The Artificial Intelligence in Accounting Market

Artificial Intelligence (AI) is a digital computer or robot managed by a computer which can perform a specific task without the intervention of human. Artificial Intelligence is a game-changer in the domain of accounting and professional service. AI is a powerful tool which utilized for analyzing and automated low-level business functions. In accounting, AI automated all data managing and process, since AI in accounting offers definitive results such as increased productivity, decreased cost of operation and improved precision. AI assists accounting profession and makes it valuable in the business process such as monthly and quarterly procedure, auditing, expense management, etc. The major driver propelling the artificial intelligence in accounting market growth is the increasing requirement for automated processes in accounting and the escalated demand for data-based advisory and decision making. In addition to this, the artificial intelligence in accounting helps to propel efficiency of business and dive deep into client data and offer real-time analysis to improve marketing which surges the demand of artificial intelligence in accounting. For example, Robotics Process Automation (RPA) minimizes the time of audit and contractual processing from months to some weeks. Further, it saves time by minimizing costs, which also surges the demand for AI in accounting. On the other hand, the lack of skill set and rising concern about a high volume of crucial data are the factors likely to restrain the artificial intelligence in accounting market growth.

Moreover, the rising automation of accounting processes, to minimize human intervention and resulting errors, is the key factor behind the exceptional increase of the global artificial intelligence in accounting market. Furthermore, owing to COVID-19 the complete Fintech sector had experienced a positive growth in the market. The AI-powered accounting software demand surged as governments and authorities across the world are promoting the usage of digital payments in response to the pandemic. The work-from-home scenario made the digital payments more popular, same in the adoption of telemedicine, online food delivery, teleconferencing and telebanking.

The global Artificial Intelligence in Accounting Market is segregated on the basis of component as Software and Service. Based on Application the global Artificial Intelligence in Accounting Market is segmented in Automated Bookkeeping, Invoice Classification and Approvals, Fraud and Risk Management and Others. Based on Deployment Mode the global Artificial Intelligence in Accounting Market is segmented in On-Cloud and On-Premises. Based on Organization Size the global Artificial Intelligence in Accounting Market is segmented in Small and Medium Enterprise and Large Enterprise.

The global Artificial Intelligence in Accounting Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence in Accounting Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Microsoft, AWS, Xero, Intuit, Sage, OSP and others are among the major players in the global Artificial Intelligence in Accounting Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In June 2019, Xero launched new product improvements to allow accountants and bookkeepers to efficiently run their businesses. The company’s new products and features consists a updated version of Xero App Marketplace and US collaboration with Novo to build Xero’s presence in the financial web. This collaboration would allow business owners to fast access to the financial data needed for running businesses.
• In May 2019, Intuit acquired a developer of an advanced data integration, ingestion, and analytics platform, Origami Logic. This acquisition is in line with the company’s strategy to become an AI-driven expert platform. It would support the company’s objective at streamlining data structures and architectures to create opportunities.
• In March 2019, UiPath made a partnership with Bonitasoft, a provider of an open-source platform for business process automation, to propel a new level of integration of Robotic Process Automation (RPA) with Business Process Management (BPM). According to this partnership, the two companies would be able to build pliable and strong automation solutions, even when the basic application does not have an Application program Interface (API).

The global Artificial Intelligence in Accounting Market has been segmented as below:

Artificial Intelligence in Accounting Market, By Component

• Software
• Service

Artificial Intelligence in Accounting Market, By Application

• Automated Bookkeeping
• Invoice Classification and Approvals
• Fraud and Risk Management
• Others

Artificial Intelligence in Accounting Market, By Deployment Mode

• On-Cloud
• On-Premises

Artificial Intelligence in Accounting Market, By Organization Size

• Small and Medium Enterprise
• Large Enterprise

Artificial Intelligence in Accounting Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Artificial Intelligence in Accounting Market, By Company

• Stratasys, Ltd.
• Microsoft
• AWS
• Xero
• Intuit
• Sage
• OSP
• UiPath
• Kore.ai
• AppZen
• YayPay
• IBM
• Google
• EY
• Deloitte
• PwC
• KPMG
• SMACC
• OneUp
• Vic.ai
• Hyper Anna
• Botkeeper
• MindBridge Analytics

The report covers the below scope:

• Global Artificial Intelligence in Accounting Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Artificial Intelligence in Accounting Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Artificial Intelligence in Accounting Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Artificial Intelligence in Accounting Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence in Accounting Market share. Major industry players with significant revenue share include Microsoft, AWS, Xero, Intuit, Sage, OSP and others.

Why to Buy this Report:

• Gain detailed insights on the Artificial Intelligence in Accounting industry trends
• Find complete analysis on the market status
• Identify the Artificial Intelligence in Accounting Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

1.      Introduction

1.1.       Key Points

1.2.      Report Description

1.3.      Markets Covered

1.4.      Stakeholders

2.     Research Methodology

2.1.      Research Scope

2.2.     Research Methodology

2.2.1.     Market Research Process

2.2.2.    Research Methodology

2.2.2.1.           Secondary Research

2.2.2.2.          Primary Research

2.2.2.3.          Models for Estimation

2.3.     Market Size Estimation

2.3.1.     Bottom-Up Approach

2.3.2.    Top-Down Approach

3.     Executive Summary

4.    Market Overview

4.1.      Introduction

4.2.     Drivers

4.3.     Restraints

4.4.     Opportunities

4.5.     Challenges

5.     Artificial Intelligence in Accounting Market, By Component

5.1.      Key Points

5.2.  Software

5.3.  Service

6.    Artificial Intelligence in Accounting Market, By Application

6.1.      Key Points

6.2. Automated Bookkeeping

6.3. Invoice Classification and Approvals

6.4. Fraud and Risk Management

6.5.  Others

7.     Artificial Intelligence in Accounting Market, By Deployment Mode

7.1.      Key Points

7.2.  On-Cloud

7.3.  On-Premises

8.    Artificial Intelligence in Accounting Market, By Organization Size

8.1.      Key Points

8.2. Small and Medium Enterprise

8.3. Large Enterprise

9.    Competitive Landscape

9.1.      Introduction

9.2.     Start-up companies- Artificial Intelligence in Accounting Market

9.3.     Recent Developments

9.3.1.     Mergers & Acquisitions

9.3.2.    New Product Developments

9.3.3.    Portfolio/Production Capacity Expansions

9.3.4.    Joint Ventures, Collaborations, Partnerships & Agreements

9.3.5.     Others

10.            Company Profile

10.1. Microsoft

10.2.    AWS

10.3.    Xero

10.4.    Intuit

10.5.    Sage

10.6.    OSP

10.7.     UiPath

10.8.    Kore.ai

10.9.    AppZen

10.10.YayPay

10.11.  IBM

10.12. Google

10.13. EY

10.14. Deloitte

10.15. PwC

10.16. KPMG

10.17. SMACC

10.18.OneUp

10.19. Vic.ai

10.20.    Hyper Anna

10.21.      Botkeeper

10.22.     MindBridge Analytics