Driving Progress: Key Drivers Shaping Forensic Accounting Market Growth Landscape

The Forensic Accounting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Forensic Accounting Global Market Report 2024, 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..

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.

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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

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 report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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