Forensic Accounting Market Expansion Continues, with Forecast Valuation of $8.76 Billion by 2029

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What Will the Forensic Accounting Industry Market Size Be by 2025?
In recent years, the forensic accounting market has experienced robust growth. The market size is expected to increase from $5.81 billion in 2024 to $6.3 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. This growth during the historic period can be attributed to factors such as an increase in white-collar crimes, stricter regulatory compliance, corporate governance issues, business globalization, litigation, and dispute resolution.

What's the Long-Term Growth Forecast for the Forensic Accounting Market Size Through 2029?
The market size of forensic accounting is predicted to undergo significant expansion in the upcoming years, reaching $8.76 billion in 2029 with a compound annual growth rate (CAGR) of 8.6%. The projected growth during the forecast period can be credited to escalating cybersecurity risks, amplified emphasis on fraud prevention, broader role in mitigate risk, intricate financial dealings, and intensifying regulatory inspection. Key trends for the forecast period involve the incorporation of machine learning for detecting anomalies, specialization in specific areas, amplified application of data analytics in probes, a focus on continual professional growth, and the application of predictive analytics for risk evaluation.

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What Are the Key Growth Drivers Fueling the Forensic Accounting Market Expansion?
The growing prevalence of fraud and financial cybercrimes is predicted to spur the development of the forensic accounting market. Financial fraud involves deceptive practices where individuals or businesses adjust financial information, transactions, or records for illicit gains, financial losses, or to deceive stakeholders. These actions often include falsehoods, embezzlement, or the fabrication of financial documents. The rising number of financial fraud cases escalates the need for specialized forensic accounting services, spurring the growth of the forensic accounting market as entities seek specialist skills in detecting, investigating and halting fraudulent activities. For example, in May 2023, UK Finance, a British trade union for the banking industry, reported that approved fraud losses due to financial fraud amounted to £485.2 million ($616 million), with a total of 207,372 cases in 2022, marking a 6% increase from 2021. Therefore, the escalating frequency of fraud and financial cybercrimes accelerates the market for forensic accounting.

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What Are the Key Trends Driving Forensic Accounting Market Growth?
Forensic accounting market's prominent players are concentrating on the incorporation of data analytics and AI technology, like hyper-automated analytics platforms, to process financial data, spot irregularities and reveal fraudulent activities. This not only optimizes investigative vigor but also provides significant findings for legal judgements. As an example, in March 2023, iAcuity Fintech Pvt. Ltd., an India-based fintech corporation, introduced the world's debut hyper-automated analytics platform, Fund Trail. It exercises AI and big data to support corporations in speeding up inquiries and tracing financial asset movement. The platform proves beneficial in conducting successful probes by forensic investigators, law enforcement bodies, tax agencies, regulators, and financial establishments by providing important information. Furthermore, it supports in pinpointing anomalies and suspect behavior vital in investigating s such as pilferage, loan fraud, terrorism financing, money laundering, tax fraud, round-tripping, cybercrimes and corruption-based cases like bribery and Ponzi schemes.

How Is the Forensic Accounting Market Segmented?
The forensic accounting market covered in this report is segmented -

1) By Component: Solution, Service
2) By Deployment Model: On Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Law Enforcement Agencies, Government And Public Sector, Accounting Firms, Other Industry Verticals

Subsegments:
1) By Solution: Software, Tools, Platforms
2) By Service: Consulting, Investigation, Litigation Support, Expert Witness Services

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Which Companies Are Leading the Charge in Forensic Accounting Market Innovation?
Major companies operating in the forensic accounting market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, BDO International Ltd., Grant Thornton Bharat LLP, Baker Tilly US LLP, FTI Consulting Inc., Crowe Horwath LLP (Crowe), Alvarez & Marsal Holdings LLC., Marcum Bernstein & Pinchuk LLP, CohnReznick LLP, Armanino LLP, Friedman LLP, Cellebrite DI Ltd., EisnerAmper LLP, Citrin Cooperman & Company LLP, Matson Driscoll & Damico LLP, CaseWare International Inc., Galvanize Inc., Baltic Assist, RGL Forensics, Weaver & Tidwell LLP, Farahat & Co., Arbutus Software Inc., Sama Audit Systems & Software Pvt Ltd., Cygna Labs Corporation, Passware Inc., Fulcrum Management Consultants LLP, Fox Forensic Accounting LLC

Which Regions Are Leading the Global Forensic Accounting Market in Revenue?
North America was the largest region in the forensic accounting market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forensic accounting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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