The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Global Forensic Accounting Market. The growth sectors of the Global Forensic Accounting Market are identified with precision for a better growth perspective.
According to the market Research Future (MRFR), The global forensic accounting market is slated to reach a value of USD 9.85 Billion by 2025, recording a CAGR of 8.2% during the review period of 2019–2025.
Drivers and Restraints
The growing adoption of digital tools for investigation and strict regulations and compliance is driving the global forensic accounting market. Forensic accountants widely use such tools and services in order to conduct investigative procedures efficiently. These accountants are the investigators working for various firms and agencies who conduct investigations related to financial frauds. In the past, these investigators used traditional approaches for data crunching and data analysis. Nevertheless, with the advent of advanced technologies like high-level forensic tools and analytics, such as various accounting and auditing tools and cohesive forensic software suite have been developed which are broadly used to streamline the investigation. Vendors operating in the market is providing tools and solutions in line with the necessities of forensic accountants. These software tools have to analyze and deliver meaningful data with ease. Additionally, this software also has primarily used to locate all the data on a computer disk and protect the evidence (data) and thus, aid forensic accountants create reports that can be used for legal proceedings.
The adoption of forensic accounting is specifically growing among accounting firms and law enforcement agencies. moreover, with the entry of various forensic accounting solution providers in the market, end-users have various market players to choose from before selecting the suitable solution provider, which consequently is creating competition in the market. moreover, with the advent of more affordable and comprehensive solutions, the popularity of forensic tools is increasing. All these advances in the market are expected to drive the market forward.
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 solutions and services. The solution segment includes audit/accounting software, forensic tools/software, and other solutions used for analytical purposes. The services segment comprises of professional services offered by solution providers. These expert services include consulting, training,and maintenance services. Additonally, the solution segment accounted for the larger share in the overall market. Whereas, the forensic tools sub-segment is slated to grow at the higher CAGR over the forecast period (2019–2025). The increasing adoption of forensic tools can be attributed to the rising demand for such software tools amid law enforcement agencies and accounting firms.
Based on end user, the global forensic accounting market has been segmented into law enforcement agencies, accounting firm, banking and insurance,government, and others. Law enforcement agencies and accounting firms broadly use these tools and software to analyze financial frauds and crimes effectively. Apart from free statistical tools, innovative forensic tools are also being which is fueling the overall market.
The geographical analysis for the global forensic accounting has been conducted for Asia Pacific (APAC), North America, Europe, and the Middle East & Africa, and South America.
The forensic accounting market in North America accounted for the largest market share in the year 2018, and it is touted to register robust growth during the forecast period. The key influential factors for the expansion of the forensic accounting market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.
The forensic accounting market in Asia-Pacific is expected to grow at the highest CAGR over the forecast period. Asia-Pacific consists of developing countries such as Japan, China, India, and the rest of Asia-Pacific, which are promising markets. This growth can , to the growing adoption of digital forensic solutions primarily among law enforcement agencies and various big accounting firms.
The key market players of the global forensic accounting market are CaseWare IDEA, Galvanize, Arbutus Software Inc., Nuix, Fulcrum Management, Cygna Labs Corp, Passware, e-fense, OpenText, Sama Audit Systems & Software Pvt Ltd, Cellebrite, and AccessData.
Forensic Accounting Market is estimated to expand at 8.2% CAGR during the Assessment Period, to…
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