Top Market Shifts Transforming the Forensic Accounting Market Landscape: Key Insights

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What Is the Expected CAGR for the Forensic Accounting Market Through 2025?
The forensic accounting sector has seen a dynamic expansion in the past few years. Its market value is predicted to rise from $5.81 billion in 2024 to $6.29 billion in 2025, following a compound annual growth rate (CAGR) of 8.3%. The remarkable progression during the historical span is a result of factors such as the rise in white-collar crimes, strict compliance rules, corporate governance issues, the worldwide expansion of businesses, legal proceedings, and conflict resolution.

What's the Projected Size of the Global Forensic Accounting Market by 2029?
The size of the forensic accounting market is anticipated to display robust growth in the forthcoming years, and reach $8.66 billion by the year 2029, showcasing a compound annual growth rate (CAGR) of 8.3%. The predicted expansion throughout the forecast period can be resultant of escalating cyber-security risks, augmented attention towards fraud prevention, the enlarging role in risk management, intricate financial transactions, and escalating regulatory scrutiny. Inclusive trends throughout the forecast span take into account the incorporation of machine learning for the detection of anomalies, specialization in unique fields, the improved application of data analytics in probes, the focus on continual professional progress, and the blending of predictive analytics for risk determination.

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Top Growth Drivers in the Forensic Accounting Industry: What's Accelerating the Market?
The forensic accounting market is anticipated to expand due to the rising occurrence of sca*m and finance-related cybercrimes. Financial fraud, which refers to deceptive practices where individuals or entities manipulate financial details, transactions or records to illicitly gain benefits, inflict financial harm or deceive stakeholders, usually includes activities such as misrepresentation, embezzlement and financial information tampering. The increase in financial fraud cases elevates the need for specialized forensic accounting services, thereby fueling the growth of the forensic accounting market as companies look for expert services in identifying, examining and preventing fraudulent practices. For example, in May 2023, UK Finance, a trade association for the British banking sector, reported that authorized fraud losses amounted to £485.2 million ($616 million), with 207,372 total incidents in 2022, a 6% increase from 2021. Consequently, the rising occurrence of sca*m and finance-related cybercrimes propels the growth of the forensic accounting market. The growth of the forensic accounting market is also likely to be fueled by the growing demand for the work from home arrangement. Work from home (WFH) is a contemporary employment setup where employees handle work responsibilities remotely, typically from home instead of an office. This kind of remote working setup could introduce intricacies into financial transactions, particularly in multinational companies and businesses with varied operations. These intricacies could result in accounting inconsistencies, thereby making the expertise of forensic accountants crucial in identifying financial irregularities and guaranteeing compliance with rules. For instance, the Office for National Statistics revealed in February 2023 that almost 38% of working adults in Great Britain worked remotely in 2022. That figure increased to about 40% in 2023. Hence, the growing demand for work from home arrangements is stimulating the expansion of the forensic accounting market.

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What Trends Will Shape the Forensic Accounting Market Through 2029 and Beyond?
The significant players in the forensic accounting market are anchoring their focus on the incorporation of data analytics and artificial intelligence (AI) into the field of forensic accounting. Tools like hyper-automated analytics platforms can be leveraged to sift through financial data, pick out irregularities, and unearth fraudulent patterns, thus amplifying investigative proficiencies and delivering pivotal insights for legal arbitrations. As an illustration, in March 2023, the India-based fintech firm, iAcuity Fintech Pvt. Ltd., introduced Fund Trail - the world's premier hyper-automated analytics platform that exploits AI and big data to fast-track probes and trace financial resource movement for firms. This solution contributes to accomplishing effective investigations by offering critical insights to forensic auditors, law enforcement bodies, tax officials, regulatory authorities, and finance institutions. Furthermore, it assists in pointing out abnormalities and suspicious actions, which are vital for examining fraud cases ranging from embezzlement, loan fraud, terrorism financing, money laundering, tax sca*ms, round-tripping, cybercrimes, to bribery, corruption, and Ponzi schemes.

What Are the Main Segments in the Forensic Accounting Market?
The forensic accounting market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment Model: On Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Law Enforcement Agencies, Government And Public Sector, Accounting Firms, Other Industry Verticals

Subsegments:
1) By Solution: Software, Tools, Platforms
2) By Service: Consulting, Investigation, Litigation Support, Expert Witness Services

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Which Top Companies are Driving Growth in the Forensic Accounting Market?
Major companies operating in the forensic accounting market report are 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

Which Regions Will Dominate the Forensic Accounting Market Through 2029?
North America was the largest region in the forensic accounting market in 2024. 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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