The global 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 Compound Annual Growth Rate (CAGR) of 48.4% during the forecast period. The major driving factors in the AI in accounting market are the growing need to automate accounting processes and the need for enhanced data-based advisory and decision making.
Services segment to grow at a higher CAGR during the forecast period
The AI in accounting market has been segmented based on components into 2 categories: solutions and services. The solutions segment is estimated to hold a larger market size, which is driven by the ease of integrating pre-built solutions with existing accounting infrastructure. The growing number of innovations and partnerships in the accounting sector and the focus on automating repetitive accounting processes to enhance efficiency, are also the factors contributing to the adoption. The growth of the services segment can be attributed to the increasing deployment of AI in accounting software tools and solutions, which is leading to increased demand for pre- and post-deployment services.
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Fraud and risk management application to grow at the highest CAGR during forecast period
The use of AI in accounting is increasing rapidly in the fraud and risk management application, owing to increasing data related financial frauds and the need for enhanced data accuracy and protection. This technology has the capability to handle and evaluate unstructured data and identify threats. Natural Language Processing (NLP) uses advanced algorithms to analyze text to derive insights and sentiment from unstructured data.
The major AI in accounting vendors include Microsoft (US), Amazon Web Services (AWS) (US), Xero (New Zealand), Intuit (US), Sage (England), OSP (US), UiPath (US), Kore.ai (US), AppZen (US), YayPay (US), IBM (US), Google (US), EY (UK), Deloitte (US), PwC (UK), KPMG (Netherlands), SMACC (Germany), OneUp (US), Vic.ai (US), Hyper Anna (Australia), Botkeeper (US), MindBridge Analytics (Canada), and Bill.com (US). These players have adopted various organic and inorganic growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches and product enhancements, to further expand their presence in the global AI in accounting market. New product launches and product enhancements have been the most dominating strategy adopted by the major players, which has helped them to innovate their offerings and broaden their customer base.
With a considerable rise in the importance of the AI technology, Xero (New Zealand), a leading cloud-based online accounting platform provider, has introduced new product features to enable accountants and bookkeepers to efficiently run their businesses. In June 2019, the company introduced new, smart tools for the US and Canadian advisors, and a new learning platform for businesses and advisors, at Xerocon San Diego 2019. The new products and features include a revamped version of the Xero App Marketplace and US integration with Novo to build Xero’s presence in the financial web. This integration would enable business owners to quickly access the financial data required for running businesses. In April 2019, Xero launched Payroll Only, a new subscription plan for providing Australia’s small businesses with new Single Touch Payroll (STP) reporting obligations. Xero is dedicated to investing in automation, AI, and Machine Learning (ML) to enhance its offerings. Automation has become a core foundation of the Xero platform. The company has been investing in AI to automate tedious and repetitive business tasks, and ensure precise data for business owners, accountants, and bookkeepers.
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Intuit (US) offers big data, ML, and automation-integrated financial software. It offers financial, accounting, and tax preparation software and related services to small accountants, businesses, and individuals. In May 2019, the company acquired Origami Logic, a developer of an advanced data integration, ingestion, and analytics platform. The acquisition is in line with the company’s strategy to become an AI-driven expert. It would support the company’s aim at streamlining data structures and architectures to unlock opportunities. In October 2018, Intuit launched QuickBooks Online Advanced, a new cloud-based offering designed for high-growth businesses. QuickBooks Online Advanced uses the data and information within the QuickBooks ecosystem, applies AI and ML to the data, and provides insights and patterns that help growing companies in improving their accounting functions. It also includes Intuit’s premium service program, QuickBooks Priority Circle, which is a personalized service to provide a dedicated customer success manager ready to assist small businesses in resolving their technical and product queries. The company’s growth strategy is built on its One Intuit Ecosystem, a connected, one-stop destination for customers to make their financial lives easier. It focuses on 3 key elements, namely, personalized experiences, trusted open platforms, and indispensable connections. The company leverages the advantages of AI and ML on customer data to create valuable personalized and easy-to-use experiences for providing the highest customer satisfaction.
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