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Global Forensic Accounting Services Projected to be 29 Billion USD in 2027 - QYResearch Report

Author: QYResearch  |   Published Date: 2021-11-02   |   Views: 37



Forensic accounting services generally involve the application of specialized knowledge and investigative skills possessed by CPAs to collect, analyze, and evaluate evidential matter and to interpret and communicate findings in the courtroom, boardroom, or other legal or administrative venue. Forensic accountants are often hired to prepare for litigation related to insurance claims, insolvency, divorces, embezzlement, fraud, skimming, and any type of financial theft.

 

In 2020, the global Forensic Accounting Services market size was US$ 17.45 billion and it is expected to reach US$ 28.83 billion by the end of 2027, with a CAGR of 7.73% during 2021-2027. In China the Forensic Accounting Services market size is expected to grow from US$ 1.97 billion in 2020 to US$ 3.78 billion by 2027, at a CAGR of 10.20% during the forecast period. As is so often the case, when there’s times of economic stress, financial pressures mount. And COVID-19 has given rise to the perfect storm of uncertainty. Add in the growth of technology, which has escalated the risks of money laundering and cybercrime, along with the tightening of regulatory and law enforcement actions, and the demand for forensic accounting services is on the rise.

 

The Forensic Accounting Services industry faces a high level of competition. While the largest accounting firms typically compete for large corporate and government clients, the demand for forensic accounting services from small businesses and individuals is high enough for small operators to flourish in the industry. Consequently, the industry has a significant number of small players, increasing the level of competition.

 

Leading players in the Global Forensic Accounting Services Market include PwC, Deloitte, Ernst & Young, KPMG International, BDO International, Grant Thornton, RSM International, Baker Tilly, Crowe Global, FTI Consulting, etc. In order to sustain the fierce competition, companies tend to bring novel innovations in technology, which eventually leads to better security from cybercrimes and white-collar crimes. The Forensic Accounting Services market is relatively fragment, the top 5 players in this industry account for about 34% revenue share in 2020.

 

Major firms will likely pursue growth opportunities in specialized, niche fields under the forensic accounting umbrella and emerging markets overseas. Traditionally, foreign branches of existing firms are independently owned and operated because of differing accounting standards and laws. This trend will likely change in line with a move toward an international standardization of accounting. As a result, there will be increased scope for the export of forensic accounting services from US firms to overseas clients. Over the next five years, the Big Four accounting firms will continue to perform the majority of forensic accounting services because of their well-established relationships with large corporate clients. However, medium-size firms will likely take on an increasing share of forensic accounting work associated with the major public companies, as mergers among regional firms continue. Smaller firms that offer niche forensic accounting practices (e.g. family law and patent litigation) are projected to grow faster than the industry average during the next five years.

 

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