Forensic Accounting Market Size (2024 - 2029)

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 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.