Forensic Accounting Services Market Scope
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.
According to AMA, the Global Forensic Accounting Services market is expected to see growth rate of 8.1% Research Analyst at AMA estimates that United States and United Kingdom Players will contribute to the maximum growth of Global Forensic Accounting Services market throughout the predicted period.
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) are some of the key players that are part of study coverage. 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.
Segmentation Overview
The study have segmented the market of Global Forensic Accounting Services market by Type (Criminal and fraud investigation, Bankruptcy proceedings and Risk management), by Application (Large Businesses, Government, Insurance Professionals, Small Businesses, Legal Professionals and Individuals) and Region with country level break-up.
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).
Influencing Trend:
Increase Demand of Mobile Devices Forensics and Digital Image Forensics
Market Growth Drivers:
Need for criminal investigation for insurance and various other industry and for litigation support and Surging investment by government and numerous supportive reimbursement policies
Challenges:
High cost of forensic accounting technologies and The administrative limitations in wide-ranging industries
Restraints:
Lack of highly skilled operator in emerging economies
Opportunities:
Growing cases that require support from advanced forensic accounting technology is creating lucrative opportunities for growth in the upcoming years
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.
Key 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)
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.