AI in the bookkeeping market - Forecasts from 2024 to 2029

The AI in the bookkeeping market is expected to grow at a CAGR of 43.26%, reaching a market size of US$24.645 billion in 2029 from US$8.463 billion in 2024.

Artificial intelligence (AI) in bookkeeping is referred to as the employment of AI technology to streamline and enhance many aspects of accounting and bookkeeping work by removing human involvement. These technologies leverage machine learning (ML), natural language processing (NLP), and other AI technologies for financial data analysis, transaction categorization, account reconciliation, report generation, and other routine bookkeeping functions. Moreover, AI can be of help in modern bookkeeping practices: automated data entry, transaction screening, reconciliation, and generation of financial statements. AI-equipped programs are capable of receiving and processing costs-related documents such as receipts or invoices, thus eliminating the need to input such data manually.

In universities, AI can provide insight into transaction data to classify expenditure, income, and any other entries into their appropriate categories for easy financial management. AI systems that carry out reconciliations can compare transactions in billing records, bank statements, and general ledgers to find differences and resolve them. AI can also prepare and customize financial or business activity reports according to the user’s specifications by forecasting cash flow, net income, or other essential ratios.

AI in the bookkeeping market drivers

Increasing automation demand is contributing to AI in the bookkeeping market growth

Automation optimizes entry and bookkeeping procedures by reducing the extent of involvement by personnel in registering, sorting, and matching operations. AI-driven systems may perform repetitive tasks faster and more accurately than humans, saving time and increasing production. AP AUTONOMY increases team efficiency by enabling faster and more accurate invoice processing than traditional accounting automation products based on templates and rules. AI-based AP Autonomy transforms outdated Optical Character Recognition systems and rule-based methods to automate processes with a quicker and more precise solution.

In general, the increasing need for automation is leading to more applications of Artificial Intelligence in accounting as companies are looking for efficiency in processes, cost reduction, improved precision, and effective utilization of financial data.

Geographical outlooks of AI in the bookkeeping market:

North America is witnessing exponential growth during the forecast period

The region is acclaimed for technical advancements, especially in the United States. This is because of the region's numerous digital enterprises and research centers and Vic.ai, Bill, Docyt AI, and Zoho’s subsidiaries - DORA, rent, and outsource- which provide a wide array of bookkeeping solutions.

However, most North American corporations, especially large companies and modern startups, are the first to implement the technologies including Artificial Intelligence. They understand the possible advantages of AI in attaining high efficiency, accuracy, and cost-effectiveness in bookkeeping processes, hence the increase in the investment aimed at AI-enhanced solutions. It is important to note that this region holds a significant share of the AI bookkeeping market because it effectively leverages the technology. Additionally, this area is a hub for most innovations in financial processes.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The AI in the bookkeeping market is analyzed into the following segments:

By Organizational Size

• Small-size organization
• Medium-size organization
• Large-size organization

By Deployment

• Cloud
• On-Premise

By Application

• Machine learning
• Invoice Classification and Approval Source
• Compare employee expense reports
• Track changes in prices
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others