Published on : Feb 22, 2021
These days, companies are implementing and embracing new, cutting-edge technologies to streamline their day-to-day business operations. One such daily operation that tops the list of priority for companies us accounting. It is so because artificial intelligence or AI is offering positive and desirable outcome, such as reduced cost, improved accuracy, and productivity. Such multiple benefits are driving the development of the global artificial intelligence for accounting market over the years of projection. In the profession of accounting, people are engaged with rote tasks.
Artificial intelligence acts as a substitute of human capabilities for better performance. This advanced technology is utilized by several accounting firms where it is utilized for the analysis of a humungous volume of data and numbers at a very high speed. Such a task is not easy for human being and hence artificial intelligence steps in and are gaining prominence as it offers respite the human accountants and the companies alike. This factor is estimated to bolster the expansion of the global artificial intelligence for accounting market in the years to come.
The global artificial intelligence for accounting market is considered a fairly fragmented and is marked with the presence of several prominent vendors in the market. Each of these market players are vying for greater presence through product innovation and mergers and acquisitions. PricewaterhouseCoopers, Microsoft Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, MindBridge Analytics Inc., and Ernst & Young Global Limited are some of the prominent players in the global artificial intelligence for accounting market.
Rapid Adoption of Technology to Boost North America Market
The global artificial intelligence for accounting market has been segmented broadly into the five key regional zones of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
North America is estimated to come up as one of the leading revenue generating regions for the global artificial intelligence for accounting market. North America is regarded as one of the most advanced regions when it comes to advanced infrastructure and adoption of technology. Several prominent industry players are present in the region and are offering artificial intelligence for accounting solutions. This factor, which furthers drives the growth of the regional market.
Enterprises in the North America region are optimizing the benefits of high-end technologies like machine learning and artificial intelligence, and internet of things (IoT) in various business processes in a bid to obtain competitive edge in the market. Accounting departments of several regional companies are integrating artificial intelligence into the repetitive business processes to make tasks error-free and easier. It is also optimizing the efficiency of human as well as financial resources. Some focus areas for the product are automated bookkeeping applications, invoice classification and approvals, and fraud and risk management.
Rising Demand for Automation in Accounting to Bolster Growth of the Market
The technology of artificial intelligence is the one that is controlled by a robot or a digital computer that is capable of performing a certain job without the need for any human intervention. It is considered as a game changer in the professional service and accounting sector. It is a very powerful tool that is utilized for the purpose of automating and analyzing low-level functions of businesses. This factor is likely to propel growth of the global artificial intelligence for accounting market over the tenure of assessment.
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In accounting, introduction of artificial intelligence leads to handling and processing of all data as this advanced technology can offer an array of benefits such as more accuracy, reduced operational cost, and increased productivity. These benefits are likely to work in favor of the global artificial intelligence for accounting market over the years of projection.
The rising needs for automation in the accounting process of companies are likely to offer ample scope of growth for the market in the years to come.