Global forensic accounting market Size to Reach USD 12.75 Billion in 2032 | Emergen Research

Vancouver, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global forensic accounting market size was USD 5.50 Billion in 2022 and is expected to register a revenue CAGR of 8.8% during the forecast period, according to latest analysis by Emergen Research. Rapid increase in insurance purchases, increase in the number of fraudulent cases, growth in business partnership and shareholder issues, and rise in legal marriage cases are some of the key factors driving revenue growth of the global forensic accounting market.

Forensic accounting is transitioning from conventional to more advanced levels in terms of procuring large data sets, analyzing patterns, financial irregularities, and exceptions, spotting errors through technological advancements such as big data. This helps forensic accounting in collecting hard to find information related to financial crimes in less amount of time and determination of risks for identification of areas of potential frauds. Major advantages of forensic accounting that are driving market revenue growth are that these help in identification of inappropriate illegal activities, tracking of suspicious activities related to capital handling, resolution of family and matrimonial disputes, prevention of monetary loss, and revelation of false insurance claims. Recent advancement of data analytics is boosting revenue growth of the market due to key benefits of assessment and resolution of attacks and crimes and improving accuracy and efficiency of fraud tracking.

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Hence, major corporations are adopting this technology and upgrading it to enhance its functioning system. For instance, on 24 January 2023, Valid8 Financial, based in Seattle, announced launch of major new functionality in its financial investigation and audit platform that allows users to collect and aggregate data directly from over 30 client accounting systems as well as independently collected accounting evidence. It uses labelling techniques to categorize and filter accounts and transactions once it harvests and processes the data. In addition, recent advancement of link analysis software is boosting segment’s growth due to major benefits of tracing digital blockages, enhancing internet network, and preventing cyber-attacks. These are some of the significant factors that are boosting the revenue share of the market.

However, lack of proper guidelines and appropriate functioning of forensic accountants is hampering market revenue growth. This is further restricted by the challenge of facing different ethical conflicts, such as maintaining ethical standards and privacy while detecting and exposing financial fraud by forensic accountants. In addition, risk involved with working on high-stake cases is in the outcome of investigation which holds potential of legal and financial implications for clients and other parties involved in such cases. Moreover, inappropriate standardizing of forensic accounting and lack of a proper forensic accounting educational system are some of the major challenges faced by the market players. This is due to inadequate knowledge and professional skill sets among practitioners. These are some of the major factors restraining market revenue growth.

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Scope of Research

Major Companies and Competitive Landscape

The global forensic accounting market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global forensic accounting market report are:

• Arbutus Software Inc.
• Caseware International Inc. 
• Cellebrite
• Cygna Labs Corp. 
• Ernst & Young Global Limited
• e-fense
• Galvanize
• KPMG International 
• NUIX
• Passware

Strategic Development

• On 3 May 2023, HKA, the leading global consultancy in risk reduction, dispute resolution, expert witness, and litigation support services announced the acquisition of the forensic accounting firm Credibility International. Credibility strengthens HKA's forensic accounting and investigation services offerings, as well as the firm's exceptional track record in international arbitration and expert testimony.
• On 9 November 2022, the Forensic Risk Alliance (FRA), which specializes in forensic accounting, data analytics, and eDiscovery consulting announced the opening of its first Asia Pacific office in Seoul, South Korea (FRA Korea) in partnership with local partners.

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Some Key Highlights From the Report

• Solution segment accounted for the largest revenue share in 2022. Rising awareness regarding major benefits of forensic accounting solutions such as these can help track professionals, solve financial crimes, and manage firm finances is a major factor driving revenue growth of this segment. The recent advancement of blockchain technology, which provides traceability and transparency in transactions such as bitcoin, is further boosting revenue growth of the segment. Blockchain forensics can help businesses identify and reduce risks associated with money laundering, fraud, and other illegal activities by allowing them to detect patterns and connections between transactions and addresses. Hence, prominent corporations are collaborating to use this technology to ease cryptocurrency transactions. For instance, on 26 May 2023, the Forensic Risk Alliance (FRA) announced its collaboration with TRM Labs, a developer of blockchain intelligence solutions. FRA navigates the complex world of cryptocurrency transactions using TRM Labs' cutting-edge blockchain data platform and industry-leading forensics tools. Also, under this agreement, it provides critical information to consumers interested in digital asset investigations. These are a few of the major factors that are boosting revenue growth of this segment.
• Cloud segment accounted for the largest revenue share in 2022. The major advantages of cloud-based forensic accounting that are driving revenue growth of this segment are that forensic accounting facilitate information exchange and improve the effectiveness and efficiency of investigations. In addition, migrating to a cloud environment helps remote working and processing or aligning rules to mitigate changes in data protection regulations in forensic accounting. For instance, FraudFindr is a cloud-based forensic accounting application that helps users such as individuals and government organisations find answers to financial frauds faster and with less effort. The current innovation of Optical Character Recognition (OCR) as cloud-based application is boosting revenue growth of this segment because of its key benefits of monitoring documents based on keyword searching and document sorting by date ranges. Moreover, OCR helps forensic accountants in organizing tasks such as rearranging invoices and tracking expenditures. These are a few of the crucial factors that are supporting revenue growth of the segment.
• The law enforcement agencies segment is expected to register a robust revenue CAGR during the forecast period. The significant advantages of forensic accounting in law enforcement that are driving its adoption are that it aids in the resolution of litigation difficulties and contract disputes. The recent development of Automated Fingerprint Identification Systems (AFIS) is driving segment development because of the benefits of on-field criminal identification and fingerprint encoding in searchable documents. In addition, it facilitates the accurate comparison of a vast number of fingerprints in a matter of seconds, resulting in a speedier investigative procedure. Hence, major corporations are implementing this technology to improve forensic accounting capabilities. For example, on 1 September 2023, the Malta Police Force modernized its Forensic Science Laboratory with a cutting-edge computer database Automated Fingerprint Identification System (AFIS) for validating a suspected individual's fingerprints match those of an identified criminal. The AFIS compares prints to records and finds a match instantly. These are some of the crucial factors boosting revenue growth of this segment.
• North America market accounted for a significantly large revenue share in 2022. The forensic accounting market in this region is growing because of significant technical breakthroughs and modifications to current systems by big corporations. In addition, rise in number of fraud cases is also contributing to revenue growth of the market in this region. For instance, on 13 June 2023, the Centre for Insurance Policy and Research stated that insurance fraud costs consumers and businesses USD 308.6 billion per year.  In addition, alliances and acquisitions among these significant corporations are driving North America market revenue growth. For instance, on 5 June 2023, Cherry Bekaert announced the acquisition of Legier & Company through implementation of increased technology and specialized data analytics skills. As a result of the deal, Cherry Bekaert will receive improved forensic accounting and dispute resolution capabilities.

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Emergen Research has segmented the global forensic accounting market on the basis of component, deployment type, enterprise size, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
  • Solution
  • Service

• Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
  • On-Premise
  • Cloud

• Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

• Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Banking, Financial Services, and Insurance (BFSI)
  • Law Enforcement Agencies
  • Accounting Firms
  • Government and Public Sector
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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