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

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

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 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 Compound Annual Growth Rate (CAGR) of 48.4% during the forecast period. 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 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 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.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the AI in accounting marketplace.

By Company: Tier II - 15%, Tier II - 42%, and Tier III – 43%
By Designation: C-Level Executives - 50%, Directors - 30%, and Others - 20%
By Region: North America - 40%, Europe - 20%, APAC - 30%, MEA - 5%, and Latin America - 5%

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 in-depth competitive analysis of these key players in the AI in accounting market, with their company profiles, recent developments, and key market strategies.

Research Coverage
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 study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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 subsegments. 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.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONS COVERED
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY CONSIDERED
      • Table UNITED STATES DOLLAR EXCHANGE RATE, 2016-2018
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET BREAKUP AND DATA TRIANGULATION
    • MARKET SIZE ESTIMATION
      • TOP-DOWN APPROACH
      • BOTTOM-UP APPROACH
    • MARKET FORECAST
      • Table FACTOR ANALYSIS
    • ASSUMPTIONS FOR THE STUDY
    • LIMITATIONS OF THE STUDY
  • EXECUTIVE SUMMARY
    • Table GLOBAL AI IN ACCOUNTING MARKET SIZE AND GROWTH RATE, 2017-2024 (USD MILLION, Y-O-Y %)
  • PREMIUM INSIGHTS
    • ATTRACTIVE MARKET OPPORTUNITIES IN THE AI IN ACCOUNTING MARKET
    • AI IN ACCOUNTING MARKET: TOP 3 APPLICATIONS
    • AI IN ACCOUNTING MARKET: BY REGION
    • AI IN ACCOUNTING MARKET IN NORTH AMERICA, BY APPLICATION AND DEPLOYMENT MODE
  • MARKET OVERVIEW AND INDUSTRY TRENDS
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • USE CASES
      • USE CASE: SCENARIO 1
      • USE CASE: SCENARIO 2
      • USE CASE: SCENARIO 3
      • USE CASE: SCENARIO 4
      • USE CASE: SCENARIO 5
      • USE CASE: SCENARIO 6
    • REGULATORY IMPLICATIONS
      • GENERAL DATA PROTECTION REGULATION
      • INTERNATIONAL FINANCIAL REPORTING STANDARDS
      • FEDERAL TRADE COMMISSION
      • INTERNATIONAL ORGANIZATION FOR STANDARDIZATION/INTERNATIONAL ELECTROTECHNICAL COMMISSION STANDARDS
  • AI IN ACCOUNTING MARKET, BY COMPONENT
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
    • SOLUTIONS
      • Table SOLUTIONS: AI IN ACCOUNTING MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • SOFTWARE TOOLS
      • PLATFORMS
    • SERVICES
      • Table SERVICES: AI IN ACCOUNTING MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • PROFESSIONAL SERVICES
      • MANAGED SERVICES
  • AI IN ACCOUNTING MARKET, BY DEPLOYMENT MODE
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
    • CLOUD
      • BENEFITS OF CLOUD-BASED SOLUTIONS TO DRIVE ITS ADOPTION IN THE AI IN ACCOUNTING MARKET
    • ON-PREMISES
      • DATA INTEGRITY AND SECURITY OFFERED BY ON-PREMISES SOLUTIONS TO DRIVE ITS ADOPTION IN THE AI IN ACCOUNTING
  • AI IN ACCOUNTING MARKET, BY TECHNOLOGY
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
    • MACHINE LEARNING AND DEEP LEARNING
      • GROWING DEMAND TO IDENTIFY PATTERNS, ANALYZE ACCOUNTING DATA, AND ENHANCE DECISION-MAKING TO DRIVE THE ADOPTION OF ML AND DEEP LEARNING IN THE AI IN ACCOUNTING MARKET
    • NATURAL LANGUAGE PROCESSING
      • SEVERAL FUNCTIONALITIES OF NATURAL LANGUAGE PROCESSING TO DRIVE ITS ADOPTION IN THE AI IN ACCOUNTING MARKET
  • AI IN ACCOUNTING MARKET, BY ENTERPRISE SIZE
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
    • LARGE ENTERPRISES
      • NEED TO MANAGE LARGE VOLUMES OF ACCOUNTING DATA BEING GENERATED FROM MULTIPLE BUSINESS UNITS AND TRANSACTIONS TO DRIVE THE ADOPTION OF THE AI IN ACCOUNTING MARKET IN LARGE ENTERPRISES
    • SMALL AND MEDIUM-SIZED ENTERPRISES
      • DEMAND FOR AUTOMATING MUNDANE ACCOUNTING TASKS TO OVERCOME THE LACK OF SKILLED WORKFORCE TO DRIVE THE ADOPTION OF THE AI IN ACCOUNTING MARKET IN SMALL AND MEDIUM-SIZED ENTERPRISES
  • AI IN ACCOUNTING MARKET, BY APPLICATION
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
    • AUTOMATED BOOKKEEPING
      • NEED TO AUTOMATE DATA COLLECTION, EFFICIENTLY HANDLE PAPERWORK, MINIMIZE INCONSISTENCIES, AND EXTRACT INSIGHTS TO SUPPORT ADVISORY TO DRIVE THE ADOPTION OF THE AI IN ACCOUNTING MARKET FOR THE AUTOMATED BOOKKEEPING APPLICATION
    • INVOICE CLASSIFICATION AND APPROVALS
      • 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
    • FRAUD AND RISK MANAGEMENT
      • INCREASING DATA RISKS AND THE NEED FOR ENHANCED DATA ACCURACY AND PROTECTION TO DRIVE THE ADOPTION OF THE AI IN ACCOUNTING MARKET
    • REPORTING
      • NEED TO ELIMINATE TIME-CONSUMING REPORTING TASKS AND COMPLY BY REGULATORY REQUIREMENTS TO DRIVE THE ADOPTION OF AI IN REPORTING APPLICATIONS
    • OTHERS
  • AI IN ACCOUNTING MARKET, BY REGION
    • INTRODUCTION
      • Table AI IN ACCOUNTING MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY SOLUTION, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table NORTH AMERICA: AI IN ACCOUNTING MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • UNITED STATES
      • CANADA
    • EUROPE
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY SOLUTION, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table EUROPE: AI IN ACCOUNTING MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • REST OF EUROPE
    • ASIA PACIFIC
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY SOLUTION, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table ASIA PACIFIC: AI IN ACCOUNTING MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • CHINA
      • JAPAN
      • INDIA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • MIDDLE EAST AND AFRICA
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY SOLUTION, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST: AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table MIDDLE EAST: AI IN ACCOUNTING MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • UNITED ARAB EMIRATES
      • SOUTH AFRICA
      • REST OF MIDDLE EAST AND AFRICA
    • LATIN AMERICA
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY COMPONENT, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY SOLUTION, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY SERVICE, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY DEPLOYMENT MODE, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY TECHNOLOGY, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY ENTERPRISE SIZE, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • Table LATIN AMERICA: AI IN ACCOUNTING MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
      • BRAZIL
      • MEXICO
      • REST OF LATIN AMERICA
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • INNOVATORS
      • DYNAMIC DIFFERENTIATORS
      • EMERGING COMPANIES
    • STRENGTH OF PRODUCT PORTFOLIO
    • BUSINESS STRATEGY EXCELLENCE
  • COMPANY PROFILES
    • INTRODUCTION
    • MICROSOFT
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • AWS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • XERO
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • INTUIT
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • SAGE
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • OSP
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • MNM VIEW
    • UIPATH
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • KORE.AI
      • BUSINESS OVERVIEW
      • SOLUTIONS AND SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • APPZEN
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • YAYPAY
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • IBM
    • GOOGLE
    • EY
    • DELOITTE
    • PWC
    • KPMG
    • SMACC
    • ONEUP
    • VIC.AI
    • HYPER ANNA
    • BOTKEEPER
    • MINDBRIDGE ANALYTICS
    • BILL.COM
  • APPENDIX
    • INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook