Forensic Accounting Market Rising New Business Opportunities for Investors (2020-2030)

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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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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By region, the global forensic accounting market across North America dominated the market in 2021, holding nearly two-fifths of the market, and is expected to dominate in terms of revenue during the forecast period. This is due to high concentration of financial services companies in the region. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 11.1% during the forecast period, due to its rapidly evolving economy and the need for proper accounting management solutions.

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Covid-19 Scenario:

  • The pandemic had a significant impact on the market due to disruption of supply chain, economic situation imbalance, and fluctuations in consumer demands.
  • However, due to the shutdown of courts and business disruptions during the pandemic, it is difficult for financial forensic solutions to function during early of pandemic.

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