The forensic accounting global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Forensic Accounting Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The forensic accounting market size has grown strongly in recent years. It will grow from $5.31 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increasing white-collar crimes, stringent regulatory compliance, corporate governance concerns, globalization of businesses, litigation and dispute resolution..
The forensic accounting market size is expected to see strong growth in the next few years. It will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising cybersecurity threats, increased focus on fraud prevention, expanding role in risk management, complex financial transactions, growing regulatory scrutiny.. Major trends in the forecast period include integration of machine learning for anomaly detection, specialization in niche areas, enhanced use of data analytics in investigations, emphasis on continuous professional development, integration of predictive analytics for risk assessment..
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Scope Of Forensic Accounting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Forensic Accounting Market Overview
Market Drivers –
The increased incidence of fraud and finance-related cybercrimes is expected to propel the growth of the forensic accounting market going forward. Financial fraud refers to deceptive activities where individuals or entities manipulate financial information, transactions, or records to gain illicit benefits, cause monetary loss, or mislead stakeholders, often involving actions like misrepresentation, embezzlement, or falsifying financial data. The surge in financial fraud cases amplifies the demand for specialized forensic accounting services, propelling the expansion of the forensic accounting market as organizations seek expertise in detecting, investigating, and preventing fraudulent activities. For instance, in May 2023, according to UK Finance, a UK-based trade association for the banking sector, authorized fraud losses through financial fraud reached £485.2 million ($616 million), with 207,372 total cases in 2022, an increase of 6% compared to 2021. Therefore, the increased incidence of fraud and finance-related cybercrimes drives the forensic accounting market.
Market Trends –
Major companies operating in the forensic accounting market focus on integrating data analytics and artificial intelligence (AI) in forensic accounting, such as hyper-automated analytics platforms, to analyze financial data, detect anomalies, and uncover fraudulent activities, enhancing investigative capabilities and providing crucial insights for legal proceedings. For instance, in March 2023, iAcuity Fintech Pvt. Ltd., an India-based fintech company, launched Fund Trail, the first hyper-automated analytics platform in the world, using AI and big data to assist firms in expediting investigations and tracking the movement of financial resources. The solution aids in the performance of successful investigations by forensic auditors, law enforcement agencies, tax authorities, regulators, and financial institutions by offering valuable insights. Additionally, it aids in identifying anomalies and suspicious behavior crucial to investigating frauds like embezzlement, loan fraud, financing of terrorism, money laundering, tax fraud, round-tripping, cybercrimes, bribery, corruption, and Ponzi schemes.
The forensic accounting market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Model: On Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Law Enforcement Agencies, Government And Public Sector, Accounting Firms, Other Industry Verticals
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Regional Insights –
North America was the largest region in the forensic accounting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forensic accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the forensic accounting market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, BDO International Ltd, Grant Thornton Bharat LLP, Baker Tilly US LLP, FTI Consulting Inc., Crowe Horwath LLP (Crowe), Alvarez & Marsal Holdings LLC., Marcum Bernstein & Pinchuk LLP, CohnReznick LLP, Armanino LLP, Friedman LLP, Cellebrite DI Ltd., EisnerAmper LLP, Citrin Cooperman & Company LLP, Matson Driscoll & Damico LLP, CaseWare International Inc., Galvanize Inc., Baltic Assist, RGL Forensics, Weaver & Tidwell LLP, Farahat & Co., Arbutus Software Inc., Sama Audit Systems & Software Pvt Ltd, Cygna Labs Corporation, Passware Inc., Fulcrum Management Consultants LLP, Fox Forensic Accounting LLC
Table of Contents
1. Executive Summary
2. Forensic Accounting Market Report Structure
3. Forensic Accounting Market Trends And Strategies
4. Forensic Accounting Market – Macro Economic Scenario
5. Forensic Accounting Market Size And Growth
…..
27. Forensic Accounting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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