Forensic Accounting Market Size, Share, Growth Analysis, By Component(Solution/Platform [Forensic Tools/ Software, Audit/Accounting Software, And Others] And Services), By End-User(Banking And Insurance, Law Enforcement Agencies, Government, Accounting Firm), By Region - Industry Forecast 2024-2031

The global market for forensic accounting services is anticipated to be led by North America over the forecast period. The development of the market is fueled by the robust financial sector, varied economy and solid legal system of the region. Additionally, the North American region had one of the highest rates of financial fraud including corporate fraud, securities fraud, Ponzi schemes, and insider trading.

Based on our study, we found that, in 2022, consumers reported a fraud loss of about USD 8.8 billion, which is a more than 30% increase from the previous year. In 2022, more than 3.8 billion dollars were lost by consumers on fraudulent investment schemes, making it the top category. That is a sum that the reported loss for 2021 is more than doubled. There were approximately 6,500 reported cases involving imposter frauds leading to a loss amount of $2.6 billion compared to $2.4 billion from 2021. Hence, the preceding facts are anticipated to fuel market expansion in the region throughout the forecast period.

Additionally, The Asia Pacific is expected to grow at the highest compound annual growth rate at 10.2%. The economic growth and investments in the region have contributed to the development of the regional forensic accounting services market. There was a fast growth of various economies of Asia Pacific countries, which were attracting foreign capital, and forming sophisticated corporate relations. This rise led to the demand for forensic accountants to navigate complex financial environments and possible hazards. Governments in the Asia-Pacific region are also establishing anti-corruption measures and strengthening legal frameworks. The forensic accountants supported these initiatives through investigations and compliance procedures.