Report Id: SNS/ICT/2103 | June 2022 | Region: Global | 125 Pages
Forensic Accounting Services Market Overview:
The Forensic Accounting Services Market size was valued at USD 4.8 Bn in 2021 and is expected to reach USD 8.59 Bn by 2028, and grow at a CAGR of 8.67 % over the forecast period 2022-2028.
Accounting principles and approaches are used to legal difficulties in this field. Financial fraud and white-collar crimes are investigated and documented by forensic accountants. They also give legal support to attorneys and law enforcement organizations conducting financial fraud investigations. The forensic accounting market will employ accountancy, audit, and investigative knowledge to conduct and assess the financial performance of firms or individuals. Accounting experts are in charge of analyzing, interpreting, and summarizing complex financial and commercial circumstances. Accounting experts may work for any government agency, insurance company, financial corporation, institution, or government accounting firm, among other locations.
Forensic accountants provide reports, which are sometimes presented as slideshows with visual aids; such conclusions are acceptable evidence in a judicial action. Accounting experts employ a variety of statistical techniques and tools to aid in their investigations. Furthermore, different forensic accounting market detectives utilize diverse ways of analysis and data mining technologies in high-level frauds and crimes, as well as other sorts of crimes.
Increased Use of Digital Tools for Investigation.
Restrictions on Using Traditional Methods and Free Tools for Investigation.
Adoption Opportunities for Digital Forensic Solutions in Highly Regulated Verticals.
Technical Expertise Challenges.
IMPACT OF COVID-19:
In contrast, the vagaries of the economic crisis created by the COVID-19 breakout have presented forensic accountants with unusual challenges. A number of reasons, such as social distance, court closures, and economic turmoil, all contribute to the very dynamic forensic environment. The personal link has been terminated. Meetings in person are an essential component of legal work. Forensic accountants are attorney-adjacent experts who interrogate witnesses, take depositions, and question suspected fraudsters on a regular basis. The COVID-19 pandemic has put the kibosh on face-to-face interviews, at least temporarily, and forensic accountants subsequently find their investigation efforts curtailed. Interviews are frequently used by attorneys and forensic accountants to analyze documents with the interview topic.
Based on the component utilized, the forensic accounting industry has been divided into two segments: solutions and services. Forensic tools/software, auditing/accounting software, and other associated goods and services are examples of solutions in this area. In addition to the solutions themselves, the services category includes additional professional services supplied by solution providers. Some of the choices include training, consulting, and support services. In 2021, the solution category will account for the majority of the entire market. Several heavily regulated industries are implementing such solutions to improve the efficiency of investigative operations, propelling the market ahead.
The forensic accounting sector has been classified into several end-user categories, including banking and insurance, law enforcement organizations, government, accounting firms, and others. Over the forecast period of 2022-2028, the accounting firm’s industry is expected to expand at the fastest compound annual growth rate (CAGR).
KEY MARKET SEGMENTS:
On The Basis of Component
Solution- Forensic Tools/Software
On The Basis of End-user
Banking and Insurance
Law Enforcement Agencies
North America is the most developed area in the world in terms of market share in the forensic accounting business. Some of the factors driving the market's rise include the increasing usage of such software and solutions by various government agencies and accounting companies, among others. Aside from that, the presence of numerous vendors in North America that offer comprehensive business solutions has resulted in North America acquiring the greatest share of the global IT services sector. Europe is currently placed second in the global marketplace. In addition, the United Kingdom is expected to gain the largest market share. One of the most important elements driving the market's rise is the growing need for an independent investigation.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd.
|Market Size in 2021||
US$ 4.8 Bn
|Market Size by 2028||
US$ 8.59 Bn
CAGR of 8.67% From 2022 to 2028
|Report Scope & Coverage||
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
• By Component (Solution- Forensic Tools/Software, Audit/Accounting software, and Services)
North America (USA, Canada, Mexico), Europe
Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd.
• Increased Use of Digital Tools for Investigation
• Technical Expertise Challenges
Frequently Asked Questions (FAQ) :
Ans: - The forecast period of the Forensic Accounting Services market is 2022-2028.
Ans: - Restrictions on Using Traditional Methods and Free Tools for Investigation.
Ans: - North America is the most developed area in the world in terms of market share in the forensic accounting Market.
Ans: - The major key players are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Forensic Accounting Services Market Segmentation, by Component
8.1 Solution- Forensic Tools/Software
8.2 Audit/Accounting software)
9. Forensic Accounting Services Market, by End-user
9.1 Banking and Insurance
9.2 Law Enforcement Agencies
9.4 Accounting Firm
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 CaseWare IDEA
11.3 Arbutus Software Inc.
11.4 Fulcrum Management,
11.6 Cygna Labs Corp
11.7 e-fence, Passware
11.10 Sama Audit Systems & Software Pvt Ltd,
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share analysis
12.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.