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.
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 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.
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.
Table of Contents
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
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
14 Appendix
14.1 Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Publisher's Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details
List of Tables
Table 1 United States Dollar Exchange Rate, 2016–2018
Table 2 Factor Analysis
Table 3 Global Artificial Intelligence in Accounting Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Market Size, By Component, 2017–2024 (USD Million)
Table 5 Solutions: Market Size By Type, 2017–2024 (USD Million)
Table 6 Services: Market Size By Type, 2017–2024 (USD Million)
Table 7 Artificial Intelligence in Accounting Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 8 Market Size By Technology, 2017–2024 (USD Million)
Table 9 Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 10 Market Size By Application, 2017–2024 (USD Million)
Table 11 Market Size By Region, 2017–2024 (USD Million)
Table 12 North America: Artificial Intelligence in Accounting Market Size, By Component, 2017–2024 (USD Million)
Table 13 North America: Market Size By Solution, 2017–2024 (USD Million)
Table 14 North America: Market Size By Service, 2017–2024 (USD Million)
Table 15 North America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 16 North America: Market Size By Technology, 2017–2024 (USD Million)
Table 17 North America: Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 18 North America: Market Size By Application, 2017–2024 (USD Million)
Table 19 North America: Market Size By Country, 2017–2024 (USD Million)
Table 20 Europe: Artificial Intelligence in Accounting Market Size, By Component, 2017–2024 (USD Million)
Table 21 Europe: Market Size By Solution, 2017–2024 (USD Million)
Table 22 Europe: Market Size By Service, 2017–2024 (USD Million)
Table 23 Europe: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 24 Europe: Market Size By Technology, 2017–2024 (USD Million)
Table 25 Europe: Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 26 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 27 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 28 Asia Pacific: Artificial Intelligence in Accounting Market Size, By Component, 2017–2024 (USD Million)
Table 29 Asia Pacific: Market Size By Solution, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size By Service, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size By Technology, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 35 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 36 Middle East and Africa: Artificial Intelligence in Accounting Market Size, By Component, 2017–2024 (USD Million)
Table 37 Middle East and Africa: Market Size By Solution, 2017–2024 (USD Million)
Table 38 Middle East and Africa: Market Size By Service, 2017–2024 (USD Million)
Table 39 Middle East and Africa: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 40 Middle East and Africa: Market Size By Technology, 2017–2024 (USD Million)
Table 41 Middle East and Africa: Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 42 Middle East: Market Size By Application, 2017–2024 (USD Million)
Table 43 Middle East: Market Size By Country, 2017–2024 (USD Million)
Table 44 Latin America: Artificial Intelligence in Accounting Market Size, By Component, 2017–2024 (USD Million)
Table 45 Latin America: Market Size By Solution, 2017–2024 (USD Million)
Table 46 Latin America: Market Size By Service, 2017–2024 (USD Million)
Table 47 Latin America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 48 Latin America: Market Size By Technology, 2017–2024 (USD Million)
Table 49 Latin America: Market Size By Enterprise Size, 2017–2024 (USD Million)
Table 50 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 51 Latin America: Market Size By Country, 2017–2024 (USD Million)
List of Figures
Figure 1 Artificial Intelligence in Accounting Market: Research Design
Figure 2 Market Top-Down and Bottom-Up Approaches
Figure 3 Market Snapshot By Component
Figure 4 Market Snapshot By Solution
Figure 5 Market Snapshot By Service
Figure 6 Market Snapshot By Deployment Mode
Figure 7 Market Snapshot By Technology
Figure 8 Market Snapshot By Enterprise Size
Figure 9 Market Snapshot By Application
Figure 10 Market Snapshot By Region
Figure 11 Growing Demand for Automation of Accounting Processes and the Need for Enhanced Data-Based Advisory and Decision Making to Drive the Overall Growth of the Artificial Intelligence in Accounting Market During the Forecast Period
Figure 12 Fraud and Risk Management Application to Grow at the Highest CAGR During the Forecast Period
Figure 13 North America to Hold the Highest Market Share in 2019
Figure 14 Automated Bookkeeping Application and Cloud Deployment Mode to Dominate the North American Market in 2019
Figure 15 Artificial Intelligence in Accounting Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 17 Platforms Segment to Grow at A Higher CAGR During the Forecast Period
Figure 18 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 19 Cloud Segment to Register A Higher CAGR as Compared to the On-Premises Segment During the Forecast Period
Figure 20 Natural Language Processing Segment to Register A Higher CAGR During the Forecast Period
Figure 21 Small and Medium-Sized Enterprises Segment to Register A Higher CAGR During the Forecast Period
Figure 22 Fraud and Risk Management Segment to Witness the Highest Growth Rate During the Forecast Period
Figure 23 North America to Hold the Largest Market Size During the Forecast Period
Figure 24 Australia AI in Accounting Market to Register the Highest CAGR Among All Countries During the Forecast Period
Figure 25 Asia Pacific AI in Accounting Market to Grow at the Highest CAGR During the Forecast Period
Figure 26 North America: Market Snapshot
Figure 27 Fraud and Risk Management Application in North America to have the Highest CAGR During the Forecast Period
Figure 28 Fraud and Risk Management Application in Europe to Grow at the Highest CAGR During the Forecast Period
Figure 29 Asia Pacific: Market Snapshot
Figure 30 Fraud and Risk Management Application to Grow at the Highest CAGR in Asia Pacific During the Forecast Period
Figure 31 Automated Bookkeeping Application to Register the Largest Market Size During Forecast Period
Figure 32 Fraud and Risk Management Application to Grow at the Highest CAGR in Latin America During the Forecast Period
Figure 33 AI in Accounting Market (Global) Competitive Leadership Mapping, 2018
Figure 34 Microsoft: Company Snapshot
Figure 35 Microsoft: SWOT Analysis
Figure 36 AWS: Company Snapshot
Figure 37 AWS: SWOT Analysis
Figure 38 Xero: Company Snapshot
Figure 39 Intuit: Company Snapshot
Figure 40 Sage: Company Snapshot
Companies Mentioned
- AppZen
- AWS
- Bill.Com
- Botkeeper
- Deloitte
- EY
- Hyper Anna
- IBM
- Intuit
- Kore.AI
- KPMG
- Microsoft
- MindBridge Analytics
- OneUp
- OSP
- PwC
- Sage
- SMACC
- UiPath
- Vic.AI
- Xero
- YayPay
Methodology
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