According to the market Research Future (MRFR), The global forensic accounting market is slated to reach a value of USD 9.85 Billion by 2025, recording a CAGR of 8.2% during the review period of 2019–2025.
Drivers and Restraints
The growing adoption of digital tools for investigation and strict regulations and compliance is driving the global forensic accounting market. Forensic accountants widely use such tools and services in order to conduct investigative procedures efficiently. These accountants are the investigators working for various firms and agencies who conduct investigations related to financial frauds. In the past, these investigators used traditional approaches for data crunching and data analysis. Nevertheless, with the advent of advanced technologies like high-level forensic tools and analytics, such as various accounting and auditing tools and cohesive forensic software suite have been developed which are broadly used to streamline the investigation.
Vendors operating in the market is providing tools and solutions in line with the necessities of forensic accountants. These software tools have to analyze and deliver meaningful data with ease. Additionally, this software also has primarily used to locate all the data on a computer disk and protect the evidence (data) and thus, aid forensic accountants create reports that can be used for legal proceedings.
The adoption of forensic accounting is specifically growing among accounting firms and law enforcement agencies. moreover, with the entry of various forensic accounting solution providers in the market, end-users have various market players to choose from before selecting the suitable solution provider, which consequently is creating competition in the market. moreover, with the advent of more affordable and comprehensive solutions, the popularity of forensic tools is increasing. All these advances in the market are expected to drive the market forward.
The global forensic accounting market has been segmented on the basis of component, end user, and region
Based on component, the forensic accounting market has been segmented into solution and services. The solution segment includes forensic tools/software, audit/accounting software and other solutions used for investigative purposes. The services segment includes professional services offered by solution providers. These professional services include training, consulting and maintenance services. The solution segment accounted for the larger share in the year 2018, in the overall market. Whereas, the forensic tools sub-segment is expected to grow at the highest CAGR during the forecast period (2019–2025). The growing adoption of forensic tools can be attributed to the growing demand for such software tools among law enforcement agencies and accounting firms.
Based on end user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firm, and others. Law enforcement agencies and accounting firms extensively use these tools and software to investigate financial frauds and crimes effectively. Apart from free statistical tools, advanced forensic tools are also being which is driving the overall market.
The 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.
The regional analysis for the global forensic accounting has been conducted for North America, Europe, Asia Pacific (APAC), and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The key driving factors for the growth of the forensic accounting market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.
The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing adoption of digital forensic solutions largely among law enforcement agencies and various big accounting firms.
Other Related Market Research Reports:
Digital Forensics Market Research Report – Global Forecast to 2023
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