Global Artificial Intelligence in Accounting Market: Introduction
The ability of artificial intelligence (AI) to learn and adapt accordingly has brought it to the fore today. As AI not just acts without human intervention but also pulls accurate outcomes from a large amount of data, it is much more beneficial for data-driven industries, such as accounting and finances. While the demand for AI is increasing manifolds in digital marketing and finance, the accounting market is also reporting its widespread usage in their applications.
This research study on the global artificial intelligence in accounting market evaluates the trends and prospects at length to present a comprehensive report to readers. It also analyses the performance of the main market segments and their effects on the overall development of this market.
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Global Artificial Intelligence in Accounting Market: Competitive Analysis & Notable Developments
With a number of players competing to gain prominence, the global artificial intelligence in accounting market is demonstrating a highly fragmented business landscape. Some of the key participants in this market are:
- MindBridge Analytics
These players are taking up various organic and inorganic strategies, such as mergers, acquisitions, and partnerships and product development to remain in this competition. A few notable developments by key players in the artificial intelligence in accounting market are as follows:
- Recently, Xero showcased advanced versions of its AI products to assist bookkeepers and accountants in running their businesses efficiently. The new portfolio features a reinvented version of Xero accounting app, which is specially designed to help local small and mid-size enterprises (SMEs). With this, the company aims at expanding its network among the domestic markets.
- In another event, Xero announced its partnership with the U.S.-based online bank, Novo. The integration of the company with the digital banking platform is aimed at developing Xero’s presence in the financial market.
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Global Artificial Intelligence in Accounting Market Dynamics
Application of NLP to Increase in Accounting
The increasing automation of accounting processes, to reduce human intervention and consequent errors, is the main factor behind the exceptional rise of the global artificial intelligence in accounting market. The augmenting need to support data-based decision making and advisory is also boosting the demand for artificial intelligence in accounting.
As the amount of accounting data is increasing constantly, data management has become a challenge for account departments in organizations. Natural language processing (NLP) is the AI technique, which can understand human speech. It lets users integrate voice modulation into devices and sensors and also allows assimilation of localization features, which leads to creative translation. In accounting, this technology is widely used in invoice classification and understanding and contract explanation. With a surge in different variants of invoice and contract language and formats, the application of NLP is expected to rise in accounting significantly over the next few years.
North America Becomes Key Contributor to Global Artificial Intelligence in Accounting Market
The global artificial intelligence in accounting market is regionally segmented into Europe, Latin America, the Middle East and Africa, North America, and Asia Pacific. North America, with continual developments in AI, contributes the most to the global market. The AI-based solution providers present in this region are focusing actively in research and development of advanced AI-based accounting solutions. Together with vendors taking up various growth strategies, this will continue to support the North America artificial intelligence in accounting market in the years to come.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.