Along with finding any type of financial fraud, to analyze and study the financial performance of an individual or company, forensic and financial services are being used. Tools like accounting, audit with investigative skills are used to do so. Detailed analysis is required to resolve any complicated financial situation and find the root cause of any fraud, and only an accounting professional can perform this. These accounting professionals are likely to represent an insurance business, government body, financial organizations or even a government-affiliated accounting firm.
The number of financial crimes is at an all-time high. The amount of finances involved in any business today is insane and this makes it more vulnerable to any kind of fraud and this is driving the growth of the global forensic and financial services market. More forensic and financial services are needed in today’s time also due to the changed working culture post COVID-19 pandemic.
Meanwhile, the growth of the global forensic and financial services market faces a big hurdle in the form of confidentiality issues. Any leak of information can cost hugely and this is why thorough professionals are required. Also, the software and tools used for accounting purposes are required to be full-proof in terms of any cyber threats.
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Irrespective of such hurdles, the global forensic and financial services market is forecasted to grow rapidly, owing to the use of the various statistics software that are being used in investigative process. Use of such tools and software provide an edge to accounting professionals.
Key Takeaways - Global Forensic and Financial Services Market:
- Forensic accounting is primarily use of on-point investigative skills to resolve complicated financial situations, majorly fraud and this is why financial fraud investigation and analysis segment accounts for maximum revenue generated by this market.
- Number of frauds in small and medium enterprises is also growing rapidly due to several factors like negligence, lack of tracking etc. This is the reason why this segment is now rapidly adopting forensic and financial services.
- Many organizations are appointing accounting professionals only for the purpose of internal auditing to lower the risks linked with contracts and accounting.
- The region of Asia Pacific is forecasted to witness growth at the fastest rate for the global forensic and financial services market. Surging demand for independent investigation or inquiry on the behest of government bodies is expected to propel the market in this region.
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Some of the major players operating in the global forensic and financial services market are listed below:
- BDO USA LLP.
- CBIZ, Inc
- EY
- Forensic Accounting Services Ltd
- Forensic Risk Alliance
- FTI Consulting, Inc
- Kiarie Kangethe & Co
- KPMG
- MENZIES LLP
- MiZU Social, Corp
- OnPoint Analytics, Inc.
- PwC
- RSM US LLP.
- Solis Financial Forensics LLC
- Wipfli LLP
- Other Market Participants
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Global Forensic and Financial Services Market
By Services
- Forensic Accounting
- Financial Fraud Investigation and Analysis
- Consulting and Advisory Services
- Disputes and Litigation Support
- Anti-corruption services
- Forensic Economic Losses
- Data Privacy and Transfers
- Digital Forensics
- Insurance Claim Analysis
- Others
By Organization Size
- Small and Medium Organization
- Large Enterprise
By End Users
- Banking, Finance and Insurance
- Legal
- Healthcare
- Automotive
- Manufacturing
- Energy
- Retail
- Government
- Construction
- IT and Telecommunications
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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