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Global Forensic Accounting Market by Type (Criminal and fraud investigation, Bankruptcy proceedings, Risk management, Business/Employee Fraud Investigations, Shareholder/Partnership Disputes, Insurance Claims and Others (Personal Earnings Losses, Mediation and Arbitration etc.), By organization Size (Large Enterprises and Small and Medium Sized Enterprises), By Verticals (Automotive, Banking Financial Services and Insurance (BFSI), Healthcare, Travel and Hospitality, Media and Entertainment, Government and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Description
Global Forensic Accounting Market Overview:
Forensic accounting is screening false accounts through inspection and analysis of original materials and account data. It can preserve false evidence and false state facts in a form that is easily accepted by judicial authorities to improve the level of account management, reduce the risk of fraud—the purpose of solidifying the facts of the crime and punishing the crime. Forensic accounting is the comprehensive application of accounting and legal knowledge and auditing methods and investigative techniques by specific entities. It aims to obtain relevant financial evidence through investigation and display or present it into court in a form acceptable to the court to solve related legal issues.Global Forensic Accounting Market Insights
Global Forensic Accounting Market estimated to grow with a significant rate during the forecast period, 2020-2027. The surge in white-collar crimes such as financial frauds by which people have lost a lot of money is vital factors expected to drive the global forensic accounting market in the future timeframe. Additionally, forensic accounting provides the scientific basis for determining the facts of the crime, such as corruption, false reporting of registered capital, smuggling, fraudulent issuance of shares or bonds, false capital contribution, withdrawal of capital will fuel the global forensic accounting market size in the future time. Forensic accountants, also known as investigative auditors or forensic auditors, provide expert evidence at the eventual trial. Moreover, the surge in demand for forensic accounting for financial reforms and volatility following frauds and scandals across the globe will contribute to the growth of the forensic accounting industry in the projected period. Additionally, the augmentation in demand for forensic accounting to provide effective protection for protecting the rights and interests of enterprises and institutions would likely trigger the global forensic accounting industry in the forecast period.Growth Driver
Increased Cases of Corporate Fraud
Forensic accounting to prevent corporate fraud and other unethical behavior. Some large international accounting firms have set up forensic accounting departments internally, increasing the number of forensic accountants. Forensic accounting provides a scientific basis for determining the facts of crimes of fraudulent export tax rebates, etc. It helps in investigating and analyzing the accounting matters involved in the case, make scientific appraisal conclusions, and provide scientific evidence for judicial proceedings, trials to determine the defendant’s criminal facts, convictions, and sentencing.Enabling Improved Governance and Conduct
Forensic accounting services are now frequently using in banks and large corporations for providing governance and smooth conduct of operations. Banking industry using forensic accounting tools to detect fraudulent accounts such as fraudulent issuance of shares or bonds, false capital contribution, withdrawal of capital, the crime of providing false accounting reports, the crime of illegally operating similar businesses, negligence, abuse of power and causing bankruptcy.Type Segmental Analysis
Based on type, the global forensic accounting market classified into Criminal and fraud investigation, Bankruptcy proceedings, Risk management, Business/Employee Fraud Investigations, Shareholder/Partnership Disputes, Insurance Claims, and Others (Personal Earnings Losses, Mediation and Arbitration, etc. The Criminal and fraud investigation segment predicted to gain a major share in the market by 2027, on account of forensic accounting used to reduce white-collar crimes and corporate fraud cases. The risk management segment will boom by forensic accounting provide a road map of key areas requiring focused monitoring and investigative procedures and deploy limited resources to mitigate fraud risk in the most susceptible areas.Organization Size Segmental Analysis
Based on Organization Size, the global Forensic Accounting market bifurcated into Large Enterprises and Small & Medium-Sized Enterprises. Large Enterprises projected to dominate the market due to the increasing demand for forensic accounting to monitor prevent corporate fraud and other unethical behavior. The Small & Medium-Sized Enterprises will influence by its application to detect crimes of tax evasion and fraudulent export tax rebate occurrence.Verticals Segmental Analysis
Based on Verticals, the global Forensic Accounting market classified Automotive, Banking Financial Services, and Insurance (BFSI), Healthcare, Travel and Hospitality, Media and Entertainment, Government, and Others. The Banking Financial Services and Insurance (BFSI) segment estimated to register a higher CAGR by 2027, due to the surge in applications of forensic accounting for protecting the rights and interests of enterprises and institutions and detect the fraudulent issuance of shares or bonds, withdrawal of capital, risk management, abuse of power and causing bankruptcy, etc.Region Segmental Analysis
Based on geography, the global Forensic Accounting market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s market share by 2027, owing to the growing adoption of forensic accounting tools by government agencies and accounting firms coupled with the presence of major service proving companies in these regions. Europe will propel by the surge in cases of corporate fraud in these regions.Competitor Analysis
Companies such as Baker Tilly Virchow Krause, LLP, BDO USA LLP, Advanta Global Services, Alvarez & Marsal Holdings, LLC., Accuracy, FTI Consulting, Inc., Hemming Morse, LLP, 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 are the key players in the Global Forensic Accounting Market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Forensic Accounting service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to forensic accounting
- Regulatory bodies
Recent Developments
- In July 2021, Kreller Companies announced the opening of its new forensic accounting practice, Kreller Forensic Investigations, in Dallas, TX.
- In April 2021, Srei Equipment Finance Ltd appointed KPMG Assurance and Consulting Services LLP and DMKH & Co, chartered accountants, for a forensic audit as part of its proposed debt evolution and good governance processes, respectively.
- In March 2021, The Indian ministry of corporate affairs announces forensic auditing norms, brings clarity in fraud detection as standards now used lacks clarity, resulting in most cases across Indian courts filed by borrowers, companies, and individuals.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- Large Enterprises
- Small and Medium Sized Enterprises
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Table Of Contents
Global Forensic Accounting Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Forensic Accounting Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type
- Demand
- Market Size & Forecast, 2016-2027
- North America Forensic Accounting Market Overview
- North America Forensic Accounting Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Forensic Accounting Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Forensic Accounting Market
- By Type
- Demand
- North America Forensic Accounting Market Size & Forecast, 2016-2027
- Europe Forensic Accounting Market Overview
- Europe Forensic Accounting Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Forensic Accounting Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Forensic Accounting Market
- By Type
- Demand
- Europe Forensic Accounting Market Size & Forecast, 2016-2027
- Asia Pacific Forensic Accounting Market Overview
- Asia Pacific Forensic Accounting Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Forensic Accounting Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Forensic Accounting Market
- By Type
- Demand
- Asia Pacific Forensic Accounting Market Size & Forecast, 2016-2027
- South America Forensic Accounting Market Overview
- South America Forensic Accounting Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Forensic Accounting Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Forensic Accounting Market
- By Type
- Demand
- South America Forensic Accounting Market Size & Forecast, 2016-2027
- Middle East & Africa Forensic Accounting Market Overview
- Middle East & Africa Forensic Accounting Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Forensic Accounting Market Share & Forecast, 2016-2027
- By Type
- Criminal and fraud investigation
- Bankruptcy proceedings
- Risk management
- Business/Employee Fraud Investigations
- Shareholder/Partnership Disputes
- Insurance Claims
- Others (Personal Earnings Losses, Mediation and Arbitration etc.)
- By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises
- By Verticals
- Automotive
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Government
- Others
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Forensic Accounting Market
- By Type
- Demand
- Middle East & Africa Forensic Accounting Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Baker Tilly Virchow Krause, LLP
- BDO USA LLP
- Advanta Global Services
- Alvarez & Marsal Holdings, LLC.
- Accuracy, FTI Consulting, Inc.
- Hemming Morse, LLP
- Galvanize
- CaseWare IDEA
- Arbutus Software Inc.
- Fulcrum Management
- Nuix
- Cygna Labs Corp
- OpenText
- Sama Audit Systems & Software Pvt Ltd
- Other Prominent Players
Methodology
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Frequently Asked Questions (FAQ):
The forensic Accounting Market analyzes, interprets, and summarizes complex financial and business cases by applying accounting, auditing, and investigative skills for government agencies or private firms.
The forecasted market size of the Global Forensic Accounting Market is 9.2 billion in 2027.
The recorded compound annual growth rate of the market is 8.8% during the forecast period.
By Verticals, the market is segmented as Automotive, Government, Banking Financial Services and Insurance (BFSI), Travel and Hospitality, Media and Entertainment, Healthcare, and Others.
North America will lead the market by 2027 due to the increased use of forensic accounting tools by government-based agencies and accounting firms, in addition to the presence of major service-proving companies in the region.
