Forensic Audit Market Trends, Analysis, Size, Share by 2031

Forensic Audit Market Size and Forecasts (2021-2031), Global and Regional Share, Trends, and Growth Opportunity Analysis by Type (Event and Data Analysis, Regulatory Investigations, Cross Border Investigations, Corruption and Bribery Investigation, Accounting Malpractice and Securities Investigations, and Others); Industry (Financial Services, Mining, Oil and Gas, Manufacturing, Healthcare, Construction, and Others); and Geography

Publication Month : Apr 2024

  • Report Code : TIPRE00013210
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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Analyst Perspective

The forensic audit market has grown over the past few years. The pandemic did not affect the performance of the market. In fact, the market was performing well during the pandemic due to the increase in tax evasion and financial fraud instances. Governments around the world are taking the initiative to tackle financial fraud, resulting in the further growth of the market. The constraint that could hinder the market growth is the lack of technical expertise in operating the tool.

Market Overview

A forensic audit is a combination of both investigating and accounting processes. Forensic auditing will require accounting and auditing procedures and knowledge of the legal framework. The growing demand for work-from-home and remote work policies, along with the automated accounting solution, has increased the need for forensic auditing. North America is expected to be the dominating region throughout the forecast period, owing the largest market share. The forensic audit market is expected to expand at a CAGR of around 7.5% during 2023-2031.

Market Driver

The Government's Initiative to Tackle Financial Fraud

Governments around the world have increased efforts to tackle the number of financial frauds occurring. They have joined forces with private forensic auditing companies to bring about changes to the business environment of countries. Promoting a clearer and cleaner way of financial operations. This step will positively impact the forensic audit market and will see further growth in the market in the coming years.

Market Scope

The "Global Forensic Audit Market Analysis to 2031" is an in-depth and specialized study focusing on the global market trend analysis. The report aims to provide an overview of the forensic audit market with detailed market segmentation by type, industry, and geography. The market report provides key statistics on the market status of the leading forensic audit market players and offers key trends and opportunities.

Market Segmentation

The global forensic audit market is segmented on the basis of type, industry, and geography. On the basis of investigation type, the market is segmented into event and data analysis, regulatory investigations, cross-border investigations, corruption and bribery investigations, accounting malpractice and securities investigations, and others. On the basis of industry, the market segmentation is into financial services, mining, oil and gas, manufacturing, healthcare, construction, and others.

REGIONAL FRAMEWORK

The report provides an in-depth overview of the industry, including qualitative and quantitative information. It gives an overview and forecast of the global market based on a number of segments. It also provides market size and forecast estimates from 2021 to 2031 concerning the five major regions, namely, North and South America, Europe, Middle East and Africa (MEA), and Asia-Pacific (APAC). The forensic audit market by region is further segmented by countries and segments. The report covers the analysis and forecast of the 18 countries from across the globe, along with the region's current trends and opportunities.

The report analyzes factors impacting the market from demand and supply. Further, it evaluates market dynamics impacting the market during the forecast period, i.e., opportunities, future trends, drivers, and restraints. The report also provides an extensive PEST analysis for the five regions, namely North and South America, Europe, MEA, and APAC, after evaluating political, economic, social, and technological factors affecting the forensic audit market in these regions.

World Geography

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MARKET PLAYERS

The report covers key developments in the forensic audit market as inorganic and organic growth strategies. Many companies are centering on organic growth strategies such as product launches, approvals, patents, and events. Inorganic growth strategies activities seen in the market were acquisitions and partnerships & collaborations. The activities have made way for business expansion and the customer base of market players. The market players from the forensic audit market are expected to witness lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the key companies' profiles along with the SWOT analysis and market strategies in the forensic audit market. Moreover, the report focuses on the leading industry players with information on their profiles, components, and services offered, financial information of the companies for the previous 3 years, and key developments in the past five years.

  • AlixPartners, LLP
  • Baker Tilly US, LLP
  • Carter Backer Winter LLP
  • FTI Consulting, Inc.
  • Grant Thornton LLP
  • Kroll, LLC
  • Marcum BP
  • MDD Forensic Accountants
  • PKF International
  • Ernst & Young Global Limited
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

  1. AlixPartners, LLP
  2. Baker Tilly US, LLP
  3. Carter Backer Winter LLP
  4. FTI Consulting, Inc.
  5. Grant Thornton LLP
  6. Kroll, LLC.
  7. Marcum BP.
  8. Mazars
  9. MDD Forensic Accountants
  10. PKF International

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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