Forensic Accounting Services in the US - Industry Market Research Report

Crime Scene: An Increase in the Number of Business Bankruptcies Will Likely Spur Industry Demand

The Forensic Accounting Services industry has benefited from a mounting focus on the impact of fraud among domestic corporate clients. Industry companies provide services that apply accounting concepts and techniques to legal problems, investigate financial fraud and provide litigation support to attorneys and law enforcement agencies. Many forensic service providers specialize in fraud prevention, detection and response services. As improved internal controls and audit functions are essential to prevent this economic crime, forensic accountants are often employed to ensure fraud is not committed. Companies have increasingly relied on outside consultants, instead of in-house personnel, to investigate on their behalf. In 2020, because of COVID-19, the number of fraud reports reported rose significantly as the total number of online businesses increased, increasing demand for industry services. As a result, industry revenue has grown at an annualized rate of 3.4% to $8.6 billion over the five years to 2023, including an estimated 4.3% jump in 2023 alone, when profit is set to total 18.2%.

This industry provides services that apply accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial fraud and white-collar crimes. They also provide litigation support to attorneys and law enforcement agencies that investigate financial wrongdoings.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.