As per MRFR analysis, the India Forensic Accounting Market Size was estimated at 294.67 (USD Million) in 2023.The India Forensic Accounting Market is expected to grow from 500(USD Million) in 2024 to 1,200 (USD Million) by 2035. The India Forensic Accounting Market CAGR (growth rate) is expected to be around 8.284% during the forecast period (2025 - 2035)
The India Forensic Accounting Market is experiencing significant trends driven by the increasing complexity of financial crimes, corporate fraud, and regulatory requirements. The rise in digital transactions and online businesses has led to more sophisticated fraudulent activities, making forensic accounting essential for detection and prevention. Companies are increasingly adopting forensic accounting services to ensure compliance with stricter regulations mandated by authorities like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). This has created a strong demand for skilled forensic accountants who can analyze intricate financial data and identify irregularities.
The Indian market has a lot of potential because small and medium-sized businesses (SMEs) are becoming more aware of forensic accounting services. As these companies are all at risk of fraud, more and more people are realizing that they need professional forensic accounting services to protect their interests. Forensic accountants can also do their jobs better thanks to new technologies like artificial intelligence and data analytics. These tools help them find more information for their clients. More and more schools in India are adding forensic accounting to their curriculum, which should make it easier for people to find qualified professionals in the job market.
The involvement of specialized firms focusing on forensic audit and investigation services is also a notable trend, allowing businesses to leverage expertise tailored to specific requirements. As a result, the integration of technology and education in forensic accounting is reshaping the landscape, making services more accessible across various sectors in India.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The increase in financial fraud and cybercrime incidents in India is a significant driver for the growth of the India Forensic Accounting Market. According to the Ministry of Home Affairs, there has been a year-on-year increase of approximately 30% in reported cases of cybercrime, including financial fraud, in the last five years. High-profile corporate scandals such as the Satyam scandal and multiple banking frauds have raised awareness about the necessity of forensic accounting services.
Major organizations like the Institute of Chartered Accountants of India play a crucial role in fostering professional standards and awareness, leading to the adoption of forensic accounting practices. This rising trend underscores the importance of forensic accounting to investigate and mitigate these crimes effectively. The growing emphasis on stringent regulatory measures and compliance due to the increase in fraudulent activities calls for specialized forensic accounting services to ensure accountability and integrity in financial reporting.
The increasing regulatory scrutiny on financial reporting in India acts as a driver for the India Forensic Accounting Market. The Securities and Exchange Board of India (SEBI) and the Financial Reporting Review Board have heightened regulations to ensure transparency and accuracy in financial statements. For example, the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) has created a need for forensic analysis to ensure compliance.
Organizations like the Confederation of Indian Industry are advocating for stronger oversight on financial practices, contributing to the demand for forensic accounting services. The potential for non-compliance penalties can be severe, creating further appetite for these services to validate and investigate financial discrepancies.
In India, the rising demand for litigation support related to financial disputes significantly propels the India Forensic Accounting Market. A noted increase in civil litigation cases, particularly in corporate disputes, necessitates the expertise of forensic accountants to analyze financial records and provide testimony. Data from the Indian Judiciary indicates that there has been a noticeable rise in commercial litigation cases by nearly 25% over the last three years.
Leading law firms are increasingly relying on forensic experts to strengthen their legal strategies, with firms like Khaitan & Co. emphasizing the integration of forensic accounting in litigation processes. The increased complexity of financial transactions further drives the need for forensic analysis, providing a compelling growth impetus for the industry.
Technological advancements are transforming the India Forensic Accounting Market, enhancing the efficiency and scope of forensic accounting. Integration of artificial intelligence and data analytics tools is changing how forensic accountants conduct investigations, enabling quicker and more accurate data analysis. Government initiatives aimed at digitization, such as the Digital India program, have facilitated this shift toward technology-driven solutions.
For instance, tools developed by companies like Tally Solutions are increasingly being adopted for financial data analysis, making it easier to identify anomalies and fraudulent transactions. The increasing reliance on technology is expected to drive demand for forensic accounting services, particularly as businesses increasingly face financial complexities that require sophisticated approaches to forensic investigations.
The Component segment of the India Forensic Accounting Market plays a crucial role in shaping the overall landscape of forensic accounting within the country. This segment is primarily divided into two key areas: Solutions/Platforms and Services. The Solutions/Platforms portion encompasses various technological tools and software that facilitate the analysis of financial data, enabling forensic accountants to detect and prevent fraud, embezzlement, and other financial discrepancies more efficiently. As businesses in India increasingly embrace digital transformation, the demand for robust forensic accounting solutions is on the rise. This not only enhances the capability of professionals in the field but also acts as a critical line of defense for organizations against financial misconduct.Â
On the other hand, the Services aspect comprises personalized consulting and advisory solutions that guide companies through compliance, investigations, and litigation support related to financial matters. The expertise provided through these services is vital, as it ensures companies adhere to regulatory requirements while addressing potential risks associated with financial transactions. In India, where economic growth is robust but accompanied by high levels of corporate fraud, the offering of forensic accounting services is becoming indispensable for maintaining financial integrity and transparency.There are significant growth drivers influencing this segment, such as increased regulatory scrutiny and the complexities of financial transactions in a rapidly globalizing economy.Â
Furthermore, the rising incidence of fraud cases in various sectors, including banking, insurance, and healthcare, underscores the importance of both technological solutions and professional services in forensic accounting. It is also important to note that the growing trend of outsourcing forensic accounting tasks to specialized firms presents new opportunities for service providers in this space. With these dynamics at play, the Component segment within the India Forensic Accounting Market is poised to continue evolving, reflecting the changing financial landscape and the need for innovative solutions and reliable services.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The End User segment of the India Forensic Accounting Market plays a critical role in shaping the overall landscape of forensic accounting services across various sectors. Key players in this segment include Banking, Insurance, Law Enforcement Agencies, Government, and Accounting Firms, each significant in its contribution to market growth. Banking institutions have increasingly adopted forensic accounting to detect fraud and ensure compliance with regulatory standards. Insurance companies leverage these services to assess claims and investigate potential wrongdoing, adding a layer of reliability and transparency.Law Enforcement Agencies utilize forensic accounting for criminal investigations, highlighting its importance in unraveling complex financial crimes.Â
Government entities rely on forensic accounting to examine public spending and prevent corruption, underscoring the sector's role in maintaining integrity. Accounting Firms are essential providers of forensic accounting services, catering to diverse client needs across multiple industries. Other sectors also contribute to the continuous growth and demand for forensic accounting, driven by the increasing complexity of financial transactions and the need for enhanced scrutiny.Overall, this segment represents a dynamic and essential component of the India Forensic Accounting Market, poised for robust development as the economic landscape becomes more intricate.
The India Forensic Accounting Market has been experiencing significant growth due to the rising demand for audit and investigation services, driven by increasing cases of financial fraud and regulatory compliance requirements. This competitive landscape comprises various players that contribute to the market through specialized forensic accounting services. These services include fraud detection, litigation support, and risk assessments tailored to the unique dynamics of the Indian economy. The competition in this sector is influenced by the firms’ ability to provide advanced technological solutions, skilled professionals, and a robust knowledge of local laws and regulations, reinforcing the need for adaptability in their strategies to remain relevant and effective in serving their clientele. As more businesses seek transparency and accountability, the role of forensic accounting continues to expand, indicating a trend of heightened competition among firms operating in this space.
Mazars has established a strong presence in the India Forensic Accounting Market, leveraging its global expertise in financial investigations while aligning its services to meet the local market needs. The firm's strengths lie in its comprehensive approach to forensic accounting, which encompasses not only traditional audits but also in-depth analyses of complex financial systems to uncover fraudulent activities. Mazars excels in building trust with clients through its commitment to integrity and the high level of professionalism exhibited by its team. The firm also emphasizes continuous training and development of its personnel, ensuring that they are equipped with the latest skills and knowledge relevant to forensic accounting. This focus on enhancing the capabilities of its professionals enables Mazars to deliver valuable insights and solutions to its clients, bolstering their competitive edge in the Indian market.Saxena & Saxena has carved out a noteworthy position within the India Forensic Accounting Market by offering a range of specialized services, including investigative audits, fraud risk assessments, and meticulous financial report analysis.Â
The firm's proficiency in understanding the intricacies of Indian financial regulations and cultural business practices gives it a unique advantage in navigating complex cases efficiently. Saxena & Saxena capitalizes on its established reputation and extensive network to provide unparalleled client service, fostering long-term relationships built on trust. The company has also engaged in strategic collaborations and synergies, enhancing its service offerings and expanding its reach within the region. With a robust portfolio of clients across various sectors, Saxena & Saxena continuously adapts its strategies to stay ahead of market trends, thereby solidifying its presence in the competitive landscape of forensic accounting in India.
The India Forensic Accounting Market has witnessed notable developments recently, particularly with key players such as Mazars, PwC, and Deloitte enhancing their service offerings amid increasing demand for forensic investigations due to rising financial fraud incidents. In October 2023, KPMG opened a dedicated forensic practice in India, focusing on corporate fraud and compliance services. Concurrently, the market is projected to grow significantly, influenced by governmental efforts to tackle financial misconduct, alongside technological advancements in data analytics and artificial intelligence. In terms of mergers and acquisitions, notable activity includes Grant Thornton acquiring a substantial stake in a leading technology-driven forensic firm in September 2023, aimed at bolstering their capabilities in digital investigations.Â
Additionally, Vora Consulting has expanded its services through a strategic partnership with an international firm to enhance its forensic accounting offerings. The projected market valuation reflects a compound annual growth rate as organizations increasingly recognize the importance of forensic accounting in maintaining financial integrity and regulatory compliance in today's economic climate. Over the last couple of years, the importance of forensic accounting in India has increased, marked by significant cases that have drawn public attention.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 294.67(USD Million) |
| MARKET SIZE 2024 | 500.0(USD Million) |
| MARKET SIZE 2035 | 1200.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 8.284% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Mazars, Saxena & Saxena, PwC, Vora Consulting, Grant Thornton, KPMG, EY, Veritas Advisory, Paharpur Business Centre, BMR Advisors, Deloitte, Vikram Shah & Associates, BDO, Nexia International, RSM |
| SEGMENTS COVERED | Component, End User |
| KEY MARKET OPPORTUNITIES | Growing demand for fraud detection, Rising regulatory requirements, Integration of advanced technologies, Increasing corporate governance awareness, Expansion in financial services sector |
| KEY MARKET DYNAMICS | growing fraud incidents, regulatory compliance demands, increased corporate governance, awareness of financial discrepancies, technology integration in investigations |
| COUNTRIES COVERED | India |
Frequently Asked Questions (FAQ) :
The India Forensic Accounting Market is expected to be valued at 500.0 USD Million in 2024.
By 2035, the India Forensic Accounting Market is projected to reach a value of 1200.0 USD Million.
The expected CAGR for the India Forensic Accounting Market from 2025 to 2035 is 8.284%.
In 2024, the Services segment of the India Forensic Accounting Market is valued at 300.0 USD Million, which is larger than the Solution/Platform segment.
The Solution/Platform segment of the India Forensic Accounting Market is expected to be valued at 480.0 USD Million by 2035.
Some key players in the India Forensic Accounting Market include PwC, KPMG, Deloitte, and EY.
The Services segment of the India Forensic Accounting Market is projected to reach a value of 720.0 USD Million by 2035.
The India Forensic Accounting Market is witnessing growth driven by increasing demand for fraud detection and prevention services.
The India Forensic Accounting Market faces challenges such as regulatory changes and the need for skilled professionals.
Primary applications of forensic accounting in India include legal investigations, fraud analysis, and dispute resolution.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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