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Artificial Intelligence in Accounting Market Worth $4,791 Million by 2024 - Exclusive Report by MarketsandMarkets™

MarketsandMarkets

News provided by

MarketsandMarkets

Jul 31, 2019, 10:30 ET

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CHICAGO, July 31, 2019 /PRNewswire/ -- According to a new market research report, "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", published by MarketsandMarkets™, the global the Artificial Intelligence (AI) in Accounting Market 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 major factors driving the growth of AI in accounting market include the growing need to automate accounting processes and the need for enhanced data-based advisory and decision making.

Browse in-depth TOC on "Artificial Intelligence in Accounting Market" 
50 – Tables
42 – Figures   
140 – Pages        

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=122034791

Services segment to grow at a higher CAGR during the forecast period

The AI in accounting market has been segmented based on components into 2 categories: solutions and services. The solutions segment is estimated to hold a larger market size, which is driven by the ease of integrating pre-built solutions with existing accounting infrastructure. The growing number of innovations and partnerships in the accounting sector and the focus on automating repetitive accounting processes to enhance efficiency, are also the factors contributing to the adoption. The growth of the services segment can be attributed to the increasing deployment of AI in accounting software tools and solutions, which is leading to increased demand for pre- and post-deployment services.

Fraud and risk management application to grow at the highest CAGR during forecast period

The use of AI in accounting is increasing rapidly in the fraud and risk management application, owing to increasing data related financial frauds and the need for enhanced data accuracy and protection. This technology has the capability to handle and evaluate unstructured data and identify threats. Natural Language Processing (NLP) uses advanced algorithms to analyze text to derive insights and sentiment from unstructured data.

North America to hold the largest market size during forecast period

North America is a major revenue generating region for the Artificial Intelligence in Accounting Market. The region is considered the most advanced region in terms of technology adoption and infrastructure. The wide presence of key industry players offering AI in accounting solutions and services is the key driving factor for the growth of the AI in accounting market. Enterprises in the region are leveraging AI, Internet of Things (IoT), and Machine Learning (ML) and deep learning technologies in their business processes to gain a competitive edge in the market. Accounting departments and firms in the region are automating tedious and repetitive processes to make their work easier and optimizing the efficiency of financial processes. Some of the significant application areas where the North American AI in accounting vendors' focus would be, is looking forward to including fraud and risk management, invoice classification and approvals, and automated bookkeeping applications.

Speak to Our Research Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=122034791

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).

Browse Adjacent Markets: Analytics Market Research Reports & Consulting   

Browse Related Reports:

AI in Fintech Market by Component (Solution, Service), Application Area (Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics), Deployment Mode (Cloud, On-Premises), and Region - Global forecast to 2022

https://www.marketsandmarkets.com/Market-Reports/ai-in-fintech-market-34074774.html

Artificial Intelligence as a Service Market by Service Type (Software Tools and Services), Technology (Machine Learning and Deep Learning, and Natural Language Processing), Organization Size, Vertical, and Region - Global Forecast 2023

https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-ai-as-a-service-market-121842268.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/artificial-intelligence-in-accounting-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/artificial-intelligence-in-accounting.asp

SOURCE MarketsandMarkets

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