Artificial Intelligence in Accounting Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The ability of artificial intelligence (AI) to learn and adapt accordingly has brought it to the fore today. As AI not just acts without human intervention but also pulls accurate outcomes from a large amount of data, it is much more beneficial for data-driven industries, such as accounting and finances. While the demand for AI is increasing manifolds in digital marketing and finance, the accounting market is also reporting its widespread usage in their applications.

MARKET SCOPE

The "Global Artificial Intelligence in Accounting Market Analysis to 2031" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the artificial intelligence in accounting market with detailed market segmentation by component, technology, deployment, organization size, application and geography. The report provides key statistics on the market status of the leading artificial intelligence in accounting market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on component, the global artificial intelligence in accounting market is segmented into solution, services
  
•   On the basis of technology, the market is segmented into natural language processing, machine learning and deep learning
  
•   Based on deployment, the market is bifurcated into cloud, on-premise
  
•   Based on organization size, the market is bifurcated into large enterprises, small and medium-sized enterprises
  
•   Based on application, the market is bifurcated into automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, others
  

MARKET DYNAMICS

Drivers:

•   Growing Need to Automate Accounting Processes.
  
•   Need for Enhanced Data-Based Advisory and Decision-Making.
  

Restraints

•   Lack of Skillsets and Resistance to Change
  
•   Untapped Potential of AI in Accounting
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The artificial intelligence in accounting market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the artificial intelligence in accounting market in these regions.

IMPACT OF COVID-19 ON ARTIFICIAL INTELLIGENCE IN ACCOUNTING MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the artificial intelligence in accounting market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from artificial intelligence in accounting market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the artificial intelligence in accounting market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   AppZen, Inc.
  
•   Bill.com, LLC
  
•   IBM Corporation
  
•   Intuit Inc.
  
•   Kore.ai, Inc.
  
•   Microsoft Corporation
  
•   UiPath
  
•   Vic.ai, Inc.
  
•   Xero Limited
  
•   Yaypay Inc.
  
  

The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Artificial Intelligence in Accounting Report Scope