Forensic Accounting Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 6.30 Billion |
| Market Size (2029) | USD 8.55 Billion |
| CAGR (2024 - 2029) | 6.29 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Forensic Accounting Market Analysis
The Forensic Accounting Market size is estimated at USD 6.30 billion in 2024, and is expected to reach USD 8.55 billion by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).
Forensics is the global market for detecting and preventing fraud, misconduct, and other anomalies. Forensics uses accounting, investigation, and legal skills to analyze financial records, detect fraud, and provide legal evidence. Global economic crime and fraud are a significant concern. Companies increasingly use forensic accounting services to prevent financial negligence, fraud, money laundering, and corruption threats. Forensic accountants assist companies in detecting fraud, analyzing financial information, and testifying in court.
The demand for work "from home" and "remote working" policies increased during the pandemic, increasing the demand for global remote and automatic accounting solutions. In addition, the sudden economic downturn and the rise in large corporations' market share positively affected the demand for forensics. However, the need for data privacy and sharing risks that come with forensics solutions and services limit the growth of the forensics market. On the other hand, integrating cutting-edge tools like machine learning and big data analytics with forensics solutions suites is expected to provide lucrative growth opportunities for the forensics market during the next few years.
Businesses increasingly rely on forensic accounting to protect their finances from financial negligence, fraudulent activities, money laundering, and corruption risks. Forensic accountants help companies detect fraud, analyze financial data, and testify in court.
Forensic Accounting Market Trends
Rising Cloud-Based Management and Security Services is Driving the Market
Forensic accounting facilitates information exchange and enhances the efficiency and effectiveness of investigations. Moving to the cloud facilitates remote work and processing or aligns rules to reduce the impact of changes in forensic accounting data protection regulations. These are the main benefits driving revenue growth in this segment.
With the need for increased security and timely updates, the demand for cloud-based forensic accounting solutions is on the rise. Businesses can monitor their finances anytime, anywhere, with the help of cloud-based forensic accounting tools. Collaboration and easy access to all financial information is made easier with cloud-based forensic accounting systems. With cloud computing, it’s easier than ever to ensure transparency and responsibility in accounting services. Cloud-based forensic accounting solutions also offer scalability and scalability to enhance corporate operations. As a result, the global market for forensic accounting services continues to grow.
North America Continues to Dominate the Market Due to Rising Fraud Cases
The forensic accounting market is dominated by North America. This is largely due to the high adoption of forensic accounting tools and software by government agencies and accounting firms. Additionally, due to the presence of a large number of vendors providing comprehensive solutions to organizations in North America. the region is witnessing market growth. The forensic accounting industry in the region is expanding due to technological innovations and changes to existing systems by large companies. Additionally, the increase in fraud cases is driving revenue growth in the forensic accounting market in the region.
E-commerce online payment fraud accounted for USD 41 million in losses last year and is expected to cost merchants more than USD 48 billion worldwide in the current year, according to a report by Juniper Research. Of this staggering figure, North America accounts for 42% by value, while Europe accounts for 26%.
Forensic Accounting Industry Overview
The forensic accounting market in the world is fragmented, with the majority of revenue coming from large and mid-sized players. The major players are implementing different strategies, mergers and acquisitions (M&A), strategic agreements and contracts, development, testing, and bringing more effective solutions to the market. The following are some of the main players dominating the market: Arbutus Software Inc., Caseware International Inc., Cellebrite, Cygna Labs Corp., and Ernst & Young Global Limited.
Forensic Accounting Market Leaders
-
Arbutus Software Inc.
-
Caseware International Inc.
-
Cellebrite
-
Cygna Labs Corp.
-
Ernst & Young Global Limited
*Disclaimer: Major Players sorted in no particular order
Forensic Accounting Market News
- In September 2023, Cygna, a software developer focused on serving enterprise and service providers around the world as a leader in Data-Intention-Driven (DI), Cloud Security, and Compliance (CDI), announced the release of its latest software solution, Diamond IP Data-Intelligent (DI) Software, IPControl Version 15.0, designed to simplify DDI management.
- In July 2023, Caseware, a global leader in auditing, financial reporting, and data analysis software, launched its first-ever ESG reporting application. Caseware's ESG reporting application helps companies and consultants create sustainability reports at every step of the reporting funnel – from scope definition to data collection and report creation. More than 15,000 businesses in Germany must submit sustainability reports at the latest by 2026.
- In May 2023, Caseware International, the world’s leading provider of cloud-based audit solutions, financial reporting solutions, and data analytics services, acquired Caseware Holdings, an independent distributor serving Australia, New Zealand, and other APAC countries for over 25 years. Caseware Holdings is a subsidiary of Caseware International.
Forensic Accounting Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Increase in Global Demand for Remote and Automation Accounting Solutions
- 4.2.2 Increase in Fraud Cases, an Increase in Business Partnerships and Shareholder Problems
-
4.3 Market Restraints
- 4.3.1 The Forensic Accounting Market is Hindered by Data Privacy and Sharing Risks
- 4.3.2 Risk Associated with Data Sharing and Protection Linked to Forensic Accounting Services to Limit the Market Growth
-
4.4 Market Opportunities
- 4.4.1 The Growth of the Market is Expected to be Driven by Technological Advancements.
- 4.4.2 Rising Adoption of Digital Tools for Investigation Drives the Global Forensic Accounting Market
- 4.5 Value Chain / Supply Chain Analysis
-
4.6 Porters 5 Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Enterprise Size
- 5.1.1 Large Enterprises
- 5.1.2 Small and Medium Enterprises
-
5.2 By Application
- 5.2.1 Business Fraud
- 5.2.2 Tax Fraud
- 5.2.3 Securities Fraud
- 5.2.4 Asset Misappropriation or Hidden Assets
- 5.2.5 Partnership and Shareholding Dispute
- 5.2.6 Insurance Claims
- 5.2.7 Economic Losses and Bankruptcy
- 5.2.8 Money Laundering
- 5.2.9 Marital and Family Disputes
- 5.2.10 Others (Personal Earnings Losses, Mediation and Arbitration etc.)
-
5.3 By Industry Vertical
- 5.3.1 Automotive
- 5.3.2 Banking Financial Services and Insurance (BFSI)
- 5.3.3 Healthcare
- 5.3.4 Travel and Hospitality
- 5.3.5 Media and Entertainment
- 5.3.6 Government and Public Sector
- 5.4 By Region
-
5.5 North America
- 5.5.1 United States
- 5.5.2 Canada
- 5.5.3 Mexico
- 5.5.4 Rest of North America
-
5.6 Europe
- 5.6.1 United Kingdom
- 5.6.2 Germany
- 5.6.3 France
- 5.6.4 Russia
- 5.6.5 Italy
- 5.6.6 Spain
- 5.6.7 Rest of Europe
-
5.7 Asia-Pacific
- 5.7.1 India
- 5.7.2 China
- 5.7.3 Japan
- 5.7.4 Australia
- 5.7.5 Rest of Asia-Pacific
-
5.8 South America
- 5.8.1 Brazil
- 5.8.2 Argentina
- 5.8.3 Rest of South America
-
5.9 Middle-East and Africa
- 5.9.1 United Arab Emirates
- 5.9.2 South Africa
- 5.9.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
-
6.2 Company Profiles
- 6.2.1 Arbutus Software Inc.
- 6.2.2 Caseware International Inc.
- 6.2.3 Cellebrite
- 6.2.4 Cygna Labs Corp.
- 6.2.5 Ernst & Young Global Limited
- 6.2.6 e-fense
- 6.2.7 Galvanize
- 6.2.8 KPMG International
- 6.2.9 NUIX
- 6.2.10 Passware*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityForensic Accounting Industry Segmentation
Forensic accounting, also known as forensic audit, is the practice of examining financial data for signs of criminal activity. The forensic accounting market is segmented by enterprise size (large enterprises and small and medium enterprises), by industry vertical into automotive, and by BFSI. Healthcare, travel and hospitality, media and entertainment, government and public sector), by application (business fraud, tax fraud, securities fraud, asset misappropriation or hidden assets, partnership and shareholding dispute, insurance claims, economic losses and bankruptcy, money laundering, marital and family disputes by region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The report offers market size and forecasts for the forensic accounting market in value (USD) for all the above segments.
| By Enterprise Size | Large Enterprises |
| Small and Medium Enterprises | |
| By Application | Business Fraud |
| Tax Fraud | |
| Securities Fraud | |
| Asset Misappropriation or Hidden Assets | |
| Partnership and Shareholding Dispute | |
| Insurance Claims | |
| Economic Losses and Bankruptcy | |
| Money Laundering | |
| Marital and Family Disputes | |
| Others (Personal Earnings Losses, Mediation and Arbitration etc.) | |
| By Industry Vertical | Automotive |
| Banking Financial Services and Insurance (BFSI) | |
| Healthcare | |
| Travel and Hospitality | |
| Media and Entertainment | |
| Government and Public Sector | |
| North America | United States |
| Canada | |
| Mexico | |
| Rest of North America | |
| Europe | United Kingdom |
| Germany | |
| France | |
| Russia | |
| Italy | |
| Spain | |
| Rest of Europe | |
| Asia-Pacific | India |
| China | |
| Japan | |
| Australia | |
| Rest of Asia-Pacific | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | United Arab Emirates |
| South Africa | |
| Rest of Middle-East and Africa |
Forensic Accounting Market Research FAQs
How big is the Forensic Accounting Market?
The Forensic Accounting Market size is expected to reach USD 6.30 billion in 2024 and grow at a CAGR of 6.29% to reach USD 8.55 billion by 2029.
What is the current Forensic Accounting Market size?
In 2024, the Forensic Accounting Market size is expected to reach USD 6.30 billion.
Who are the key players in Forensic Accounting Market?
Arbutus Software Inc., Caseware International Inc., Cellebrite, Cygna Labs Corp. and Ernst & Young Global Limited are the major companies operating in the Forensic Accounting Market.
Which is the fastest growing region in Forensic Accounting Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Forensic Accounting Market?
In 2024, the North America accounts for the largest market share in Forensic Accounting Market.
What years does this Forensic Accounting Market cover, and what was the market size in 2023?
In 2023, the Forensic Accounting Market size was estimated at USD 5.90 billion. The report covers the Forensic Accounting Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Forensic Accounting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Forensic Accounting Industry Report
Statistics for the 2024 Forensic Accounting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Forensic Accounting analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
