The key factor driving the market growth is the growing need for automated processes in accounting and the increasing demand for data-based advisory and decision making. In addition, AI in accounting helps to push efficiency of business and drive deep to client data and provide real-time analysis to enhance marketing which increases the demand of Ai in accounting. For instance, Robotics Process Automation (RPA) reduces the time of audit and contractual processing from months to a few weeks. Moreover, it saves time by reducing costs, which also increases the demand for AI in accounting. However, lack of skill set and growing concern of a high volume of critical data are restraining the market growth.

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Various notable players in the market include Microsoft Corporation, AWS, Inc., Intuit Inc., Xero Ltd., Google LLC, Deloitte Touche Tohmatsu Limited, Sage Group Plc, Ernst & Young, PricewaterhouseCoopers (PwC), AppZen Inc. and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive.

The global Artificial Intelligence (AI) in an Accounting market has been segmented based on component, deployment mode, organization size, risk type and vertical, and key geographies. Based on the component, global Artificial Intelligence (AI) in an Accounting market has been segmented into software and services. Based on deployment mode, the market is segmented into on-cloud and on-premises. Based on organization size, the market has been segmented into the small and medium enterprises and large enterprises. Based on application, the market is segmented into Automated Bookkeeping, Invoice Classification and Approvals, Reporting, Fraud and Risk Management and Others.

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