Forensic Accounting Market 2024 (Technology, Market Size, Growth, Factors & Players)

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Market Overview

According to the market Research Future (MRFR), The global forensic accounting market is slated to reach a value of USD 9.85 Billion by 2025, recording a CAGR of 8.2% during the review period of 2019–2025.
Drivers and Restraints
The growing adoption of digital tools for investigation and strict regulations and compliance is driving the global forensic accounting market. Forensic accountants widely use such tools and services in order to conduct investigative procedures efficiently. These accountants are the investigators working for various firms and agencies who conduct investigations related to financial frauds. In the past, these investigators used traditional approaches for data crunching and data analysis. Nevertheless, with the advent of advanced technologies like high-level forensic tools and analytics, such as various accounting and auditing tools and cohesive forensic software suite have been developed which are broadly used to streamline the investigation. 
The adoption of forensic accounting is specifically growing among accounting firms and law enforcement agencies. moreover, with the entry of various forensic accounting solution providers in the market, end-users have various market players to choose from before selecting the suitable solution provider, which consequently is creating competition in the market. moreover, with the advent of more affordable and comprehensive solutions, the popularity of forensic tools is increasing. All these advances in the market are expected to drive the market forward.
Segmental Analysis
The global forensic accounting market has been segmented on the basis of component, end user, and region
Based on component, the forensic accounting market has been segmented into solutions and services. The solution segment includes audit/accounting software, forensic tools/software, and other solutions used for analytical purposes. The services segment comprises of professional services offered by solution providers. These expert services include consulting, training,and maintenance services. Additonally, the solution segment accounted for the larger share in the overall market. Whereas, the forensic tools sub-segment is slated to grow at the higher CAGR over the forecast period (2019–2025). The increasing adoption of forensic tools can be attributed to the rising demand for such software tools amid law enforcement agencies and accounting firms.
Competitive Analysis
The key market players of the global forensic accounting market are  CaseWare IDEA, Galvanize, Arbutus Software Inc., Nuix, Fulcrum Management, Cygna Labs Corp, Passware, e-fense, OpenText, Sama Audit Systems & Software Pvt Ltd, Cellebrite, and AccessData.
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