Artificial Intelligence in Accounting Market: Size, Share, Trends, Current and Future Analysis

The major factors driving the growth of AI in accounting market include 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.

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.