Forensic Accounting Market Value to Gain USD 11.68 Trillion

Forensic Accounting Market

As per the report, the global forensic accounting industry accounted for $5.13 billion in 2021, and is expected to reach $11.68 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.

Increase in demand for work from home and remote working policies and sudden economic imbalance and large corporations increasing their market share have boosted the growth of the global forensic accounting market. However, concerns regarding data privacy and sharing risks associated with forensic accounting solutions hinder the market growth. On the contrary, integration of advanced technologies such as data analytics and machine learning would open new opportunities in the future.

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The solution segment dominated the market growth

By component, the solution segment held the largest share in 2021, accounting for more than three-fifths of the global forensic accounting market, and is estimated to dominate the market throughout the forecast period. This is due to the growing need for automated forensic accounting solutions. However, the service segment is expected to register the highest CAGR of 10.2% during the forecast period, owing to vast amount of data to be analyzed during a financial audit.

The cloud segment to manifest the highest CAGR through 2031

By deployment model, the cloud segment is expected to register the highest CAGR of 9.7% during the forecast period, owing to simplified deployment and operational capabilities of cloud-based Forensic Accounting solutions. However, the on premise segment held the largest share in 2021, contributing to more than half of the global forensic accounting market, and is projected to continue its dominance during the forecast period. This is due to security and compliance needs of organizations.

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The large enterprises segment held the lion’s share

By enterprise size, the large enterprises segment dominated the market in 2021, accounting for around three-fifths of the global forensic accounting market, and is expected to continue its dominance from 2022 to 2031. This is due to larger accounting needs of large enterprises. However, the SMEs segment is estimated to showcase the highest CAGR of 10.0% during the forecast period, owing to growing technological and digital investments by SMEs.

The government and public sector segment to showcase the highest CAGR by 2031

By industry vertical, the government and public sector segment is projected to register the highest CAGR of 11.2% during the forecast period, due to their critical accounting needs. However, the law enforcement agencies segment held the largest share in 2021, contributing to more than one-fourth of the global forensic accounting industry, owing to complex accounting need of public sector companies.

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Key Findings of the Study –

• By deployment model, the on premise segment accounted for the largest forensic accounting market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, the large enterprise segment generated the highest revenue in 2021.

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