Market Highlights
Market Research Future (MRFR) projects the global forensic accounting market to reach USD 8.85 billion at an 8.2% CAGR from 2020 to 2027 (forecast period).
Increasing Need for Tools that Provide End-to-End Investigative Solutions
Vendors in this industry provide forensic investigators with an integrated software suite, toolkits, and services. AccessData, for example, provides a forensic toolkit that enables faster searches and substantially faster analysis. Similarly, ACL Services Ltd provides audit analytics and monitoring software to assist investigators in auditing and managing financial data. A variety of end-users, including financial organizations, insurance companies, and accounting firms, have used such software to perform effective investigations. For example, Grant Thornton Forensic Services B.V., a global accounting, tax, and consultancy firm, employed AccessData's forensic toolbox to carry out its investigation operations smoothly. Similarly, several other investigators are effectively analyzing financial scams utilizing a variety of technological tools and solutions. Despite the driving forces that are increasing the market, a few factors are also hindering the industry's growth. The use of freely available tools by investigators is one such factor. These tools are freely available online, and investigators in small and medium-sized businesses frequently use them.
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Segmentation:
The global forensic accounting industry has been segmented on the basis of components and end-user.
Based on the component, the global forensic accounting market has been segmented into solutions and services. The solution segment consists of forensic tools/software, audit/accounting software, and others. The services segment consists of additional professional services offered by the solution providers. These services involve training, consulting, and support services.
Based on end-user, the global forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firms, and others.
Regional Analysis
North America to Lead the Global Market
In terms of market share, North America dominates the forensic accounting market. High adoption of such tools and software by various government agencies and accounting companies is one of the reasons driving market expansion. Furthermore, due to the existence of a number of vendors in North America offering comprehensive solutions to organizations, North America has the largest market share.
Europe to Follow North America
Europe comes in second place in the market. Europe is divided into the United Kingdom, Germany, France, Spain, Italy, and the rest of Europe. The UK is expected to obtain the most market share, followed by Germany and France, according to the MRFR report. The increased demand for effective investigation is the primary element driving the region's market expansion.
Key Players
Notable players of the global forensic accounting industry are Galvanize, CaseWare IDEA, Passware, Fulcrum Management, Nuix, Arbutus Software Inc., Cygna Labs Corp, e-fense, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd, and AccessData.
Industry News
In June 2019, IGP Capital agreed to invest USD 110 million in Cellebrite Mobile Synchronization Ltd, a provider of digital intelligence solutions to law enforcement, government, and enterprise industries.
In August 2019, Felician University and Cellebrite teamed to provide two courses, Introduction to Mobile Forensics and Mobile Forensic Data Analysis, to provide veterans with crucial skills for their cybersecurity and digital intelligence tasks.
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Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region - Forecast till 2027
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