Latest News- AI In Accounting Market: Software is expected to lead the Component segment during 2025-2029

The AI In Accounting Market is being driven by Heightened demand for automation and operational efficiency

The AI In Accounting Market is expected to grow at a CAGR of 42.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 16001.9 million. In the business world, the accounting sector is experiencing a significant shift towards the integration of Artificial Intelligence (AI) due to the increasing demand for enhanced efficiency and automation. This trend is driven by the need to eliminate time-consuming, repetitive tasks, such as data entry, transaction categorization, and reconciliation. By automating these processes, accounting professionals are freed up to focus on more strategic, high-value activities. The implementation of AI technology not only accelerates workflows but also reduces the risk of human error, which is crucial in an industry where precision is paramount. Reports suggest that AI can save up to 70% of the time spent on routine tasks, making it a valuable investment for accounting firms seeking to streamline their operations and improve overall productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Services
• Technology
  • Machine learning
  • Robotic process automation
  • NLP
  • Computer vision
  • Others
• Application
  • Automated data entry
  • Forecasting and predictive analytics
  • Invoice classification and processing
  • Fraud detection
  • Others
• Deployment
  • Cloud-based
  • On-premises
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Heightened demand for automation and operational efficiency
• Advanced fraud detection and proactive risk management
• Increasing emphasis on data analytics for strategic business insights

However, the market also witnesses some limitations, which are as follows:

• Data privacy and security concerns
• High implementation costs and return on investment justification
• Talent gap and imperative for reskilling

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Market Scope in AI In Accounting Market Research Report

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Research Analysis Overview

In the AI-driven accounting market, advanced security measures ensure accounting data security. AI-powered bookkeeping automates transactions, while financial modeling tools aid in forecasting. Automated tax preparation, general ledger, and AP/AR processes streamline operations. KPI monitoring, revenue recognition, and cost accounting software provide real-time insights. Predictive analytics and financial reporting automation enhance decision-making. Compliance with tax laws, financial risk management, data governance, and regulatory technology ensure regulatory adherence. AI-driven financial planning, internal control automation, and financial statement preparation optimize workflows. Cloud security and data loss prevention safeguard sensitive information. Process mining and predictive analytics further enhance operational efficiency.

Market Research Overview

The global IT software market encompasses businesses specializing in the development and production of application software, excluding those focused on interactive home entertainment and systems software. This sector includes enterprise and technical software, cloud-based solutions, and AI-driven tools such as audit automation, machine learning auditing, and AI-powered tax software. Robotic process automation also falls under this category. According to Technavio, the market size is determined by the consolidated revenue of these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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