New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Forensic Accounting Market information by Components, By End-user and Region – forecast to 2027” market size to reach 8.85 billion, growing at a compound annual growth rate of 8.2% by 2025.
Market Scope:
The growing adoption of digital tools for investigation and strict regulations and compliance will boost the market growth over the forecast period. Forensic accountants widely utilize such services and tools in order to conduct investigative procedures effectively. Such accountants are those investigators that work for different agencies and firms that conduct investigations associated with financial frauds. These investigators in the past used traditional approaches for data analysis and data crunching. Nonetheless with the advent of advanced technologies such as high level forensic analytics and tools like different cohesive forensic software suite and accounting and auditing tools have been developed that are widely used for streamlining the investigation.
Dominant Key Players on Forensic Accounting Market Covered are:
- Galvanize
- CaseWare IDEA
- Arbutus Software Inc.
- Fulcrum Management
- Nuix
- Cygna Labs Corp
- e-fense
- Passware
- OpenText
- Cellebrite
- Sama Audit Systems & Software Pvt Ltd
- AccessData
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Market USP Exclusively Encompassed:
Revelation of Frauds to offer Robust Opportunities to Forensic Accounting Market
The revelation of frauds committed by financial as well as non-financial companies has led to several changes on the corporate governance of firms across the globe, thus driving the need for forensic audit services. This will offer robust opportunities for the market in the forecast period.
Forensic Accounting Market Restraints
Rigorous Government Policies to act as Market Restraint
The rigorous government policies may act as a market restraint over the forecast period.
Forensic Accounting Market Challenges
Political and Social Instability to act as Market Challenges
The political and social instability may act as market challenge over the forecast period.
Browse In-depth Market Research Report (141 Pages) on Forensic Accounting Market:
https://www.marketresearchfuture.com/reports/forensic-accounting-market-8383
Segmentation of Market Covered in the Research:
The global forensic accounting market is segmented based on end user and component.
By component, the solution segment will lead the market over the forecast period. A large number of immensely regulated verticals are using such solutions for conducting investigative procedure effectively and growing need for such software tools among law enforcement agencies and accounting firms are adding to the growth of the segment.
By end user, law enforcement agencies and accounting firms will dominate the market over the forecast period for the increasing use of such software and tools for investigating crimes and financial frauds effectively. Both free statistical tools and advanced forensic tools are used for this purpose which is also adding segmental growth.
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Regional Analysis
North America to Spearhead Forensic Accounting Market
North America will spearhead the market over the forecast period. Increasing adoption of such software and tools by various accounting firms and government agencies, the presence of several leading vendors in the region that offer comprehensive solutions to the enterprises, the adoption of new technology, and the introduction of new tools and software by the US government that can be used in forensic accounting are adding to the global forensic accounting market growth in the region. Besides, the growing need for such solutions among enterprises in Mexico, Canada, and the US, is also adding market growth.
APAC to Have Significant Growth in Forensic Accounting Market
The APAC region will have significant growth over the forecast period and at a high CAGR. Growing adoption of digital forensic solutions largely among law enforcement agencies and various big accounting firms are adding to the global forensic accounting market growth in the region.
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COVID-19 Impact on the Global Forensic Accounting Market
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the forensic accounting market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Industry News
ICAI will soon come out with eight new forensic accounting, investigation standards. As per this new accounting standard, auditors will be needed to follow stiff norms at the time of conducting forensic audit. In fact as a part of this new accounting standard, the forensic auditors will be needed in issuing an unambiguous and precise report. The report will never express opinions or pass judgment on the innocence or guilt.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
