Increasing number of internet users leading to the rise in cyber and financial crimes rate to drive global forensic accounting market
According to TechSci Research report, “Global Forensic Accounting Market By Type of Investigation (Criminal and Fraud Investigation; Bankruptcy Proceedings; Risk Management; Event & Data Analysis; Regulatory Investigations; Cross Border Investigations; Other Forensic Audit), By Organization Size (SMEs; Large Enterprises), By Purpose (Litigation Support, Criminal Investigation, Possible Fraud Detection, Others), By End User (Financial Services, Insurance Professionals, Manufacturing, Healthcare, Government, Other Services), By Region, Forecast & Opportunities, 2025”, global forensic accounting market is expected to grow at a brisk CAGR during the forecast period owing to increasing cases of frauds and cyberattacks. As enterprises expand, the amount of data load also increases, which elevates the risk for fraudulent activities, which in turn, is driving global forensic accounting market.
Forensic accounting utilizes auditing, accounting and investigative skills to keep a track of complex finances of an individual or a business. It is also used to recognize unauthentic transactions and investigate for every little evidence related to the crime with the help of share prices, financial data and other important stats.
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Global forensic accounting market is segmented based on investigation, organization size, purpose, end user and region. The organization size segment is further bifurcated into small & medium enterprises (SMEs) and large enterprises. Large enterprises accounted for dominant share in 2019 since they undergo more interactions with international organizations and other direct parties, hold more data, and have more connected users all over the world and therefore, are more prone to white-collar crimes. More the white-collar crimes, more is the requirement of forensic accounting, and hence, more is the market share of large enterprises.
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Some of the leading players in global forensic accounting market include Ernst & Young LLP, Deloitte LLP, FTI Consulting Inc, Kroll LLC, Forensic Risk Alliance Ltd, Mcgrathnicol Services Pty Ltd, K2 Intelligence LLC, Grant Thornton LLP, AlixPartners LLP, Hemming Morse LLP, etc. In order to expand their market share, the companies adopt various strategies like new service launches, collaborations and many more. For example, McGrathNicol, an Australia-based firm which provides professional services, has collaborated with an IT start-up ResponSight to launch FDetect, a webserver that assists forensic investigations and cyber-warning processes.
“North America held the dominant share in the market in 2019 and the trend is likely to continue in the coming years as well due to the increasing adoption of software & tools which can be used for forensic accounting supplied by various accounting firms and government organizations. Moreover, surging investments in forensic accounting by various end users and presence of leading players in the region is further expected to bolster the growth of North America forensic accounting market in the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Forensic Accounting Market By Type of Investigation (Criminal and Fraud Investigation; Bankruptcy Proceedings; Risk Management; Event & Data Analysis; Regulatory Investigations; Cross Border Investigations; Other Forensic Audit), By Organization Size (SMEs; Large Enterprises), By Purpose (Litigation Support, Criminal Investigation, Possible Fraud Detection, Others), By End User (Financial Services, Insurance Professionals, Manufacturing, Healthcare, Government, Other Services), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global forensic accounting market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global forensic accounting market.
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