Forensic accounting is the analysis of financial records in preparation for or as a result of litigation. The outcomes of a forensic accounting investigation can be used as evidence in court, and hence financial forensic investigations are usually heavily documented.
Rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic led to growth of global remote and automated accounting solutions during the period, hence empowering demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions. However, data privacy and sharing risks associated with forensic accounting solutions and services hamper the forensic accounting market growth. On the contrary, integration of advanced tools such as machine learning and data analytics with forensic accounting solutions suites are expected to offer remunerative opportunities for expansion of the forensic accounting market during the forecast period.
The global forensic accounting market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, it is classified into on-premise and cloud. By enterprise size, it is bifurcated into large enterprises and SMEs. The industry vertical covered in the study includes BFSI, law enforcement agencies, government & public sector, accounting firms, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global forensic accounting market is dominated by key players such as Arbutus Software Inc., AccessData, BDO Global, CaseWare IDEA, Cellebrite, Cygna Labs Corp, Deloitte Touche Tohmatsu Limited, e-fense, Ernst & Young Global Limited, Fulcrum Management., Galvanize, KPMG International, Nuix, OpenText, Passware, PwC, and Sama Audit Systems & Software Pvt Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Forensic accounting is the analysis of financial records in preparation for or as a result of litigation. The outcomes of a forensic accounting investigation can be used as evidence in court, and hence financial forensic investigations are usually heavily documented.
Rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic led to growth of global remote and automated accounting solutions during the period, hence empowering demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions. However, data privacy and sharing risks associated with forensic accounting solutions and services hamper the forensic accounting market growth. On the contrary, integration of advanced tools such as machine learning and data analytics with forensic accounting solutions suites are expected to offer remunerative opportunities for expansion of the forensic accounting market during the forecast period.
The global forensic accounting market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, it is classified into on-premise and cloud. By enterprise size, it is bifurcated into large enterprises and SMEs. The industry vertical covered in the study includes BFSI, law enforcement agencies, government & public sector, accounting firms, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global forensic accounting market is dominated by key players such as Arbutus Software Inc., AccessData, BDO Global, CaseWare IDEA, Cellebrite, Cygna Labs Corp, Deloitte Touche Tohmatsu Limited, e-fense, Ernst & Young Global Limited, Fulcrum Management., Galvanize, KPMG International, Nuix, OpenText, Passware, PwC, and Sama Audit Systems & Software Pvt Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic led to growth of global remote and automated accounting solutions during the period, hence empowering demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions. However, data privacy and sharing risks associated with forensic accounting solutions and services hamper the forensic accounting market growth. On the contrary, integration of advanced tools such as machine learning and data analytics with forensic accounting solutions suites are expected to offer remunerative opportunities for expansion of the forensic accounting market during the forecast period.
The global forensic accounting market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, it is classified into on-premise and cloud. By enterprise size, it is bifurcated into large enterprises and SMEs. The industry vertical covered in the study includes BFSI, law enforcement agencies, government & public sector, accounting firms, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global forensic accounting market is dominated by key players such as Arbutus Software Inc., AccessData, BDO Global, CaseWare IDEA, Cellebrite, Cygna Labs Corp, Deloitte Touche Tohmatsu Limited, e-fense, Ernst & Young Global Limited, Fulcrum Management., Galvanize, KPMG International, Nuix, OpenText, Passware, PwC, and Sama Audit Systems & Software Pvt Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Forensic accounting is the analysis of financial records in preparation for or as a result of litigation. The outcomes of a forensic accounting investigation can be used as evidence in court, and hence financial forensic investigations are usually heavily documented.
Rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic led to growth of global remote and automated accounting solutions during the period, hence empowering demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions. However, data privacy and sharing risks associated with forensic accounting solutions and services hamper the forensic accounting market growth. On the contrary, integration of advanced tools such as machine learning and data analytics with forensic accounting solutions suites are expected to offer remunerative opportunities for expansion of the forensic accounting market during the forecast period.
The global forensic accounting market is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, it is classified into on-premise and cloud. By enterprise size, it is bifurcated into large enterprises and SMEs. The industry vertical covered in the study includes BFSI, law enforcement agencies, government & public sector, accounting firms, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global forensic accounting market is dominated by key players such as Arbutus Software Inc., AccessData, BDO Global, CaseWare IDEA, Cellebrite, Cygna Labs Corp, Deloitte Touche Tohmatsu Limited, e-fense, Ernst & Young Global Limited, Fulcrum Management., Galvanize, KPMG International, Nuix, OpenText, Passware, PwC, and Sama Audit Systems & Software Pvt Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forensic accounting market analysis from 2021 to 2031 to identify the prevailing forensic accounting market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the forensic accounting market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global forensic accounting market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Service
By Deployment Model
- On Premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By Industry Vertical
- BFSI
- Law Enforcement Agencies
- Government and Public Sector
- Accounting Firms
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Mexico
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- AccessData
- BDO Global
- CaseWare IDEA
- Cellebrite
- Cygna Labs Corp
- Deloitte
- e-fense
- Ernst & Young Global Limited
- Fulcrum Management
- Arbutus Software Inc.
- Galvanize
- Nuix
- OpenText
- Passware
- Sama Audit Systems & Software Pvt Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FORENSIC ACCOUNTING MARKET, BY COMPONENT
CHAPTER 5: FORENSIC ACCOUNTING MARKET, BY DEPLOYMENT MODEL
CHAPTER 6: FORENSIC ACCOUNTING MARKET, BY ENTERPRISE SIZE
CHAPTER 7: FORENSIC ACCOUNTING MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: FORENSIC ACCOUNTING MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Forensic Accounting Market," the forensic accounting market size was valued at $5.13 billion in 2021, and is estimated to reach $11.68 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.Forensic accounting is the examination of fraud and false representation of financial data. Forensic accounting solutions can help businesses to analyze financial data comprehensively. Moreover, forensic accounting solutions can automatically document their whole inquiry and store in a format that can be presented in court. Furthermore, key factors that drive rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic led to growth of global remote and automated accounting solutions during the period, hence empowering the demand for forensic accounting solutions. Moreover, with sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for forensic accounting solutions. However, data privacy and sharing risks associated with forensic accounting solutions and services can hamper the forensic accounting market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with forensic accounting solutions suites are expected to offer remunerative opportunities for expansion of the forensic accounting market during the forecast period.
On the basis of deployment model, the on-premise segment dominated the overall forensic accounting market in 2021, and is expected to continue this trend during the forecast period. This is attributed to custom offerings and higher privacy of on-premise forensic accounting solutions. However, the cloud segment is expected to witness highest growth, owing to their easier deployment capability that is anticipated to grow in the coming years, which would fuel growth of the global forensic accounting industry.
Region wise, the forensic accounting market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. This is expected to drive the market for forensic accounting solutions within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growth in number of startups and the expanding business sector of the region, which is expected to fuel growth of forensic accounting solutions in the region in the coming years.
The economic impact and supply chain disruptions of COVID-19 pandemic caused severe financial strains on small-business owners and neighborhood retail stores. Furthermore, the social distancing and self-isolation further made it harder for small businesses enterprises to sustain during the period. According to a study conducted by Department of Economics, University of California, in March 2020, the U.S. witnessed a more than 22% drop in the number of active business owners during February 2020 to April 2020. Such significant reductions in the number of businesses in span of 2 months highlights the impact of COIVID-19 on global businesses. However, with businesses that did survive the initial waves of the pandemic, many of them started reporting unnatural sales numbers and fraudulent books to save on taxes and wages, this however fueled the need for effective forensic accounting solutions.
Key Findings of the Study
- By deployment model, the on premise segment accounted for the largest forensic accounting market share in 2021.
- By region, North America generated the highest revenue in 2021.
- By enterprise size, the large enterprise segment generated the highest revenue in 2021.
- The key players profiled in the forensic accounting market analysis are Arbutus Software Inc., AccessData, BDO Global, CaseWare IDEA, Cellebrite, Cygna Labs Corp, Deloitte Touche Tohmatsu Limited, e-fense, Ernst & Young Global Limited, Fulcrum Management., Galvanize, KPMG International, Nuix, OpenText, Passware, PwC, and Sama Audit Systems & Software Pvt Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the forensic accounting industry.
Companies Mentioned
- Accessdata
- Bdo Global
- Caseware Idea
- Cellebrite
- Cygna Labs Corp
- Deloitte
- E-Fense
- Ernst & Young Global Limited
- Fulcrum Management
- Arbutus Software Inc.
- Galvanize
- Nuix
- Opentext
- Passware
- Sama Audit Systems & Software Pvt Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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