Forensic Accounting Market Growth, Trends, Share, Industry Analysis and Forecast by 2031
WILMINGTON, DE, UNITED STATES, October 27, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Forensic Accounting Market, 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): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
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.
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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.
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Competitive Analysis:
The competitive environment of Forensic Accounting Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Forensic Accounting Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
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
Sama Audit Systems & Software Pvt Ltd and Many More
By region, 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.
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Demand for forensic accounting solutions has been on rise for past few years and the market is expected to continue this trend in the coming years as well, owing to growth in number of businesses and adoption of advanced technologies such as machine learning and artificial intelligence. These are promising new opportunities for growth of forensic accounting solutions as they can provide accounting management and taxation solutions for businesses and corporations.
Key providers of the forensic accounting market such as Ernst & Young Global Limited, Fulcrum Management., and KPMG International account for a significant share of the market. With larger requirements for forensic accounting tools and services, various companies are establishing partnerships to increase their forensic accounting capabilities. For instance, in July 2022, Center for Audit Quality (CAQ) announced a collaboration with various publicly listed companies in the U.S. to help gather observations on a range of topics, including the overall health of economy, business transformation, and quality of corporate disclosures. With such collaborations CAQ aims at simplifying the process of company audits for their clients with pre-existent market data for comparison.
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