Forensic Accounting Market Research Report - Global Forecast till 2027

Global Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region - Forecast till 2027

ID: MRFR/ICT/6911-HCR | February 2021 | Region: Global | 141 pages

Please note that the assessment period of report has been updated from 2018-2025 to 2020-2027. Cordially fill the sample form for updated data.

Market Snapshot


Forensic accounting 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 investigators in high-profile frauds and crimes.    


Vendors operating in this market offer integrated software suite, toolkits and services to forensic investigators. For instance, AccessData offers a forensic toolkit 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 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 market growth.


The Global Forensic Accounting Market is expected to expand at 8.2% CAGR during the forecast period, to reach 8.85 billion in 2025.


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


Regional Analysis


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.


Companies Covered


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. 


Key Developments  



  • In June 2019, IGP Capital signed an agreement to invest USD 110 million in Cellebrite Mobile Synchronization Ltd, a provider of digital intelligence solutions for law enforcement, government, and enterprise markets.



  • In August 2019, Felician University and Cellebrite collaborated to offer two courses namely Introduction to Mobile Forensics and Mobile Forensic Data Analysis to provide veterans with critical skills for their cybersecurity and digital intelligence tasks.



  • In April 2019, AccessData introduced an API that integrates with the company’s cybersecurity platform so that investigators can smoothly initiate post-breach investigation from the moment the intrusion is detected.


Key questions addressed by the report



  • What was the historic market size (2018)?

  • Which segmentation (service model/deployment mode/organization size/ vertical) are driving the market?

  • What will be the growth rate by 2024?

  • Who are the key players in this market?

  • What are the strategies adopted by key players?



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 110 Million (2019)
  CAGR   8.2% (2019-2025)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • The driving factors that are boosting the market, few factors are limiting the growth of the market as well. \r\n
  • One such factor is the use of freely available tools by investigators.


  • 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.

    Table of Contents

    1. EXECUTIVE SUMMARY

    1.1. Market Attractiveness Analysis

    1.1.1. Global Forensic Accounting Market, by Component

    1.1.2. Global Forensic Accounting Market, by End-user

    1.1.3. Global Forensic Accounting Market, by Region

    2. MARKET INTRODUCTION

    2.1. Definition

    2.2. Scope of the Study

    2.3. Market Structure

    3. RESEARCH METHODOLOGY

    3.1. Research Process

    3.2. Primary Research

    3.3. Secondary Research

    3.4. Market Size Estimation

    3.5. Forecast Model

    3.6. List of Assumptions

    4. MARKET DYNAMICS

    4.1. Introduction

    4.2. Drivers

    4.2.1. Increasing adoption of digital tools for investigation

    4.2.2. Stringent regulation

    4.3. Restraints

    4.3.1. Use of traditional way and free tools for investigation

    4.4. Opportunities

    4.4.1. Adoption of digital forensic solution in highly regulated verticals

    4.5. Challenge

    4.5.1. Lack of technical expertise

    5. MARKET FACTOR ANALYSIS

    5.1. Value Chain Analysis/Supply Chain Analysis

    5.2. Porter’s Five Forces Model

    5.2.1. Bargaining Power of Suppliers

    5.2.2. Bargaining Power of Buyers

    5.2.3. Threat of New Entrants

    5.2.4. Threat of Substitutes

    5.2.5. Intensity of Rivalry

    6. GLOBAL FORENSIC ACCOUNTING MARKET, BY COMPONENT

    6.1. Introduction

    6.2. Solution/Platform

    6.2.1. Forensic Tools/ Software

    6.2.2. Audit/Accounting software

    6.2.3. Others

    6.3. Services

    7. GLOBAL FORENSIC ACCOUNTING MARKET, BY END-USER

    7.1. Introduction

    7.2. Banking and Insurance

    7.3. Law Enforcement Agencies

    7.4. Government

    7.5. Accounting Firm

    7.6. Others

    8. GLOBAL FORENSIC ACCOUNTING MARKET, BY REGION

    8.1. Introduction

    8.2. North America

    8.2.1. US

    8.2.2. Canada

    8.2.3. Mexico

    8.3. Europe

    8.3.1. Germany

    8.3.2. France

    8.3.3. UK

    8.3.4. Rest of Europe

    8.4. Asia-Pacific

    8.4.1. China

    8.4.2. India

    8.4.3. Rest of Asia-Pacific

    8.5. Middle East & Africa

    8.6. South America

    9. COMPETITIVE LANDSCAPE

    9.1. Introduction

    9.2. Competitive Analysis

    10. COMPANY PROFILES

    10.1. Galvanize

    10.1.1. Company Overview

    10.1.2. Financial Overview

    10.1.3. Products Offered

    10.1.4. Key Developments

    10.1.5. SWOT Analysis

    10.1.6. Key Strategies

    10.2. CaseWare IDEA

    10.2.1. Company Overview

    10.2.2. Financial Overview

    10.2.3. Products Offered

    10.2.4. Key Developments

    10.2.5. SWOT Analysis

    10.2.6. Key Strategies

    10.3. Arbutus Software Inc.

    10.3.1. Company Overview

    10.3.2. Financial Overview

    10.3.3. Products Offered

    10.3.4. Key Developments

    10.3.5. SWOT Analysis

    10.3.6. Key Strategies

    10.4. Fulcrum Management

    10.4.1. Company Overview

    10.4.2. Financial Overview

    10.4.3. Products Offered

    10.4.4. Key Developments

    10.4.5. SWOT Analysis

    10.4.6. Key Strategies

    10.5. Nuix

    10.5.1. Company Overview

    10.5.2. Financial Overview

    10.5.3. Products Offered

    10.5.4. Key Developments

    10.5.5. SWOT Analysis

    10.5.6. Key Strategies

    10.6. Cygna Labs Corp

    10.6.1. Company Overview

    10.6.2. Financial Overview

    10.6.3. Products Offered

    10.6.4. Key Developments

    10.6.5. SWOT Analysis

    10.6.6. Key Strategies

    10.7. e-fense

    10.7.1. Company Overview

    10.7.2. Financial Overview

    10.7.3. Products Offered

    10.7.4. Key Developments

    10.7.5. SWOT Analysis

    10.7.6. Key Strategies

    10.8. Passware

    10.8.1. Company Overview

    10.8.2. Financial Overview

    10.8.3. Products Offered

    10.8.4. Key Developments

    10.8.5. SWOT Analysis

    10.8.6. Key Strategies

    10.9. OpenText Corp

    10.9.1. Company Overview

    10.9.2. Financial Overview

    10.9.3. Products Offered

    10.9.4. Key Developments

    10.9.5. SWOT Analysis

    10.9.6. Key Strategies

    10.10. Cellebrite

    10.10.1. Company Overview

    10.10.2. Financial Overview

    10.10.3. Products Offered

    10.10.4. Key Developments

    10.10.5. SWOT Analysis

    10.10.6. Key Strategies

    10.11. Sama Audit Systems & Softwares Pvt Ltd

    10.11.1. Company Overview

    10.11.2. Financial Overview

    10.11.3. Products Offered

    10.11.4. Key Developments

    10.11.5. SWOT Analysis

    10.11.6. Key Strategies

    10.12. AccessData

    10.12.1. Company Overview

    10.12.2. Financial Overview

    10.12.3. Products Offered

    10.12.4. Key Developments

    10.12.5. SWOT Analysis

    10.12.6. Key Strategies

    11. APPENDIX

    11.1.1. Discussion Blueprint

    NOTE:

    This table of content is tentative and subject to change as the research progresses.

    In section 10, only the top 12 companies will be profiled. Each company will be profiled based on the Market Overview, Financials, Product Portfolio, Business Strategies, and Recent Developments parameters.

    Please note: The financial details of the company cannot be provided if the information is not available in the public domain and or from reliable sources.

    LIST OF TABLES

    TABLE 1 LIST OF ASSUMPTIONS

    TABLE 2 GLOBAL FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 3 GLOBAL FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 4 GLOBAL FORENSIC ACCOUNTING MARKET, BY REGION, 2020–2027 (USD MILLION)

    TABLE 5 NORTH AMERICA: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    TABLE 6 NORTH AMERICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 7 US: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 8 US: FORENSIC ACCOUNTING MARKET, BY ORGANIZATION SIZE, 2020–2027 (USD MILLION)

    TABLE 9 US: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 10 CANADA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 11 CANADA: FORENSIC ACCOUNTING MARKET, BY I END-USER, 2020–2027 (USD MILLION)

    TABLE 12 MEXICO: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 13 MEXICO: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 14 EUROPE: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    TABLE 15 EUROPE: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 16 EUROPE: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 17 UK: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 18 UK: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 19 GERMANY: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 20 GERMANY: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 21 FRANCE: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 22 FRANCE: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 23 REST OF EUROPE: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 24 REST OF EUROPE: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 25 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    TABLE 26 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 27 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 28 CHINA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 29 CHINA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 30 INDIA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 32 INDIA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 32 JAPAN: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 33 JAPAN: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 34 REST OF ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 35 REST OF ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 36 MIDDLE EAST AND AFRICA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    TABLE 37 MIDDLE EAST AND AFRICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    TABLE 38 SOUTH AMERICA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION))

    TABLE 38 SOUTH AMERICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)


    LIST OF FIGURES

    FIGURE 1 MARKET SYNOPSIS

    FIGURE 2 RESEARCH PROCESS OF MRFR

    FIGURE 3 TOP DOWN & BOTTOM-UP APPROACH

    FIGURE 4 GLOBAL FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 5 GLOBAL FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    FIGURE 6 GLOBAL FORENSIC ACCOUNTING MARKET, BY REGION, 2020–2027 (USD MILLION)

    FIGURE 7 NORTH AMERICA: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    FIGURE 8 NORTH AMERICA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 9 NORTH AMERICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    FIGURE 10 EUROPE: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    FIGURE 11 EUROPE: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 12 EUROPE: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    FIGURE 13 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY COUNTRY, 2020–2027 (USD MILLION)

    FIGURE 14 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 15 ASIA-PACIFIC: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    FIGURE 17 MIDDLE EAST & AFRICA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 18 MIDDLE EAST & AFRICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)

    FIGURE 19 SOUTH AMERICA: FORENSIC ACCOUNTING MARKET, BY COMPONENT, 2020–2027 (USD MILLION)

    FIGURE 20 SOUTH AMERICA: FORENSIC ACCOUNTING MARKET, BY END-USER, 2020–2027 (USD MILLION)