkeeping
- Invoice Classification and
Approvals
- Fraud and Risk Management
- Others
Artificial
Intelligence in Accounting Market, By Deployment Mode
Artificial
Intelligence in Accounting Market, By Organization Size
- Small and Medium Enterprise
- Large Enterprise
Artificial
Intelligence in Accounting Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Artificial
Intelligence in Accounting Market, By Company
- Stratasys, Ltd.
- Microsoft
- AWS
- Xero
- Intuit
- Sage
- OSP
- UiPath
- Kore.ai
- AppZen
- YayPay
- IBM
- Google
- EY
- Deloitte
- PwC
- KPMG
- SMACC
- OneUp
- Vic.ai
- Hyper Anna
- Botkeeper
- MindBridge Analytics
The
report covers the below scope:
- Global Artificial Intelligence in
Accounting Market sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global Artificial Intelligence in
Accounting Market trends, covering comprehensive range of consumer trends &
manufacturer trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global Artificial
Intelligence in Accounting Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The years
considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global Artificial Intelligence in Accounting
Market report scope includes detailed study covering underlying factors
influencing the industry trends. The report covers analysis on regional and
country level market dynamics. The scope also covers competitive overview
providing company market shares along with company profiles for major revenue
contributing companies. The report scope includes detailed competitive outlook
covering market shares and profiles key participants in the global Artificial
Intelligence in Accounting Market share. Major industry players with
significant revenue share include Microsoft, AWS, Xero, Intuit,
Sage, OSP and others.
Why to
Buy this Report:
- Gain detailed insights on the Artificial Intelligence in Accounting industry trends
- Find complete analysis on the
market status
- Identify the Artificial
Intelligence in Accounting Market opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement