Editor's note

AI Supplement

Issue 7

January 2024

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The AI market is set to grow to $33 billion by 2027

Generative AI will impact every industry. GlobalData forecasts the AI market to grow from $1.8 billion in 2022 to $33 billion by 2027, implying a CAGR of 80% during this period. Of the five advanced AI technologies, generative AI is the fastest growing and will account for 10.2% of the overall AI market in 2027. GlobalData estimates the total AI market will be worth $908.7 billion in 2030. The earliest adopting sectors will be IT, consumer goods, retail banking, manufacturing, retail, and healthcare.

The opportunities for all sectors to integrate AI capabilities throughout business functions is immense. With new ways of working and skills to grow, accounting practitioners are well suited to adapting to AI’s incorporation.

Institute of Analytic’s Director of Education, Dr Clare Walsh, who contributed to the UK Government’s recent white paper on AI regulation, said, for a new generation of practitioners entering the market, “With the move towards evidence-based decision-making using technology, and as more financial processes become automated, accountants and finance professionals can expand their skill set and enter the world of data analytics.

“Understanding predictive analytics and AI auditing, learning how to work with new types of data and understanding regulations such as the recently-introduced mandatory environmental reporting means that accountants and finance teams can take their influence to the next level, providing greater insights to their company and clients.”

With this backdrop in mind, International Accounting Bulletin’s AI supplement focusses on developments in AI and its applications to the accounting sector. Read our feature by GlobalData reporter Kris Cooper on ‘How Generative AI will alter the role of the accountant’; the future of accounting and auditing outsourcing is explored by AdvanceTrack’s Vipul Sheth in ‘Navigating the AI Wave’; GlobalData’s Shabnam Pervez explores ChatGPT and generative AI’s increasing integration across the accounting sector; Courtney Kunzig of M-File explains how Technological and cultural change can shield firms from accounting talent-shortages; Pete Hanlon, Group CTO at Moneypenny, advocates for corporates embracing AI in our interview ‘How to ensure AI works for your business’; and much more.

I would like to thank you for reading International Accounting Bulletin and look forward to your feedback.

I wish you all good health and the very best for 2024.

Zoya Malik
Editor-in-Chief, Financial Services Practice, GlobalData & Editor, International Accounting Bulletin