ID: MRFR/ICT/6911-HCR | February 2021 | Region: Global | 141 pages
Forensic Accounting Market Snapshot:
The Forensic Accounting Market is expected to expand at 8.2% CAGR during the forecast period, to reach 8.85 billion in 2025.
Forensic Accounting Market makes use of accounting, auditing, and investigative skills to conduct and examine the finances of a business or individual. Financial accountants analyze, interpret, and summarize complex financial and business cases. These financial accountants may be employed by any government agency, insurance company, financial institution, bank, or any public accounting firm. Forensic accountants compile financial evidence, manage & collect information, and communicate the findings in the form of reports and presentations. Forensic accountants prepare reports, sometimes in the form of presentations with the help of visual aids; these reports are admissible in the court as evidence. Forensic accountants use numerous statistical tools and software that aid in an investigation. Earlier, different spreadsheets were used for data collection and data management, however, with technological advancement, various forensic software tools have been introduced in the market; these tools offer end-to-end investigative solutions to the accounting investigators. Additionally, various data analysis tools and data mining solutions are also used by various forensic accounting market investigators in high-profile frauds and crimes.
Vendors operating in Forensic Accounting Market offer integrated software suite, toolk its and services to forensic investigators. For instance, Access Data offers a forensic toolk it that helps in conducting faster searches and significantly increases analysis speed. Similarly, ACL Services Ltd offers audit analytics and monitoring software that helps in auditing and managing financial data for investigators. A number of end-users like financial institutions, insurance enterprises, and accounting firms have been deploying such software to conduct efficient investigation. For instance, a global accounting, tax, and advisory firm, Grant Thornton Forensic Services B.V. used AccessData’s forensic toolkit to carry out its investigation procedures smoothly. Similarly, several other investigators are efficiently using various software tools and solutions to analyze financial frauds. Despite the driving factors that are boosting the market, few factors are limiting the growth of the forensic accounting market as well. One such factor is the use of freely available tools by investigators. These tools are widely available online and investigators operating in small- and medium-sized firms often use these solutions. Freely available software tools lead to lower demand for proprietary software solutions. Therefore, vendors operating in the market need to offer affordable or cost-effective solutions in order to boost the forensic accounting market growth.
Forensic Accounting Market Synopsis:
The global forensic accounting market has been segmented on the basis of component, end-user, and region.
Based on the component, the forensic accounting market has been segmented into solution and services. The solution segment includes forensic tools/software, audit/accounting software, and others. The services segment includes additional professional services offered by the solution providers. These services include training, consulting, and support services. The solution segment accounted for the largest share in the overall market, in the year 2018. A large number of highly regulated verticals are deploying such solutions to conduct investigative procedure efficiently, which is driving the market.
Based on end-user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firms, and others. The accounting firms segment is expected to grow at the highest CAGR during the forecast period, 2019–2025
Geographically, the global forensic accounting market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America leads the market in terms of market share in the forensic accounting market. Some of the factors that are responsible for the growth of the market include increasing adoption of such tools and software by various government agencies and accounting firms. Moreover, due to the presence of a number of vendors in North America, offering comprehensive solutions to the enterprises, North America occupies the highest share in the market.
Europe occupies the second position in the market. Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe. According to the MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The growing need for effective investigation is the key factor driving the growth of the market in the region.
The key players of the global 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.
Key questions addressed by the report:
|Market Size||USD 110 Million (2019)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||The growing need for effective investigation is the key factor driving the growth of the market in the region.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
An 8.2% CAGR is projected to be witnessed in the market during the forecast period.
An augmented income level is estimated to power the market’s growth in the forecast period.
The availability of free software tools is expected to lead to a lesser demand for proprietary software solutions.
Arbutus Software Inc., Fulcrum Management, CaseWare IDEA, Nuix, e-fense, Passware, Cygna Labs Corp, OpenText, Cellebrite are the contenders in the market globally.
The need for tools that provide end-to-end investigative solutions is motivating the market.