2024 Global Market Insights: Forensic Accounting Trends and Growth

"The Business Research Company recently released a comprehensive report on the Global Forensic Accounting Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The forensic accounting market size has grown strongly in recent years. It will grow from $5.31 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increasing white-collar crimes, stringent regulatory compliance, corporate governance concerns, globalization of businesses, litigation and dispute resolution..

The forensic accounting market size is expected to see strong growth in the next few years. It will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising cybersecurity threats, increased focus on fraud prevention, expanding role in risk management, complex financial transactions, growing regulatory scrutiny.. Major trends in the forecast period include integration of machine learning for anomaly detection, specialization in niche areas, enhanced use of data analytics in investigations, emphasis on continuous professional development, integration of predictive analytics for risk assessment..

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Market Drivers and Trends:

The rise in tobacco consumption is expected to propel the growth of the nasopharyngeal carcinoma treatment market going forward. Tobacco refers to the dried leaves of the tobacco plant (Nicotiana tabacum and Nicotiana rustica) that are typically used for smoking, chewing, or as a primary ingredient in the production of various tobacco products, including cigarettes, cigars, pipe tobacco, and smokeless tobacco products such as snuf*f and chewing tobacco. Tobacco consumption and smoking increase the risk of developing nasopharyngeal carcinoma, which ultimately demands a range of effective treatment options, including surgery, radiation therapy, chemotherapy, and targeted therapies. For instance, in July 2023, according to Statistics Canada, a Canada-based government agency, cigarette production increased by 2.2% compared to June 2023 in Canada. Moreover, there was a 2.6% rise in cigarette sales in June, reaching 1.4 billion units compared to May. Therefore, the rise in tobacco consumption is driving the growth of the nasopharyngeal carcinoma treatment market.

Major companies operating in the forensic accounting market focus on integrating data analytics and artificial intelligence (AI) in forensic accounting, such as hyper-automated analytics platforms, to analyze financial data, detect anomalies, and uncover fraudulent activities, enhancing investigative capabilities and providing crucial insights for legal proceedings. For instance, in March 2023, iAcuity Fintech Pvt. Ltd., an India-based fintech company, launched Fund Trail, the first hyper-automated analytics platform in the world, using AI and big data to assist firms in expediting investigations and tracking the movement of financial resources. The solution aids in the performance of successful investigations by forensic auditors, law enforcement agencies, tax authorities, regulators, and financial institutions by offering valuable insights. Additionally, it aids in identifying anomalies and suspicious behavior crucial to investigating frauds like embezzlement, loan fraud, financing of terrorism, money laundering, tax fraud, round-tripping, cybercrimes, bribery, corruption, and Ponzi schemes.

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Major Key Players of the Market:

Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, BDO International Ltd, Grant Thornton Bharat LLP, Baker Tilly US LLP, FTI Consulting Inc., Crowe Horwath LLP (Crowe), Alvarez & Marsal Holdings LLC., Marcum Bernstein & Pinchuk LLP, CohnReznick LLP, Armanino LLP, Friedman LLP, Cellebrite DI Ltd., EisnerAmper LLP, Citrin Cooperman & Company LLP, Matson Driscoll & Damico LLP, CaseWare International Inc., Galvanize Inc., Baltic Assist, RGL Forensics, Weaver & Tidwell LLP, Farahat & Co., Arbutus Software Inc., Sama Audit Systems & Software Pvt Ltd, Cygna Labs Corporation, Passware Inc., Fulcrum Management Consultants LLP, Fox Forensic Accounting LLC

Forensic Accounting Market 2024 Key Insights:

• The forensic accounting is expected to grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Incidence Of Financial Fraud And Cybercrimes Fuels Growth In The Forensic Accounting Market
• Rise In Demand For Work From Home Is Propelling The Forensic Accounting Market
• North America was the largest region in the forensic accounting market in 2023. 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

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