Forensic Accounting Market to Garner $11.68 Bn, Globally, by 2031 at 8.8% CAGR: Allied Market Research

Increase in demand for work from home and remote working policies and sudden economic imbalance and large corporations increasing their market share have boosted the growth of the global forensic accounting market.

PORTLAND, Ore., Aug. 29, 2022 /PRNewswire/ -- Allied Market Research recently published a report, 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". As per the report, the global forensic accounting industry accounted for $5.13 billion in 2021, and is expected to reach $11.68 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.

Major determinants of the market growth

Increase in demand for work from home and remote working policies and sudden economic imbalance and large corporations increasing their market share have boosted the growth of the global forensic accounting market. However, concerns regarding data privacy and sharing risks associated with forensic accounting solutions hinder the market growth. On the contrary, integration of advanced technologies such as data analytics and machine learning would open new opportunities in the future.

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Covid-19 scenario:

• The pandemic had a significant impact on the market due to disruption of supply chain, economic situation imbalance, and fluctuations in consumer demands.
• However, due to the shutdown of courts and business disruptions during the pandemic, it is difficult for financial forensic solutions to function during early of pandemic.

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The solution segment dominated the market growth

By component, the solution segment held the largest share in 2021, accounting for more than three-fifths of the global forensic accounting market, and is estimated to dominate the market throughout the forecast period. This is due to the growing need for automated forensic accounting solutions. However, the service segment is expected to register the highest CAGR of 10.2% during the forecast period, owing to vast amount of data to be analyzed during a financial audit.

The cloud segment to manifest the highest CAGR through 2031

By deployment model, the cloud segment is expected to register the highest CAGR of 9.7% during the forecast period, owing to simplified deployment and operational capabilities of cloud-based Forensic Accounting solutions. However, the on premise segment held the largest share in 2021, contributing to more than half of the global forensic accounting market, and is projected to continue its dominance during the forecast period. This is due to security and compliance needs of organizations.

The large enterprises segment held the lion's share

By enterprise size, the large enterprises segment dominated the market in 2021, accounting for around three-fifths of the global forensic accounting market, and is expected to continue its dominance from 2022 to 2031. This is due to larger accounting needs of large enterprises. However, the SMEs segment is estimated to showcase the highest CAGR of 10.0% during the forecast period, owing to growing technological and digital investments by SMEs.

The government and public sector segment to showcase the highest CAGR by 2031

By industry vertical, the government and public sector segment is projected to register the highest CAGR of 11.2% during the forecast period, due to their critical accounting needs. However, the law enforcement agencies segment held the largest share in 2021, contributing to more than one-fourth of the global forensic accounting industry, owing to complex accounting need of public sector companies.

North America held the largest share

By region, the global forensic accounting market across North America dominated the market in 2021, holding nearly two-fifths of the market, and is expected to dominate in terms of revenue during the forecast period. This is due to high concentration of financial services companies in the region. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 11.1% during the forecast period, due to its rapidly evolving economy and the need for proper accounting management solutions.

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Major market 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.

The report analyzes these key players of the global forensic accounting market. These companies have adopted several strategies such as expansion, partnerships, new product launches, collaborations, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.

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