Global Forensic Accounting Services Market Overview:
Forensic accounting services, financial forensics or forensic accountancy is the specialty practice area of the accounting which describe engagements that result from anticipated or actual litigation or disputes. It utilizes auditing, accounting, and investigative skills for conducting an examination into the finances of a business or individual. Forensic accounting basically provides an accounting analysis that is suitable to be used in the legal proceedings. Forensic accountants are basically trained to look beyond the figures and deal with the situation of business reality. Forensic accounting is often used in fraud and embezzlement cases for explaining the nature of financial crime in a court. Some of the key players profiled in the study are Ernst & Young (United Kingdom), PwC (United Kingdom), Deloitte (United Kingdom), KPMG International (Netherlands), FTI Consulting (United States), Kroll (United States), AlixPartners (United States), Control Risks (United Kingdom), K2 Intelligence (United States) and Grant Thornton (United States). According to Market Analyst at AMA, the Global Forensic Accounting Services market may see a growth rate of 8.1%
On the basis of geography, the market of Forensic Accounting Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Tools, the sub-segment i.e. Data acquisition and preservation will boost the Forensic Accounting Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Need for criminal investigation for insurance and various other industry and for litigation support
- Surging investment by government and numerous supportive reimbursement policies
- Increase Demand of Mobile Devices Forensics and Digital Image Forensics
- Lack of highly skilled operator in emerging economies
- Growing cases that require support from advanced forensic accounting technology is creating lucrative opportunities for growth in the upcoming years
- High cost of forensic accounting technologies
- The administrative limitations in wide-ranging industries
In 2016, according to the American Institute of Certified Public Accountants' latest available survey data, 8.9% of forensic and valuation companies are anticipated to specialize in family law. One of the primary responsibilities for forensic accountants in this product group involves uncovering hidden or transferred assets and income during divorce cases. Consequently, increases in the domestic divorce rate tend to benefit industry demand. In 2019, the divorce rate is expected to decline, presenting a potential threat to the industry.
Target Audience:Forensic accounting hardware vendors, Forensic accounting software vendors, Forensic accounting service providers, Government agencies, Independent software vendors, Consulting firms, System integrators, Value-added Resellers (VARs), Information Technology (IT) security agencies and Managed Security Service Providers (MSSPs)
Major Objectives Focused through this Study To define, describe, and forecast the Global Forensic Accounting Services market on the basis of product [Criminal and fraud investigation, Bankruptcy proceedings and Risk management] , application [Large Businesses, Government, Insurance Professionals, Small Businesses, Legal Professionals and Individuals], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Forensic Accounting Services market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Forensic Accounting Services industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are BDO, Alvarez & Marsal, Nardello, Forensic Risk Alliance (FRA), Charles River Associates, Berkeley Research Group and Hemming Morse.
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Forensic Accounting Services market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.