The global forensic accounting market revenue was around US$ 5.58 billion in 2022 and is estimated to reach US$ 11.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.8% during the forecast period from 2023 to 2031.
Forensic accounting is often known as financial forensics. It is a subset of accounting that examines whether institutions (or a specific employee) are participating in financial reporting frauds. Forensic accountants utilize different tools and methodologies to demonstrate if financial reporting fraud has occurred.
Market Driving Factors
An increase in demand for cloud-based forensic accounting solutions is estimated to boost the market growth. This is mainly due to the surging demands for better security and real updates. In addition, businesses can monitor their accounts and business expenditures from any location at any time with cloud-based forensic accounting tools. Furthermore, cloud-based forensic accounting systems facilitate remote collaboration and provide easy access to all financial data.
The adoption of creative technology to surge business productivity drives market growth. The future of forensic accounting solutions relies on their powerful integration with modern accounting tools and cutting-edge technologies such as machine learning and artificial intelligence. Therefore, forensic accounting solutions that can effortlessly integrate with different software or tools are important in today's evolving business environment. Furthermore, the accounting industry is concentrated on cutting-edge technologies such as blockchain and artificial intelligence (AI) to streamline the business process. As a result, industries are adopting optical character recognition (OCR) technology to assist businesses by lowering processing time and improving business productivity.
Data privacy and sharing threats associated with forensic accounting services and solutions impede market growth.
Regional Analysis
North America dominated the market in terms of the largest revenue share and is estimated to maintain its dominance. This can be majorly attributed to the immediate technological advances by major companies. Additionally, the surge in several cases of insurance fraud in this region has resulted in the growth of the market. For instance, on 13 June 2023, according to a 2022 study by the Coalition Against Insurance Fraud (CAIF), insurance fraud costs consumers and businesses USD 308.6 billion annually. Additionally, the development of current forensic accounting systems through collaborations and acquisitions amongst these large organizations propelled the market growth in the region.
The Asia Pacific is estimated to dominate the market in terms of the highest growth rate during the forecast period. This is mainly due to the economic growth and investments in the region that have contributed to the development of regional forensic accounting services. There was a fast growth of different economies of this regional nation, which were attracting foreign capital, and creating sophisticated corporate relations. Furthermore, this increase led to the demand for forensic accountants to navigate complicated financial environments and possible risks. Moreover, governments in the region are also establishing anti-corruption measures and supporting legal frameworks. Thus, the forensic accountants supported these initiatives through investigations and compliance methods.
Segmentation Insights
Component Insight
The solutions segment dominates the market in terms of the largest revenue share. Increasing awareness regarding key benefits of forensic accounting solutions that can assist in driving segment growth. In addition, this segment assists in solving financial crimes, tracking professionals, and financial management of businesses.
Deployment Model Insight
The cloud segment dominates the market in terms of the largest revenue. This is majorly due to the easy sharing of information, and enhancement of significance and efficiency of investigations. Additionally, migration to a cloud environment promotes remote working and processing or aligning policies to mitigate mutations in privacy regulations of data in forensic accounting.
Industry Vertical Insight
The law enforcement agencies segment dominates the market in terms of the largest share. This is mainly due to the increase in the number of financial frauds and tax evasion, which are incentivizing law enforcement agencies to finance effective forensic accounting solutions for their organization.
The banking, financial services, and insurance (BFSI) segment is estimated to dominate the market in terms of revenue growth. This is due to the searching, tracking, and investigating of financial records and activities in thorough detail and the detection of any doubted fraud activities. Additionally, forensic accountants through investigation assist the financial institutions and banks to control losses by such fraud cases and sustain earnings for these organizations.
Prominent Companies
Segmentation Outline
The global forensic accounting market segmentation focuses on the Component, Deployment Model, Enterprise Size, Industry Vertical, and Region.
By Component
By Deployment Model
By Enterprise Size
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL FORENSIC ACCOUNTING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: FORENSIC ACCOUNTING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL FORENSIC ACCOUNTING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL FORENSIC ACCOUNTING MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOLUTION
5.3 SERVICE
6 GLOBAL FORENSIC ACCOUNTING MARKET, BY DEPLOYMENT MODEL
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD
7 GLOBAL FORENSIC ACCOUNTING MARKET, BY ENTERPRISE SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SME
8 GLOBAL FORENSIC ACCOUNTING MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 BFSI
8.3 LAW ENFORCEMENT AGENCIES
8.4 GOVERNMENT AND PUBLIC SECTOR
8.5 ACCOUNTING FIRMS
8.6 OTHERS
9 GLOBAL FORENSIC ACCOUNTING MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL FORENSIC ACCOUNTING MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ACCESSDATA
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 CYGNA LABS CORP
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 DELOITTE
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 CASEWARE IDEA
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 GALVANIZE
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 E-FENCE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 PASSWARE
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ARBUTUS SOFTWARE INC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 CELLEBRITE
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 NUIX
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 OPENTEXT
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 FULCRUM MANAGEMENT
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 ERNST & YOUNG GLOBAL LIMITED
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 SAMA AUDIT SYSTEMS & SOFTWARE PVT LTD
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 BDO GLOBAL
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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