DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 CAGR of 48.4%
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.
- Growing Need to Automate Accounting Processes
- Need for Enhanced Data-Based Advisory and Decision-Making
- Lack of Skillsets and Resistance to Change
- Untapped Potential of AI in Accounting
- Increasing Demand for Intelligent Accounting Processes
- Growing Focus on Innovation for Integrating AI in Accounting
- High Criticality of Data Volume and Quality
- Investment Related Issues With Integration of AI in Accounting
- General Data Protection Regulation
- International Financial Reporting Standards
- Federal Trade Commission
- International Organization for Standardization/International Electrotechnical Commission Standards
- ISO/IEC JTC 1
- ISO/IEC JTC 1/SC 42
- Hyper Anna
- MindBridge Analytics
For more information about this report visit https://www.researchandmarkets.com/r/6g7mqp