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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:

  • Microsoft
  • Xero
  • Intuit
  • IBM
  • Google
  • EY
  • Deloitte
  • KPMG
  • 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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.

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Artificial Intelligence In Accounting Market

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