LONDON, Oct. 26, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Artificial Intelligence In Accounting Global Market Report 2023, the global artificial intelligence in accounting market is poised for remarkable growth, with a projected increase from $2.18 billion in 2022 to $3.24 billion in 2023, representing an astonishing compound annual growth rate (CAGR) of 48.7%. Looking ahead, the market is anticipated to surge to $15.69 billion in 2027, at a CAGR of 48.3%.
The AI Revolution in Accounting
The growing reliance on artificial intelligence (AI) is set to propel the expansion of the artificial intelligence in accounting market. AI-driven accounting software is revolutionizing the accountancy industry by automating data entry and matching processes. This not only accelerates operations but also enhances accuracy while reducing errors. For example, a report from the UK's Department for Digital, Culture, Media & Sport (DCMS) revealed that a significant number of organizations are either testing or planning to adopt AI technologies, underlining the widespread adoption of AI in business processes.
Learn More In-Depth On The Artificial Intelligence In Accounting Market
Key Players in the AI Accounting Market
Prominent players in the artificial intelligence in accounting market include Microsoft Corporation, Amazon Web Services Inc., Xero Limited, Intuit Inc., and others. A noteworthy trend in this market is product innovation, where major companies are actively developing cutting-edge solutions to bolster their market presence.
Pioneering Product Innovations
The AI in accounting market is witnessing a surge in product innovations, exemplified by Ramp Business Corporation's launch of Ramp Intelligence, a suite of AI-driven tools for financial services. This product integrates GPT (generative pre-trained transformer)-4-powered solutions, including an accounting copilot and automated accounting processes, offering clients unprecedented visibility into business performance and faster, more accurate month-end closure procedures.
Regional Insights
In 2022, North America took the lead in the artificial intelligence in accounting market, with Asia-Pacific expected to experience the highest growth rate in the coming years.
Market Segmentation
The global artificial intelligence in accounting market is segmented-
1) By Component: Solutions, Services
2) By Technology: Machine Learning (ML) And Deep Learning, Natural Language Processing
3) By Deployment Mode: Cloud, On-Premises
4) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises (SMEs)
5) By Application: Automated Bookkeeping, Invoice Classification And Approvals, Fraud And Risk Management, Reporting, Other Applications (Expense And Auditing Management, And Tax And Revenue Filing)
Get A Free Sample Of The Global Artificial Intelligence In Accounting Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=12597&type=smp
For businesses and stakeholders, the AI in Accounting Global Market Report offers a golden opportunity to harness the power of AI in accounting. Stay ahead of the curve by capitalizing on the report's insights into market growth, competitive dynamics, and evolving AI technology trends. By integrating AI solutions, organizations can streamline accounting processes, enhance precision, and drive unprecedented efficiency in financial management.
Artificial Intelligence In Accounting Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence in accounting market size, artificial intelligence in accounting market segments, artificial intelligence in accounting market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Accounting Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/accounting-services-global-market-report
Accounting Software Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/accounting-software-global-market-report
Artificial Intelligence Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
