Global Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region - Forecast till 2024
Forensic Accounting Market Overview
The global forensic accounting market is estimated to reach USD 9.85 billion by 2025, growing at a CAGR of 8.2% during the forecast period (2019–2025).
The global forensic accounting market offers various data analytics and actionable insights to investigators of financial frauds and crimes. These software tools help in organizing, analyzing and protecting data or evidence. Forensic accounting is gaining attention largely due to the increasing need for effective financial investigations. Various law enforcement authorities, insurance firms, and accounting firms extensively use such software tools for investigative purposes. Forensic accounting tools have various capabilities which include analyzing and delivering meaningful data quickly. Vendors operating in the market are offering comprehensive software suite that helps in conducting end to end investigation by protecting evidence, providing insights and helping in organizing data for presentation during legal proceedings.
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Competitive Analysis
The key players of the global forensic accounting market are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix, Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd. and AccessData.
Segmental Analysis
The global forensic accounting market has been segmented on the basis of component, end user, and region
Based on component, the forensic accounting market has been segmented into solution and services. The solution segment accounted for the largest share in the year 2018. Under the solution segment, the forensic tool segment is expected to grow at the highest CAGR during the forecast period (2019–2025).
Based on end-user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firm, and others. Law enforcement firms and accounting firms are significantly deploying such software tool for smooth investigation.
Regional Analysis
The geographic analysis of the forensic accounting market has been conducted for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
North America is expected to be the largest market for forensic accounting during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico
The US is a leading country in North America, holding the largest market share and is expected to register substantial growth during the forecast period. The growth of the forensic accounting market in the country is due to the significant adoption of such solutions/tools among enterprises.
The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Earlier, several free statistical tools were used for financial fraud investigation, however, with the entry of vendors in the market offering a comprehensive forensic tool, the adoption for such tools increased, which would create growth opportunity in this market. MRFR believes that as and when the number of vendors offering such tools will increase in the region, the forensic accounting market will boom in Asia-Pacific.
Competitive Analysis
The key players of the global forensic accounting market are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix, Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd, and AccessData.
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