Industry Background:
Rising application of AI in artificial intelligence will help to boost global AI in the accounting market. Artificial intelligence is being used by many accounting companies where it analyzes a large volume of data at high speed which would not be easy for humans. For example, Robo-advisor Wealthfront tracks account activity using AI capabilities to analyze and understand how account holders spend, invest, and make financial decisions, so they can customize the advice they give their customers.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft (United States), AWS (United States), Xero (New Zealand), Intuit (United States), UiPath (United States), Kore.ai (United States), AppZen (United States), IBM (United States), Google (United States), Deloitte (United States) and KPMG (Netherlands) |
This growth is primarily driven by Growing Need to Automate Accounting Processes and Huge Potential in Untapped Market.
Globally, a noticeable market trend is evident Rising Demand for Fraud and Risk Applications
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Microsoft (United States), AWS (United States), Xero (New Zealand), Intuit (United States), UiPath (United States), Kore.ai (United States), AppZen (United States), IBM (United States), Google (United States), Deloitte (United States) and KPMG (Netherlands), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 8th August 2019, Deloitte has launched AI to Transform Indirect Tax Recovery. CognitiveTax Insight™ solution uses machine learning and analytics to transform the tax office, saving time and reducing overpayments.
On 17th May 2018, Xero has officially launched in Canada, giving small businesses and accountants access to leading-edge AI and machine learning technology on a global cloud accounting platform.
Influencing Trend:
Rising Demand for Fraud and Risk Applications and The Requirement for Enhanced Data-Based Advisory and Decision-Making
Market Growth Drivers:
Growing Need to Automate Accounting Processes and Huge Potential in Untapped Market
Challenges:
Investment Related Issues With Integration of AI in Accounting
Restraints:
The Dearth of Skillsets and Resistance to Change and High Criticality of Data Volume and Quality
Opportunities:
Increasing Demand for Intelligent Accounting Processes and Growing Focus on Innovation for Integrating AI in Accounting
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Artificial Intelligence in Accounting Market
- Analysis about New Entrants in Artificial Intelligence in Accounting Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Artificial Intelligence in Accounting Study Sheds Light on
The Artificial Intelligence in Accounting Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Artificial Intelligence in Accounting industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Artificial Intelligence in Accounting industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.