Global Artificial Intelligence in Accounting Market (2021-2026) by Component, Technology, Application, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Artificial Intelligence in Accounting Market (2021-2026) by Component, Technology, Application, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Introduction

The Global Artificial Intelligence in Accounting Market is estimated to be USD 1.8 Bn in 2021 and is expected to reach USD 6.84 Bn by 2026, growing at a CAGR of 30.6 %.

Market Dynamics

The market growth can be attributed to the growing demand for the computerized accounting process for quick and precise results. In addition, the increasing need to analyze big data, complex calculations, optimize workflow in the finance sector have fuelled the market growth. The augmented demand for AI in accounting in the financial industry is principally due to the requirement of real-time data-based analysis and decision-making. Companies use AI in accounting to record, analyse cash flow to avoid financial fraud and bankruptcy and plan any business strategies. However, the high risk of system hacking and a dearth of skilled professionals hamper the market growth.

Increasing demand for AI in accounting in untapped regions and innovations are anticipated to increase the market growth.

Market Segmentation

The Global Artificial Intelligence in Accounting Market is segmented based on Component, Technology, Application, and Geography.

By Component, the market is classified as solution and service. Amongst the two, the solution segment is estimated to hold the highest market share during the forecast period.

By Technology, the market is machine learning and deep learning and natural language processing. Amongst the two, the machine learning and deep learning segment are estimated to hold the highest market share during the forecast period.

By Application, the market is classified as automated bookkeeping, invoice classification and approvals, fraud and risk management, reporting, and others. The automated bookkeeping segment is estimated to hold the highest market share during the forecast period.

By Geography, North America is projected to lead the market.

Recent Developments

1. KPMG, PwC, EY invested $9B for AI, Data Tech. – 2nd January 2020.

2. Demandbase has acquired both InsideView, a sales and marketing intelligence platform, and DemandMatrix, a technographic data and intelligence provider. – 10th May 2021.

Company Profiles

Some of the companies covered in this report are Microsoft Corporation, Xero, Sage, OSP, Google LLC, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, etc.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

The report offers a comprehensive evaluation of the Global Artificial Intelligence in Accounting Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.

Report Highlights:

A complete analysis of the market, including parent industry
Important market dynamics and trends
Market segmentation
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market