Artificial Intelligence in Accounting Market, 2024 - Focus on Automated Bookkeeping, Fraud and Risk Management, and Invoice Classification and Approvals
DUBLIN, Aug. 7, 2019 /PRNewswire/ -- 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.
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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%
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.
AI in accounting is the integration of AI technologies with accounting functionalities to automate repetitive and mundane tasks, reduce accounting inconsistencies, and transition the accountants into advisory roles.
The technology has the potential to ease the accounting processes, such as bookkeeping, invoice classification and approvals, contract interpretation, reporting, tax and revenue filing, fraud detection, and expense auditing and management. ML and NLP algorithms can fetch critical business insights from a huge amount of structured and unstructured accounting data. AI can also enhance fraud detection through more sophisticated ML models and enable better prediction of fraudulent activities.
Acquisitions, partnerships, new product developments, and product enhancements are some of the key strategies implemented by the major vendors in the AI in accounting market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Artificial Intelligence in Accounting Market
4.2 Market Top 3 Applications
4.3 Market By Region
4.4 Market in North America, By Application and Deployment Mode
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Automate Accounting Processes
5.2.1.2 Need for Enhanced Data-Based Advisory and Decision-Making
5.2.2 Restraints
5.2.2.1 Lack of Skillsets and Resistance to Change
5.2.2.2 Untapped Potential of AI in Accounting
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Intelligent Accounting Processes
5.2.3.2 Growing Focus on Innovation for Integrating AI in Accounting
5.2.4 Challenges
5.2.4.1 High Criticality of Data Volume and Quality
5.2.4.2 Investment Related Issues With Integration of AI in Accounting
5.3 Use Cases
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 International Financial Reporting Standards
5.4.3 Federal Trade Commission
5.4.4 International Organization for Standardization/International Electrotechnical Commission Standards
5.4.4.1 ISO/IEC JTC 1
5.4.4.2 ISO/IEC JTC 1/SC 42
6 Artificial Intelligence in Accounting Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Software Tools
6.2.1.1 Growing Demand for Software Tools to Enable Easy Integration of AI in the Existing Accounting Architecture
6.2.2 Platforms
6.2.2.1 Platforms to Provide A Complete Foundation for Designing AI in Accounting Solutions in Various Applications
6.3 Services
6.3.1 Professional Services
6.3.1.1 Increase in Technicalities in the Deployment and Implementation of AI in Accounting Solutions to Drive the Demand for Professional Services
6.3.2 Managed Services
6.3.2.1 Growing Need for Organizations to Focus on Core Operations and Streamline Accounting Processes to Drive the Demand for Managed Services
7 Market By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Benefits of Cloud-Based Solutions to Drive Its Adoption in the Market
7.3 On-Premises
7.3.1 Data Integrity and Security Offered By On-Premises Solutions to Drive Its Adoption in the Market
8 Market By Technology
8.1 Introduction
8.2 Machine Learning and Deep Learning
8.2.1 Growing Demand to Identify Patterns, Analyze Accounting Data, and Enhance Decision-Making to Drive the Adoption of Ml and Deep Learning in the Market
8.3 Natural Language Processing
8.3.1 Several Functionalities of Natural Language Processing to Drive Its Adoption in the Market
9 Artificial Intelligence in Accounting Market, By Enterprise Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Need to Manage Large Volumes of Accounting Data Being Generated From Multiple Business Units and Transactions to Drive the Adoption of the Market in Large Enterprises
9.3 Small and Medium-Sized Enterprises
9.3.1 Demand for Automating Mundane Accounting Tasks to Overcome the Lack of Skilled Workforce to Drive the Adoption of the Market in Small and Medium-Sized Enterprises
10 Market By Application
10.1 Introduction
10.2 Automated Bookkeeping
10.2.1 Need to Automate Data Collection, Efficiently Handle Paperwork, Minimize Inconsistencies, and Extract Insights to Support Advisory to Drive the Adoption of the Market for the Automated Bookkeeping Application
10.3 Invoice Classification and Approvals
10.3.1 10.3.1 Analysis of Numerous Invoices and Contracts, While Ensuring Data Accuracy and Maintaining the Accounting Speed to Compel Organizations to Adopt AI in Accounting Solutions and Services
10.4 Fraud and Risk Management
10.4.1 Increasing Data Risks and the Need for Enhanced Data Accuracy and Protection to Drive the Adoption of the Market
10.5 Reporting
10.5.1 Need to Eliminate Time-Consuming Reporting Tasks and Comply By Regulatory Requirements to Drive the Adoption of AI in Reporting Applications
10.6 Others
11 Artificial Intelligence in Accounting Market By Region
Company Profiles
-- AppZen
-- AWS
-- Bill.Com
-- Botkeeper
-- Deloitte
-- EY
-- Google
-- Hyper Anna
-- IBM
-- Intuit
-- Kore.AI
-- KPMG
-- Microsoft
-- MindBridge Analytics
-- OneUp
-- OSP
-- PwC
-- Sage
-- SMACC
-- UiPath
-- Vic.AI
-- Xero
-- YayPay
For more information about this report visit https://www.researchandmarkets.com/r/81k0mw
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