The latest Forensic Accounting Market study, blends in qualitative and quantitative research techniques to present vital data on the competitive landscape for the period of 2021 – 2032 .The report is furnished with the latest updates about the current market scenario with regards to the COVID-19 pandemic. The report considers COVID-19 as a key contributor to the dynamically altered market scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
The global forensic accounting market size was USD 5.50 Billion in 2022 and is expected to register a revenue CAGR of 8.8% during the forecast period, according to latest analysis by Emergen Research. Rapid increase in insurance purchases, increase in the number of fraudulent cases, growth in business partnership and shareholder issues, and rise in legal marriage cases are some of the key factors driving revenue growth of the global forensic accounting market.
The forensic accounting market is witnessing significant growth and evolution driven by various factors. Forensic accounting involves the use of accounting skills to investigate financial fraud, embezzlement, and other financial misconducts. It plays a crucial role in uncovering financial irregularities and providing evidence for legal proceedings. With the increasing instances of financial crimes globally, the demand for forensic accounting services is on the rise.
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Drivers Propelling Market GrowthS
Several factors contribute to the growth of the forensic accounting market. One of the primary drivers is the growing awareness among organizations about the importance of detecting and preventing financial fraud. High-profile cases of corporate scandals and regulatory scrutiny have compelled businesses to invest in forensic accounting services to safeguard their assets and reputation. Additionally, the expanding scope of forensic accounting beyond traditional financial audits to include areas like cybercrime and digital forensics is fueling market growth.
Restraints Hindering Market Growth
Despite its growth prospects, the forensic accounting market faces certain restraints. One of the major challenges is the shortage of skilled professionals in this niche field. Forensic accountants require specialized knowledge and expertise in areas such as accounting principles, investigative techniques, and legal frameworks. The scarcity of talent poses a significant hurdle for companies looking to build robust forensic accounting teams. Moreover, the complexity and time-consuming nature of forensic investigations can deter some organizations from availing these services.
Main players in the market include Arbutus Software Inc., Caseware International Inc., Cellebrite, Cygna Labs Corp., Ernst Young Global Limited, e-fense, Galvanize, KPMG International, NUIX, and Passware.
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Emergen Research has segmented the global forensic accounting market on the basis of component, deployment type, enterprise size, industry, and region:
· Component Outlook (Revenue, USD Billion; 2019-2032)
- Solution
- Service
· Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
- On-Premise
- Cloud
· Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
· Industry Outlook (Revenue, USD Billion; 2019-2032)
- Banking, Financial Services, and Insurance (BFSI)
- Law Enforcement Agencies
- Accounting Firms
- Government and Public Sector
- Others
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Major Geographies Encompassed in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Objectives of the Global Forensic Accounting Market Study:
An in-depth study of the evolving market sectors and the growth penetration status of the global Forensic Accounting Market
COVID-19 Impact Analysis to highlight the major opportunities and challenges
Strategic recommendations to help readers formulate lucrative business strategies
Identification of the emerging players and their tactical approaches to expand market presence
An extensive study of the product portfolios of the major market players and their regional presence
A closer look at the strategic initiatives undertaken by the leading companies across this industry, including mergers acquisitions, collaborations, partnerships, and joint ventures
Global Forensic Accounting Market Report - Table of Contents:
Chapter 1. Forensic Accounting Market Definition and Scope
Chapter 2. Forensic Accounting Market Executive Summary
Chapter 3. Forensic Accounting Market Research Methodology
Chapter 4. Forensic Accounting Market Market Dynamics
Chapter 5. Regional Analysis
Chapter 6. Product Segmentation
Chapter 7. Application Spectrum
Chapter 8. End-user Landscape
Chapter 9. Competitive Landscape
Chapter 10. Append
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About Emergen Research
Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market
