Artificial Intelligence in Accounting Global Market Report 2024

The artificial intelligence in accounting market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $4.82 billion in 2024 at a compound annual growth rate (CAGR) of 48.6%. The growth observed in the historical period in the realm of artificial intelligence in accounting can be attributed to several key factors. These include the increasing adoption of automation in accounting processes, the expansion of big data utilization, advancements in machine learning technologies, the realization of cost and time savings through AI implementation, and the enhanced accuracy achieved by leveraging AI capabilities. These factors collectively contributed to the growth and development of AI applications in the accounting domain during the specified historical timeframe.

The artificial intelligence in accounting market size is expected to see exponential growth in the next few years. It will grow to $23.51 billion in 2028 at a compound annual growth rate (CAGR) of 48.6%. The anticipated growth in the forecast period for artificial intelligence in accounting is expected to be driven by various factors. These include the adoption of advanced data analytics, the prevalence of cloud-based accounting solutions, the integration of natural language processing (NLP), the provision of personalized financial advice, and enhancements in cybersecurity measures. Key trends expected during this period include the incorporation of explainable AI in financial reporting, the integration of blockchain technology, the use of continuous learning algorithms, facilitation of remote work, and a focus on ethical AI practices in the accounting sector. These trends collectively contribute to the evolving landscape of AI applications in accounting.

The expanding reliance on artificial intelligence (AI) is anticipated to be a significant catalyst for the growth of AI in the accounting market. Automation technology, which executes tasks with reduced human intervention, has gained prominence in accountancy industries. AI-powered accounting software facilitates data input and matching, streamlining processes to be faster, more precise, and less error-prone. This burgeoning dependence on AI is expected to drive the adoption of artificial intelligence in the accounting sector. For example, a report from the UK-based governmental body, the Department for Digital, Culture, Media & Sport (DCMS), revealed that approximately 2% of organizations were already testing AI in 2022. Furthermore, an estimated 10% of companies anticipate using at least one AI technology in the future, equating to around 62,000 to 292,000 firms. Notably, approximately 15% of all businesses, totaling 432,000 organizations, have implemented at least one AI technology. Therefore, the increasing reliance on AI is propelling the growth of artificial intelligence in the accounting market.

The surge in fraud and risk management practices is poised to propel the expansion of artificial intelligence in the accounting domain. Risk management involves systematically identifying, assessing, prioritizing, and mitigating risks to an organization's objectives. Fraud, encompassing various forms such as financial fraud, identity theft, cyber fraud, and internal fraud by employees, necessitates robust risk management strategies. In the AI in Accounting market, risk management focuses on identifying these risks, evaluating their potential impact, and implementing mitigation measures. For instance, a report from secureframe, a US-based automated compliance platform, indicates that nearly half (46%) of organizations plan to increase their investment in insider risk management programs by 2024. Consequently, the upsurge in fraud and risk management initiatives is propelling the growth of artificial intelligence in the accounting market.

Product innovation emerges as a pivotal trend gathering momentum in the landscape of artificial intelligence in accounting. Major industry players are intensively focused on pioneering new products to fortify their market positions. For instance, in May 2023, Ramp Business Corporation, a US-based finance automation provider, unveiled Ramp Intelligence - a suite of AI-driven financial tools. A distinctive feature of this product lies in its integration of GPT-4-powered solutions, featuring an accounting copilot, vendor price intelligence, automated accounting processes, and contract extraction and negotiation. These solutions offer automated visibility into business performance, significantly expedited and precise month-end closure procedures, transparent software pricing, and self-coding expenses, benefiting customers with streamlined financial operations.

Strategic partnerships represent another prominent trend gaining traction within the artificial intelligence in accounting market. Leading companies in this sector are actively forging alliances to fortify their market standings. For example, in July 2023, KPMG, a professional services network, and Microsoft announced a substantial expansion of their global relationship. This collaboration aims to reshape various business-critical areas, including workforce modernization, secure development practices, and the utilization of Artificial Intelligence (AI) solutions across client engagements and industries. The expanded alliance intends to enhance KPMG client engagements and elevate the employee experience in a manner that prioritizes responsibility, trustworthiness, and safety.

In September 2021, Silverfin, a Belgium-based cloud platform designed for accountants, successfully acquired Boltzmann, including its accounting industry solution, Ludwig Assistant. The acquisition, conducted for an undisclosed amount, involves the integration of the Boltzmann team into Silverfin. The collaboration aims to leverage advanced cloud technology to revolutionize the operations of accountancy firms globally. Boltzmann, a Belgium-based company specializing in artificial intelligence and machine learning, contributes its AI assistance platform, Ludwig Assistant, to enhance Silverfin's capabilities in the field of accountancy.

Major companies operating in the artificial intelligence in accounting market report are Microsoft Corporation, Amazon Web Services Inc., Xero Limited., Intuit Inc., Sage Group plc, OSP Labs Pvt. Ltd., UiPath Inc., Kore.AI Inc., AppZen Inc., YayPay Inc., International Business Machines Corporation, Google LLC, Ernst & Young Global Limited, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited.

North America was the largest region in the artificial intelligence in accounting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence in accounting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of artificial intelligence in accounting consist of solutions and services. A solution denotes a commercial outcome that delivers measurable value to the client, aiming to expedite data entry and analysis. Technologies such as machine learning (ML), deep learning, and natural language processing are employed in both cloud and on-premises deployment modes, catering to large enterprises as well as small and medium-sized enterprises (SMEs). The applications span automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, and others.

The artificial intelligence in accounting research report is one of a series of new reports that provides artificial intelligence in accounting market statistics, including the artificial intelligence in accounting industry's global market size, regional shares, competitors with artificial intelligence in accounting market share, detailed artificial intelligence in accounting market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in accounting industry. This artificial intelligence in accounting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Artificial intelligence in the accounting market consists of revenues earned by entities by providing services such as creating invoices, identifying patterns and anomalies, analyzing financial data, and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. Artificial intelligence in the accounting market also includes sales of chatbots, speech recognition software, speech-to-text and text-to-speech software, and related products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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