Market Research Future Highlights
Forensic accounting is a specialized field of accounting that involves investigating financial transactions to identify and prevent fraudulent activities. The forensic accounting market size has been growing rapidly in recent years, driven by an increase in financial fraud and white-collar crime.
The global forensic accounting market size was valued at USD 9.8 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030. The market growth is attributed to the increasing demand for forensic accounting services in various industries, such as healthcare, banking, insurance, and government agencies.
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Key Players
The key players in the forensic accounting market include Ernst & Young, Deloitte, KPMG, PwC, BDO International, Crowe Global, FTI Consulting, Inc., RSM International, Grant Thornton International Ltd., and Baker Tilly International. These companies are continuously investing in research and development activities to develop new and innovative forensic accounting solutions to meet the evolving needs of their clients.
Market Segmentation
The forensic accounting market can be segmented based on various factors, including service type, end-user, and region. Here are the major market segments of the forensic accounting market:
By Service Type: Litigation support, Investigation, Fraud detection and prevention, Risk management, Forensic audit, Others
By End-User: Government agencies, Banking, financial services, and insurance (BFSI), Healthcare, Construction and engineering, Energy and utilities, Manufacturing, Others
By Region: North America, Europe, Asia Pacific, Middle East and Africa, Latin America
The litigation support segment is expected to hold the largest share of the forensic accounting market, as it includes services such as expert witness testimony and damage quantification, which are crucial in legal proceedings. The investigation and fraud detection and prevention segments are also expected to witness significant growth, owing to the increasing incidence of financial frauds.
The BFSI sector is expected to be the largest end-user of forensic accounting services, as financial frauds are most prevalent in this sector. Other major end-users include government agencies, healthcare, and construction and engineering.
North America and Europe are expected to hold a significant share of the forensic accounting market, owing to the presence of major accounting firms and high adoption of advanced technologies. The Asia Pacific region is expected to witness the fastest growth in the market, owing to the rising number of financial frauds and increasing awareness about the benefits of forensic accounting services.
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Regional Analysis
The forensic accounting market is growing rapidly across various regions of the world. Here's a brief regional analysis of the market:
North America: The North American market is the largest market for forensic accounting, owing to the presence of major accounting firms and high adoption of advanced technologies. The United States is the key contributor to the market growth in this region.
Europe: Europe is also a significant market for forensic accounting, with countries such as the United Kingdom, Germany, and France leading the market growth. The increasing awareness about the benefits of forensic accounting services and rising incidences of financial frauds are driving the market growth in this region.
Asia Pacific: The Asia Pacific region is expected to witness the fastest growth in the forensic accounting market, owing to the rising number of financial frauds and increasing awareness about the benefits of forensic accounting services. Countries such as China, India, and Japan are the major contributors to the market growth in this region.
Middle East and Africa: The Middle East and Africa region is also witnessing significant growth in the forensic accounting market, driven by the increasing demand for forensic accounting services in various industries such as oil and gas, construction, and healthcare.
Latin America: The Latin America region is also showing promising growth in the forensic accounting market, with countries such as Brazil, Mexico, and Argentina leading the market growth. The increasing adoption of advanced technologies and rising awareness about the benefits of forensic accounting services are the major factors driving the market growth in this region.
Overall, the global forensic accounting market is expected to continue growing in the coming years, driven by the increasing incidence of financial frauds and the rising demand for forensic accounting services across various industries.
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Global Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region — Forecast till 2024Forensic Accounting Market OverviewThe global forensic accounting market is estimated to reach USD 9.85 billion by 2025, growing at a CAGR of 8.2% during the forecast period (2019–2025).The global forensic accounting market offers various data analytics and actionable insights to investigators of financial frauds and crimes.
These software tools help in organizing, analyzing and protecting data or evidence.
Forensic accounting tools have various capabilities which include analyzing and delivering meaningful data quickly.
Vendors operating in the market are offering comprehensive software suite that helps in conducting end to end investigation by protecting evidence, providing insights and helping in organizing data for presentation during legal proceedings.Get Sample @ https://www.marketresearchfuture.com/sample_request/8383Competitive AnalysisThe key players of the global forensic accounting market are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix, Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd. and AccessData.Segmental AnalysisThe global forensic accounting market has been segmented on the basis of component, end user, and regionBased on component, the forensic accounting market has been segmented into solution and services.
The solution segment accounted for the largest share in the year 2018.
Under the solution segment, the forensic tool segment is expected to grow at the highest CAGR during the forecast period (2019–2025).Based on end-user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firm, and others.
Forensic Accounting MarketThe global forensic accounting market is estimated to reach USD 9.85 billion by 2025, growing at a CAGR of 8.2% during the forecast period (2019–2025).The global forensic accounting market offers various data analytics and actionable insights to investigators of financial frauds and crimes.
These software tools help in organizing, analyzing and protecting data or evidence.
Forensic accounting tools have various capabilities which include analyzing and delivering meaningful data quickly.
Vendors operating in the market are offering comprehensive software suite that helps in conducting end to end investigation by protecting evidence, providing insights and helping in organizing data for presentation during legal proceedings.Competitive AnalysisThe key players of the global forensic accounting market are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix, Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd. and AccessData.Segmental AnalysisThe global forensic accounting market has been segmented on the basis of component, end user, and regionBased on component, the forensic accounting market has been segmented into solution and services.
The solution segment accounted for the largest share in the year 2018.
Under the solution segment, the forensic tool segment is expected to grow at the highest CAGR during the forecast period (2019–2025).Based on end-user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firm, and others.
Market InsightThe boom of the global forensic accounting market 2020 is noticeable by Market Research Future has come into the reading.
The growth would occur at a pace of 8.2% CAGR owing to the development of the new dynamism, which is making active development in the market’s growth, mainly from the years 2018-2025.Complete Report Details @ https://www.marketresearchfuture.com/reports/forensic-accounting-market-8383Notable DevelopmentsGrowth in the historic period resulted from augmented corporate fraudulent activities and the outsourcing of back-end operations to low-cost economies.
The rising numbers of high-profile frauds and the preventive approach of regulators associated with amendments in-laws were the factors liable for forensic audit becoming an emerging and revenue-generating business for accounting firms.
The revelation of frauds committed by financial and non-financial companies has led to numerous changes in the corporate governance of firms around the world, thus driving the demand for forensic audit services as well as the market.Furthermore, forensic audit services are becoming frequent and widespread in banks and large corporations for improved governance and smooth operations.
Public sector and private sector banks execute forensic audits to perceive the accounts which have the potential to become non-performing assets (NPAs).
In the case of point, the Government of India has made fixed for all the state-run banks to perform forensic audits to identify all possible NPAs.
Global Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region - Forecast till 2024OverviewThe Global Forensic Accounting Market is expected to reach USD 9.85 Billion by 2025, registering a CAGR of 8.2% during the forecast period 2019–2025.
In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.Increasing adoption of digital tools for investigation and stringent regulations and compliance is driving the global forensic accounting market.
However, with the advent of advanced technologies like analytics, high-level forensic tools such as various accounting and auditing tools and integrated forensic software suite have been developed which are largely used to streamline the investigation.
Vendors operating in the market is offering tools and solutions in line with the requirements of forensic accountants.
Also, with the entry of various forensic accounting solution providers in the market, end users have various vendors to choose from before selecting the suitable solution vendor, which in turn is creating competition in the market.
All these developments in the market are expected to drive the market forward.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/8383Segmental AnalysisThe global forensic accounting market has been segmented on the basis of component, end user, and regionBased on component, the forensic accounting market has been segmented into solution and services.
