Forensic Accounting Market Technological Advancement and Top Key Players

Posted by Sakshi Mishra on April 28th, 2021

Market Insight

The boom of the global forensic accounting market 2020 is noticeable by Market Research Future has come into the reading. This foretells that the global forensic accounting market’s overall valuation would get bigger post the pandemic that is calculated to be 8.85 billion by the year 2025. The growth would occur at a pace of 8.2% CAGR owing to the development of the new dynamism, which is making active development in the market’s growth, mainly from the years 2018-2025.

Notable Developments

Growth in the historic period resulted from augmented corporate fraudulent activities and the outsourcing of back-end operations to low-cost economies. Factors that negatively exaggerated growth in the historical period were rigorous government policies and political and social instability. Public-private collaborations and technological developments will motive the growth for the forecasted period. 

During the historical period, the augmented incidences of fraudulent corporate activities have led to the rise in demand for forensic accounting services. The rising numbers of high-profile frauds and the preventive approach of regulators associated with amendments in-laws were the factors liable for forensic audit becoming an emerging and revenue-generating business for accounting firms. In the case of point, in 2014, about 88 corporate frauds were reported in the USA, out of which 54 were recommended for prosecution, and 79 people were sentenced. Large accounting companies are investing more in their forensic auditing teams.

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Segmentation of Market

The global forensic accounting market has been further segmented among the segments of component, and end-user.

Depending on the component segment, the forensic accounting market has included solutions and services.  The solution segment then includes audit/accounting software, forensic tools/software, and others. The services segment includes additional professional services that are offered by the solution providers, which includes consulting, training, and support services. The solution segment grabbed the largest share in the overall market in the year 2018. 

Depending on the end-user segment, the forensic accounting market has included law enforcement agencies, banking and insurance, accounting firms, government, and others.  The accounting firms segment might expand at the highest CAGR during the assessment period, 2019–2025.

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Sakshi Mishra

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Sakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512

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