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What CAGR Will the Forensic Accounting Market Achieve During 2025–2034, and What Does It Indicate?

In previous years, the forensic accounting market has seen impressive growth. Its size is forecasted to rise from $5.81 billion in 2024 to $6.29 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.3%. The growth experienced in the past can be credited to factors such as the rise in white-collar crimes, strict regulatory compliance, issues related to corporate governance, the globalization of businesses, litigation, and dispute resolution.

The sector of forensic accounting is predicted to witness significant expansion in the coming years. It’s projected to accelerate to a valuation of $8.66 billion by the year 2029, with a compound annual growth rate (CAGR) of 8.3%. The reasons for this anticipated growth during the forecast period are numerous – escalating cybersecurity risks, a heightened awareness towards fraud deterrence, the expanding involvement in risk management, intricate financial dealings, and intensified regulatory investigation. The forecast period should also see several emerging trends, including the incorporation of machine learning for spotting discrepancies, specialization in specific fields, advanced utilisation of data analytics in probes, focus on ongoing professional advancement and the use of predictive analytics for risk appraisal.

What External and Internal Drivers Are Contributing to the Growth of the forensic accounting Market’s Growth?

The forensic accounting market’s growth is predicted to be fueled by the growing occurrence of fraud and financial cybercrimes. Financial scams often involve deceptive activities where individuals or businesses manipulate financial data or transactions for illegal advantages, causing financial loss or misleading stakeholders. Such activities could include embezzlement or falsifying financial data. The steep rise in financial fraud cases creates a greater need for specific forensic accounting services. This need supports the expanded demand for forensic accounting as organizations seek expertise in fraudulent activity detection, investigation, and prevention. For example, UK Finance, a UK trade association for the banking industry, stated in May 2023 that authorized fraud losses amounting to around £485.2 million ($616 million) through financial scams were reported, with a total of 207,372 reported cases in 2022. This was an increase of 6% from 2021. Thus, the escalating events of fraud and financial-related cybercrimes drive the growth of the forensic accounting market. Rising demand for remote employment is anticipated to drive the forensic accounting market’s growth. The work from home (or remote working) trend, where employees perform their job duties from home rather than in an office, has become more popular. This new work structure can make financial transactions especially complex for multinational corporations or businesses with varied operations. Such complexity can lead to accounting inconsistencies, necessitating forensic accounting skills to identify financial discrepancies and maintain regulatory adherence. In February 2023, the Office for National Statistics reported that around 38% of working adults in Great Britain carried out their jobs from home in 2022, increasing to roughly 40% in 2023. Therefore, the rising demand for remote employment is contributing to the growth of the forensic accounting market.

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Who Are the Key Firms Paving the Way for Growth in the Forensic Accounting Market?

Major companies operating in the forensic accounting market report are:

• Deloitte Touche Tohmatsu Limited_x000D_

• PricewaterhouseCoopers International Limited_x000D_

• Ernst & Young Global Limited_x000D_

• KPMG International Limited_x000D_

• BDO International Ltd._x000D_

What Are the Most Influential Trends Currently Shaping the Forensic Accounting Market?

Leading corporations in the forensic accounting market are emphasizing the incorporation of data analytics and artificial intelligence (AI) technologies, including hyper-automated analytics tools, to scrutinize financial data, spotlight anomalies, and disclose fraudulent behaviors, thus boosting their investigative capacity and yielding critical findings for legal matters. As an example, iAcuity Fintech Pvt. Ltd., a fintech enterprise based in India, debuted Fund Trail, the world’s premier hyper-automated analytics platform, in March 2023. It employs AI and vast data resources to fast-track investigations and monitor the money flow for firms. Benefiting forensic auditors, law enforcement bodies, tax regulators, regulatory bodies, and financial institutions, this solution provides invaluable insights to conduct successful investigations. Further, it aids in pinpointing anomalies and questionable actions that are key to probing into frauds such as embezzlement, loan fraud, terrorism financing, money laundering, tax fraud, round-tripping, cybercrimes, bribery, corruption, and Ponzi schemes.

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What Are the Major Categories and Their Growth Dynamics in the Forensic Accounting Market?

The forensic accounting market covered in this report is segmented –

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

Subsegments:

1) By Solution: Software, Tools, Platforms

2) By Service: Consulting, Investigation, Litigation Support, Expert Witness Services

Which Regions Are Essential for the Growth of the Forensic Accounting Market?

North America was the largest region in the forensic accounting market in 2024. 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

What Key Elements Shape the Definition of the Forensic Accounting Market?

Forensic accounting is a specialized field of accounting that involves investigating financial records, transactions, and data to detect fraud, analyze irregularities, and provide evidence for legal proceedings and dispute resolution. It combines accounting expertise with investigative skills to uncover financial misconduct and support legal actions.

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