New York, NY, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Forensic Accounting Services Market By Type (Criminal & Fraud Investigation, Bankruptcy Proceedings, And Risk Management), By Application (Banking & Financial Services, Healthcare, Retail, Manufacturing, Government & Public Sector, IT & Telecom, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Forensic Accounting Services Market size & share in terms of revenue was valued at USD 16.5 billion in 2022 and it is expected to surpass around USD 27.3 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 14.5% during the forecast period 2023 to 2030.”
What is Forensic Accounting Services? How big is the Forensic Accounting Services Industry?
Forensic Accounting Services Report Coverage & Overview:
Forensic accounting services pertain to the examination and assessment of financial offenses. These services involve the utilization of accounting, auditing, and financial knowledge by forensic accountants to uncover white-collar crimes. These professionals are hired by companies, individuals, or government entities to probe into financial wrongdoing like fraud and embezzlement. The expansion of the forensic accounting services market is propelled by several factors such as the rise in financial crimes and fraud, the complexity of global transactions, notable corporate scandals, advancements in technology, and the growing efforts of governments to address these issues.
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Global Forensic Accounting Services Market: Growth Dynamics
The market growth is being propelled by an escalating need for cloud-based forensic accounting solutions.
The surge in demand for cloud-based forensic accounting solutions is primarily fueled by the necessity for heightened security measures and seamless updates. These solutions allow businesses to monitor their financial aspects from anywhere and at any time, leveraging the advantages of cloud accessibility. Furthermore, cloud-based forensic accounting tools facilitate smoother collaboration and access to comprehensive financial data. In the realm of accounting services, cloud computing contributes to enhanced transparency and accountability. The added benefits of scalability and flexibility provided by cloud-based forensic accounting solutions enhance overall corporate functioning. Consequently, the escalating demand for such cloud-based solutions significantly contributes to the expansion of the global forensic accounting services market.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 16.5 billion |
| Projected Market Size in 2030 | USD 27.3 billion |
| CAGR Growth Rate | 14.5% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Deloitte, PwC, Ernst & Young, Grant Thornton, BDO International, KPMG International, FTI Consulting, Baker Tilly, Crowe Global, RSM International, Kroll, AlixPartners, Control Risks, Alvarez & Marsal, Forensic Risk Alliance(FRA), Charles River Associates and Berkeley Research Group, among others. |
| Key Segment | By Type, By Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Forensic Accounting Services Market: Segmentation Analysis
The global Forensic Accounting Services industry is segmented based on type, application, and region.
Based on the type, The global market is categorized into criminal & fraud investigation, bankruptcy proceedings, and risk management segments. Anticipatedly, the criminal and fraud investigation segment will hold the largest market share during the forecast period. This segment encompasses services provided when a company or individual is alleged to have committed a crime.
Forensic accountants leverage their expertise to scrutinize financial records and pertinent documents in order to ascertain the presence of any unlawful activities. In the context of AML (Anti-Money Laundering) investigations, specialized forensic accountants assist financial institutions in identifying and preventing money laundering activities. Through the analysis of financial transactions and patterns, they identify suspicious behaviors and ensure compliance with AML regulations, thus propelling the growth of this segment.
Based on the application, The global market for forensic accounting services is divided into several sectors, including banking & financial services, healthcare, retail, manufacturing, government & public sector, IT & telecom, and others. Among these, the banking & financial services segment is anticipated to dominate the market throughout the forecast period. This is attributed to the heightened susceptibility of banking and financial institutions to fraud, stemming from their substantial involvement in financial transactions.
Forensic accountants play a pivotal role in identifying and mitigating diverse forms of fraud, encompassing both internal and external fraud, credit card fraud, as well as electronic funds transfer fraud. Their responsibilities involve scrutinizing transactions, pinpointing anomalies, and formulating measures to fortify internal safeguards and preempt prospective fraud incidents. For instance, referring to the Reserve Bank of India's report, the banking industry witnessed a total of 13,530 fraud cases in the fiscal year 2023. A bit under 49% of them, or 6,659 cases, involved online or digital payments. Thus, this is expected to drive market expansion over the forecast period.
The global Forensic Accounting Services market is segmented as follows:
By Type
- Criminal and Fraud Investigation
- Bankruptcy Proceedings
- Risk Management
By Application
- Banking & Financial Services
- Healthcare
- Retail
- Manufacturing
- Government & Public Sector
- IT & Telecom
- Others
Browse the full “Forensic Accounting Services Market By Type (Criminal & Fraud Investigation, Bankruptcy Proceedings, And Risk Management), By Application (Banking & Financial Services, Healthcare, Retail, Manufacturing, Government & Public Sector, IT & Telecom, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/forensic-accounting-services-market
Competitive Landscape
Some of the main competitors dominating the global Forensic Accounting Services market include -
- Deloitte
- PwC
- Ernst & Young
- Grant Thornton
- BDO International
- KPMG International
- FTI Consulting
- Baker Tilly
- Crowe Global
- RSM International
- Kroll
- AlixPartners
- Control Risks
- Alvarez & Marsal
- Forensic Risk Alliance(FRA)
- Charles River Associates
- Berkeley Research Group
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global Forensic Accounting Services market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
- In terms of revenue, the global Forensic Accounting Services market size was valued at around USD 16.5 billion in 2022 and is projected to reach USD 27.3 billion, by 2030.
- The global Forensic Accounting Services market is being driven by the growing number of frauds in the BFSI sector.
- Based on the type, the criminal and fraud investigation segment is expected to capture the largest market share over the forecast period.
- Based on the application, the banking & financial services segment is expected to hold the largest market share over the forecast period.
- Based on region, North America is expected to dominate the market over the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Forensic Accounting Services industry?
- What are the main driving factors propelling the Forensic Accounting Services Market forward?
- What are the leading companies in the Forensic Accounting Services Industry?
- What segments does the Forensic Accounting Services Market cover?
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Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Application, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
Anticipatedly, North America is poised to hold a dominant position in the global forensic accounting services market throughout the forecast period. The region's supremacy is rooted in its robust financial sector, diversified economy, and well-established legal framework. Furthermore, North America has witnessed a notable prevalence of financial malpractices, encompassing instances of corporate fraud, securities fraud, Ponzi schemes, and insider trading.
A recent release of Federal Trade Commission data indicates that consumer losses due to fraud surged by over 30% from the previous year, amounting to approximately $8.8 billion in 2022. Notably, investment scams accounted for the highest reported consumer loss category, totaling more than $3.8 billion. This sum more than doubled the reported losses in 2021. Imposter frauds also contributed significantly to the loss amount, rising from $2.4 billion in 2021 to $2.6 billion in 2022. Thus, these circumstances are poised to fuel market growth in the North American region during the projected period.
Concurrently, the Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) over the forecast period. This growth can be attributed to economic expansion and increased investments within the region. The rapid economic progress of several nations within the Asia Pacific region has attracted international investments and fostered intricate corporate transactions.
This surge in economic activity has spurred the demand for forensic accountants who can navigate complex financial landscapes and mitigate potential risks. Additionally, governments in the Asia-Pacific region are instituting anti-corruption measures and enhancing regulatory frameworks to bolster accountability and transparency. Forensic accountants play a pivotal role in supporting these initiatives through investigations and compliance procedures, thereby driving the growth of the market in this region.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Forensic Accounting Services Market: Prospects
Technological Advancements to Unveil Lucrative Growth Avenues
The potential of forensic accounting solutions to seamlessly integrate with modern accounting tools, alongside the incorporation of cutting-edge technologies such as artificial intelligence and machine learning, will play a pivotal role in shaping their success in the future. In today's rapidly evolving corporate landscape, the capability of forensic accounting solutions to effortlessly collaborate with other software and tools holds significant importance.
Furthermore, the accounting sector is focusing on harnessing advanced technologies like blockchain and artificial intelligence (AI) to streamline business operations. The adoption of Optical Character Recognition (OCR) technology is also gaining momentum across industries, serving to enhance enterprise efficiency by reducing processing times. An illustrative example is the growth of the industry, with platforms like QuickBooks integrating with over 600 business apps including PayPal and Google Calendar. As such, the convergence of technological advancements is poised to provide a lucrative growth opportunity for the forensic accounting services market throughout the forecast period.
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