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Outlook of Global Forensic Accounting Services Market: Research Report during 2021-2027

06-15-2021 07:56 AM CET | IT, New Media & Software

Press release from: Absolute Markets Insights

Outlook of Global Forensic Accounting Services Market:

Gigantic Growth in Forensic Accounting Services Market was valued at US$ 17,078.83 Mn in 2018 and is expected to grow at a CAGR of 8.6% during the forecast period from 2019 to 2027, Owing to Increase in the Number of Financial Reforms and Volatility; says Absolute Markets Insights

Some of the prominent players operating in the forensic accounting services market include Baker Tilly Virchow Krause, LLP, BDO USA LLP, Ernst & Young Global Limited

Absolute Markets Insights proclaims the obtainability of a new statistical data to its repository titled as, Accounting Services Market. It covers the wide-ranging aspects of the businesses such as pillars, features, sales strategies, planning models to get better insights for the businesses. Furthermore, it throws light on recent developments and technological platforms, several tools, and methodologies that help to boost the performance of industries.

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Forensic accounting services use accounting, investigative and auditing skills to examine the finances of an individual or business. Forensic accounting experts provide an accounting analysis and looks beyond the numbers and deal with business reality of a situation, they compile financial evidence, develop computer application to manage the collected information and communicate their findings in the form of reports. Forensic accounting helps to explain the nature of a financial crime of fraud cases and it is utilized by banks, police forces, insurance companies, government agencies or public accounting firms. Demand of forensic accounting services has been increased due to financial reforms and volatility following frauds and scandals. For instance, financial regulations such as the Sarbanes-Oxley (SOX) act, a federal law that established sweeping auditing and financial regulations for public companies and the Dodd–Frank Wall Street Reform and Consumer Protection Act leads to rise in adoption of forensic accounting services as these services protect enterprises from financial and legal risks. Therefore, revenue of forensic accounting services market is increasing due to rise in the number of financial regulations.

Global forensic accounting services market is growing due to the increase in white-collar crimes such as financial frauds by which people have lost lot of money. Forensic accounting services keep track of everything and look for every possibility to expose fraud, these services are meant to identify the transactions which are not authentic and gathers evidence against the same which can be provided to the court as a proof. Forensic accounting is a detection tool used to reduce white-collar crimes. The corporate fraud cases involve accounting schemes which are framed to cheat investors, analysts and auditors about the true financial condition of a corporation or business entity. These cases generally involve manipulation of financial data, the share price, and other valuation measures to make business appearance better than actual. For instance, in 2014, Bank of America had acknowledged that it sold billions in mortgage-backed securities (MBS) which were tied to properties with inflated values, loans which did not have proper collateral were among the financial misdeeds and that led to the financial crash. Bank of America admitted for its wrongdoing and agreed to pay in damages. In 2014, Credit Suisse pleaded guilty to help U.S. citizens to avoid paying taxes by hiding income from the Internal Revenue Service, later on the bank agreed to pay for the penalty.

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The research also provides an extensive overview of geographical segmentation with regards to information on key global market regions such as North America, Latin America, Asia-Pacific, Africa, and India along with the specific areas on the basis of productivity and demands. The report also dedicates massive areas of research examining existing technologies and their influence on market growth. In order to gauge the potential factors that affect market boost, significant amount of statistical data has been provided. The report also outlines its study with regards to Forensic Accounting Services Market and the data can be used as a reference to understand the market clearly.

Key Findings of the Report:

In terms of revenue, global forensic accounting services market is expected to reach US$ 35,732.02 million by 2027 attributed to the increasing number of financial regulations across the world

On the basis of application, the contract disputes which is expected to witness the most attractive segment during the forecast period. This is due to growing adoption of forensic accounting practice focusing on quantifying the financial and economic issues in contract disputes such as supplier-purchase contracts, partnership agreements. However, in 2018, business/employee fraud investigations segment accounted for the largest market share.

Based on the organization size, small and medium size enterprises segment is projected to hold substantial market share over the forecast period as they may face less issues due to their size and low interactions with direct parties as compared to the large organizations

On the basis of verticals, most exposed to such threat factors including data breaches, bribery, corruption and disputes is the Banking Financial Services and Insurance (BFSI) and Healthcare

Some of the prominent players operating in the forensic accounting services market include Baker Tilly Virchow Krause, LLP, BDO USA LLP, Ernst & Young Global Limited, KPMG International Cooperative, PwC, Advanta Global Services., Alvarez & Marsal Holdings, LLC., Accuracy, FTI Consulting, Inc., Hemming Morse, LLP, amongst others

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Global Forensic Accounting Services Market

By Application

Business Interruption
Insurance Claims
Shareholder/Partnership Disputes
Business Economic Losses
Business/Employee Fraud Investigations
Criminal Investigations
Professional Negligence
Contract Disputes
Others (Personal Earnings Losses, Mediation and Arbitration, Etc.)

By Organization Size

Large Enterprises
Small and Medium Sized Enterprises

By Verticals

Banking Financial Services and Insurance (BFSI)
Travel and Hospitality
Media and Entertainment

By Region

North America
United States
Rest of North America
The UK
Nordic Countries
Benelux Union
The Netherlands
Rest of Europe
Asia Pacific
New Zealand
South Korea
Southeast Asia
Rest of Southeast Asia
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Latin America
Rest of Latin America

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Company: Absolute Markets Insights
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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.

From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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