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

Global Forensic Accounting Market size was valued at USD 6.08 billion in 2022 and is poised to grow from USD 6.64 billion in 2023 to USD 13.35 billion by 2031, growing at a CAGR of 9.13% during the forecast period (2024-2031).

The global forensic accounting market is poised for substantial growth in recent years. In the global Forensic Accounting market, there are several key factors that are shaping the dynamics of this industry and reflecting extensive trends in the increase in the buying of insurance covers, high incidence of fraudulence activities and increased partnership and share disputes in business organizations.

Based on SkyQuest in-depth study, we found that the advanced technologies that are being used to discover evidence concealed by fraudsters in various formats such as spreadsheets and files are transforming forensic accounting dealing with detection and prevention of crimes.

They do this by developing sophisticated means such as link analysis software which tracks money laundering through illegal transactions. Therefore, modern technology is facilitating forensic accountants in solving cases of financial crimes by collecting evidence that would have been impossible before using standard techniques.

Forensic accounting is benefitting the market mainly because it facilitates the oversight by professionals, elimination of cases involving fraud, and management of enterprises as far as the finances are concerned.

With the latest development in artificial intelligence, many people are recognizing the benefits that involve real-time monitoring and analysis of financial information, thus, driving the revenue growth of the market.

It also helps to avoid mishandling of data and development of alerts before any economic losses. This is why large corporations are forging partnerships to implement this technology on a global basis to thwart fraud occurrences.

For instance, Resistant AI, an AI, and Machine Learning (ML) Financial Crime Prevention Specialist, and ComplyAdvantage, financial industry’s leading source of AI-driven financial crime risk data and detection technology launched a financial crime solution across the U.S. and Europe.