Global Forensic Accounting Services Market was Valued at US$ 17,078.83 Mn in 2018 and is Expected to Grow at a CAGR of 8.6% During the Forecast Period From 2019 to 2027, Owing to Increase in the Number of Financial Reforms and Volatility; says Absolute Markets Insights

PUNE, India, Feb. 3, 2020 /PRNewswire/ -- Forensic accounting services use accounting, investigative and auditing skills to examine the finances of an individual or business. Forensic accounting experts provide an accounting analysis and looks beyond the numbers and deal with business reality of a situation, they compile financial evidence, develop computer application to manage the collected information and communicate their findings in the form of reports. Forensic accounting helps to explain the nature of a financial crime of fraud cases and it is utilized by banks, police forces, insurance companies, government agencies or public accounting firms. Demand of forensic accounting services has been increased due to financial reforms and volatility following frauds and scandals. For instance, financial regulations such as the Sarbanes-Oxley (SOX) act, a federal law that established sweeping auditing and financial regulations for public companies and the Dodd–Frank Wall Street Reform and Consumer Protection Act leads to rise in adoption of forensic accounting services as these services protect enterprises from financial and legal risks. Therefore, revenue of forensic accounting services market is increasing due to rise in the number of financial regulations.

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Global forensic accounting services market is growing due to the increase in white-collar crimes such as financial frauds by which people have lost lot of money. Forensic accounting services keep track of everything and look for every possibility to expose fraud, these services are meant to identify the transactions which are not authentic and gathers evidence against the same which can be provided to the court as a proof. Forensic accounting is a detection tool used to reduce white-collar crimes. The corporate fraud cases involve accounting schemes which are framed to cheat investors, analysts and auditors about the true financial condition of a corporation or business entity. These cases generally involve manipulation of financial data, the share price, and other valuation measures to make business appearance better than actual. For instance, in 2014, Bank of America had acknowledged that it sold billions in mortgage-backed securities (MBS) which were tied to properties with inflated values, loans which did not have proper collateral were among the financial misdeeds and that led to the financial crash. Bank of America admitted for its wrongdoing and agreed to pay in damages. In 2014, Credit Suisse pleaded guilty to help U.S. citizens to avoid paying taxes by hiding income from the Internal Revenue Service, later on the bank agreed to pay for the penalty.

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The detailed research study provides qualitative and quantitative analysis of the global forensic accounting services market. The global forensic accounting services market has been analyzed from demand as well as supply side prospective. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence along with growth strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• In terms of revenue, global forensic accounting services market is expected to reach US$ 35,732.02 million by 2027 attributed to the increasing number of financial regulations across the world
• On the basis of application, the contract disputes which is expected to witness the most attractive segment during the forecast period. This is due to growing adoption of forensic accounting practice focusing on quantifying the financial and economic issues in contract disputes such as supplier-purchase contracts, partnership agreements. However, in 2018, business/employee fraud investigations segment accounted for the largest market share.
• Based on the organization size, small and medium size enterprises segment is projected to hold substantial market share over the forecast period as they may face less issues due to their size and low interactions with direct parties as compared to the large organizations
• On the basis of verticals, most exposed to such threat factors including data breaches, bribery, corruption and disputes is the Banking Financial Services and Insurance (BFSI) and Healthcare
• Some of the prominent players operating in the forensic accounting services market include Baker Tilly Virchow Krause, LLP, BDO USA LLP, Ernst & Young Global Limited, KPMG International Cooperative, PwC, Advanta Global Services., Alvarez & Marsal Holdings, LLC., Accuracy, FTI Consulting, Inc., Hemming Morse, LLP, amongst others

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Global Forensic Accounting Services Market

• By Application
• Business Interruption
• Insurance Claims
• Shareholder/Partnership Disputes
• Business Economic Losses
• Business/Employee Fraud Investigations
• Criminal Investigations
• Professional Negligence
• Contract Disputes
• Others (Personal Earnings Losses, Mediation and Arbitration, Etc.)
• By Organization Size
• Large Enterprises
• Small and Medium Sized Enterprises
• By Verticals
• Automotive
• Banking Financial Services and Insurance (BFSI)
• Healthcare
• Travel and Hospitality
• Media and Entertainment
• Government
• Others
• By Region
• North America
• United States
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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SOURCE Absolute Markets Insights