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What is the Expected Growth Rate of the Forensic Accounting Market from 2024 to 2033?

The forensic accounting market has also grown strongly, with its size anticipated to increase from $5.31 billion in 2023 to $5.81 billion in 2024, marking a CAGR of 9.5%. This growth can be attributed to rising white-collar crimes, stricter regulatory compliance, corporate governance concerns, business globalization, and demand for litigation and dispute resolution services.

The forensic accounting market is projected to grow steadily, reaching $7.95 billion by 2028 at a CAGR of 8.1%. This growth is attributed to the increasing prevalence of cybersecurity threats, growing emphasis on fraud prevention, expanding roles in risk management, complex financial transactions, and rising regulatory scrutiny. Key trends include the integration of machine learning for anomaly detection, specialization in niche areas, enhanced data analytics in investigations, continuous professional development, and predictive analytics for risk assessment.

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What Key Factors Are Fueling the Growth of the Forensic Accounting Market?

The increasing incidence of fraud and financial cybercrimes is expected to drive the forensic accounting market’s growth. Financial fraud, involving deceptive activities such as misrepresentation or embezzlement, is prompting a rising demand for forensic accounting services to detect, investigate, and prevent fraudulent activities. UK Finance reported a 6% increase in authorized fraud losses, reaching £485.2 million ($616 million) in 2022. Therefore, the rise in fraud cases will promote the growth of the forensic accounting market.

What Are the Major Segments of the Forensic Accounting Market?

1) By Component: Solution, Service

2) By Deployment Model: On Premise, Cloud

3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)

4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Law Enforcement Agencies, Government And Public Sector, Accounting Firms, Other Industry Verticals

What New Trends Are Transforming the Forensic Accounting Market?

Companies in the forensic accounting market are incorporating data analytics and artificial intelligence (AI) into their investigations. Platforms like hyper-automated analytics enable the detection of financial anomalies and fraud. In March 2023, iAcuity Fintech launched Fund Trail, the first hyper-automated analytics platform, utilizing AI and big data to assist in financial investigations. This platform helps forensic auditors, law enforcement, and financial institutions identify fraud and suspicious behavior.

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Which Regions Are Driving Growth in the Forensic Accounting Market?

North America was the largest region in the forensic accounting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forensic accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Forensic Accounting Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the forensic accounting market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Forensic Accounting Market Include

1. Forensic Accounting Market Executive Summary

2. Forensic Accounting Market Segments

3. Forensic Accounting Market Size And Template Market Growth Rate

4. Key Forensic Accounting Market Trends

5. Major Forensic Accounting Market Drivers

……

25. Key Mergers And Acquisitions In The Forensic Accounting Market

26. Top Forensic Accounting Companies

27. Forensic Accounting Market Opportunities And Strategies

28. Forensic Accounting Market, Conclusions And Recommendations

29. Appendix

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