Artificial Intelligence In Accounting Market Size
“The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence In Accounting Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The artificial intelligence in accounting market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $4.82 billion in 2024 at a compound annual growth rate (CAGR) of 48.6%. The growth in the historic period can be attributed to automation in accounting, big data expansion, advancements in machine learning, cost and time savings, enhanced accuracy.
The artificial intelligence in accounting market size is expected to see exponential growth in the next few years. It will grow to $23.51 billion in 2028 at a compound annual growth rate (CAGR) of 48.6%. The growth in the forecast period can be attributed to advanced data analytics, cloud-based accounting solutions, integration of natural language processing (nlp), personalized financial advice, cybersecurity enhancement. Major trends in the forecast period include explainable ai in financial reporting, blockchain integration, continuous learning algorithms, remote work enablement, ethical ai in accounting.
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Market Drivers and Trends:
The increasing reliance on artificial intelligence (AI) is expected to boost the growth of artificial intelligence in the accounting market going forward. Automation refers to a technology that performs activities with fewer human inputs. Accountancy industries use artificial intelligence-powered accounting software to automate data input and matching, making the process quicker, more precise, and less error-prone; hence, the increasing reliance on artificial intelligence (AI) is expected to boost artificial intelligence in the accounting market. For instance, according to a report published by the Department for Digital, Culture, Media & Sport (DCMS), a UK-based governmental body, in 2022, approximately 2% of organizations are already testing AI. 10% of companies expect to use at least one AI technology in the future, which would be equivalent to 62,000 and 292,000 firms, respectively. Around 15% of all businesses (432,000 organizations) implemented at least one AI technology. Therefore, the increasing reliance on artificial intelligence (AI) is driving the growth of artificial intelligence in the accounting market.
Product innovation is the key trend gaining popularity in the artificial intelligence in accounting market going forward. Major companies operating in the artificial intelligence in accounting market are focusing on developing new products to strengthen their position in the market. For instance, in May 2023, Ramp Business Corporation., a US-based provider of finance automation, launched Ramp Intelligence, a suite of tools for financial services driven by AI. The unique feature of this product is the integration of GPT (generative pre-trained transformer)-4-powered solutions, including an accounting copilot, vendor price intelligence, automated accounting processes, and contract extraction and negotiation. Through these solutions, customers get automated visibility into business performance, month-end closure procedures that are considerably faster and more precise, democratized software prices, and expenses that code themselves.
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Major Key Players of the Market:
Microsoft Corporation, Amazon Web Services Inc., Xero Limited., Intuit Inc., Sage Group plc, OSP Labs Pvt. Ltd., UiPath Inc., Kore.ai Inc., AppZen Inc., YayPay Inc., International Business Machines Corporation, Google LLC, Ernst & Young Global Limited, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited
Artificial Intelligence In Accounting Market 2024 Key Insights:
• The artificial intelligence in accounting market size is expected to see exponential growth in the next few years. It will grow to $23.51 billion in 2028 at a compound annual growth rate (CAGR) of 48.6%.
• The Surge Of Artificial Intelligence In Accounting And The Shifting Landscape Of Automation
• Breakthrough Products Driving Artificial Intelligence In Accounting Market Growth
• North America was the largest region in the artificial intelligence in accounting market in 2023
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