Forensic Accounting Market Overview With Detailed Analysis, Competitive Landscape, Future Plans Analysis by 2031
September 23, 2022
The report identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global forensic accounting market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 22, 2022 /EINPresswire.com/ -- An increase in demand for work from home and remote working policies and sudden economic imbalance and large corporations increasing their market share have boosted the growth of the global forensic accounting market.
However, concerns regarding data privacy and sharing risks associated with forensic accounting solutions hinder market growth. On the contrary, the integration of advanced technologies such as data analytics and machine learning would open new opportunities in the future.
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According to the report published by Allied Market Research, the global Forensic Technology Market generated $15.21 billion in 2020, and is projected to reach $44.61 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030.
• The pandemic had a significant impact on the market due to disruption of the supply chain, economic situation imbalance, and fluctuations in consumer demands.
• However, due to the shutdown of courts and business disruptions during the pandemic, it is difficult for financial forensic solutions to function during the early pandemic.
By deployment model, the cloud segment is expected to register the highest CAGR of 9.7% during the forecast period, owing to the simplified deployment and operational capabilities of cloud-based Forensic Accounting solutions.
However, the on-premise segment held the largest share in 2021, contributing to more than half of the global forensic accounting market, and is projected to continue its dominance during the forecast period. This is due to the security and compliance needs of organizations.
By component, the solution segment held the largest share in 2021, accounting for more than three-fifths of the global forensic accounting market, and is estimated to dominate the market throughout the forecast period. This is due to the growing need for automated forensic accounting solutions. However, the service segment is expected to register the highest CAGR of 10.2% during the forecast period, owing to the vast amount of data to be analyzed during a financial audit.
By industry vertical, the government and public sector segment is projected to register the highest CAGR of 11.2% during the forecast period, due to their critical accounting needs. However, the law enforcement agencies segment held the largest share in 2021, contributing to more than one-fourth of the global forensic accounting industry, owing to the complex accounting needs of public sector companies.
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