Forensic Auditing Market by Investigation Type, End-use Industry

List of Tables

The Forensic Auditing Market was valued at USD 18.70 billion in 2023, expected to reach USD 20.11 billion in 2024, and is projected to grow at a CAGR of 8.13%, to USD 32.33 billion by 2030.

Forensic auditing, a specialized branch of accounting, involves investigating financial records to detect and prevent fraud or white-collar crimes. It plays a crucial role in litigation processes, fraud prevention, regulatory compliance, and corporate governance. Its necessity is underscored by escalating complexities in financial activities, more stringent regulatory environments, and the increasing occurrence of financial fraud globally. The application spans across industries including banking, insurance, healthcare, and public sector finance, with end-use scope involving law enforcement agencies, legal firms, corporate sectors, and regulatory bodies. Market growth is influenced by factors such as heightened awareness of financial fraud, advancements in digital tools, increased regulatory scrutiny, and the need for transparent financial reporting. Significant opportunities lie in leveraging AI and machine learning to enhance detection accuracy and efficiency, blockchain technology for ensuring data integrity, and expanding services into emerging markets with weak regulatory frameworks. Recommendations for businesses include investing in advanced digital tools, focusing on cybersecurity, diversifying service offerings, and collaborating with technology firms to bolster analytic capabilities. Nevertheless, challenges such as high costs associated with forensic tools, the ever-evolving nature of financial crimes, the need for continual skill development among practitioners, and potential legal hurdles could hinder growth. Additionally, data privacy concerns and the risk of overlooking complex fraud schemes pose limitations. Consequently, areas ripe for innovation include developing cost-effective forensic solutions tailored for small enterprises, utilizing big data analytics for predictive fraud detection, and enhancing mobile forensic capabilities. Emphasizing R&D partnerships and building robust frameworks for continuous professional education can offer strategic competitive advantages. Collectively, the forensic auditing market presents substantial opportunities, driven by the demand for enhanced financial security and transparency, with technology playing a pivotal role in shaping its future trajectory.

KEY MARKET STATISTICS
Base Year [2023]	USD 18.70 billion
Estimated Year [2024]	USD 20.11 billion
Forecast Year [2030]	USD 32.33 billion
CAGR (%)	8.13%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Forensic Auditing Market

The Forensic Auditing Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Significant growth in financial fraud and claim cases
- Growing adoption in banks and financial services worldwide to mitigate fraud
- Governmental rules and regulations associated with forensic auditing services
Market Restraints
- High cost of forensic auditing services
Market Opportunities
- Emergence of social media analytics for fraud detection
- Growing investments for incorporation of forensic auditing across large enterprises
Market Challenges
- Ethical issues and time-consuming auditing procedures

Porter's Five Forces: A Strategic Tool for Navigating the Forensic Auditing Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Forensic Auditing Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Forensic Auditing Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Forensic Auditing Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Forensic Auditing Market

A detailed market share analysis in the Forensic Auditing Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Forensic Auditing Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Forensic Auditing Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Forensic Auditing Market

A strategic analysis of the Forensic Auditing Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Forensic Auditing Market, highlighting leading vendors and their innovative profiles. These include AlixPartners, LLP, Alvarez & Marsal Holdings, LLC., Aon PLC, Baker Tilly US, LLP, BDO International Limited, Berkeley Research Group, LLC, Control Risks Group Holdings Ltd, CRA International, Inc., Crowe LLP, Deloitte Touche Tohmatsu Limited, Eide Bailly LLP, Eisner Advisory Group LLC, Ernst & Young Global Limited, FTI Consulting, Inc.,, GHD Advisory, Grant Thornton International Ltd, HKA Global, KPMG International Limited, Kroll, LLC., Navigant Consulting, Inc., PKF O'Connor Davies LLP, PricewaterhouseCoopers International Limited, Protiviti Inc. by Robert Half International Inc., and RSM International Ltd..

Market Segmentation & Coverage

This research report categorizes the Forensic Auditing Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Investigation Type, market is studied across Accounting Malpractice & Securities Investigations, Corruption & Bribery Investigation, Cross Border Investigations, Event & Data Analytics, and Regulatory Investigations.
Based on End-use Industry, market is studied across Financial Services, Healthcare, Manufacturing, Mining, and Oil & Gas.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-F631A9C13122

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Significant growth in financial fraud and claim cases
  - 5.1.1.2. Growing adoption in banks and financial services worldwide to mitigate fraud
  - 5.1.1.3. Governmental rules and regulations associated with forensic auditing services
- 5.1.2. Restraints
  - 5.1.2.1. High cost of forensic auditing services
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of social media analytics for fraud detection
  - 5.1.3.2. Growing investments for incorporation of forensic auditing across large enterprises
- 5.1.4. Challenges
  - 5.1.4.1. Ethical issues and time-consuming auditing procedures
5.2. Market Segmentation Analysis
- 5.2.1. Investing Type: Growing usage of cross-border investigations to identify any potential criminal activity
- 5.2.2. End-User: Growing potential of forensic auditing across the healthcare industry to ensure accuracy in patient billing processes
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Forensic Auditing Market, by Investigation Type

6.1. Introduction
6.2. Accounting Malpractice & Securities Investigations
6.3. Corruption & Bribery Investigation
6.4. Cross Border Investigations
6.5. Event & Data Analytics
6.6. Regulatory Investigations

7. Forensic Auditing Market, by End-use Industry

7.1. Introduction
7.2. Financial Services
7.3. Healthcare
7.4. Manufacturing
7.5. Mining
7.6. Oil & Gas

8. Americas Forensic Auditing Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Forensic Auditing Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Forensic Auditing Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Forensic Risk Alliances announces partnership with TRM Labs
- 11.3.2. Davies launches new forensic accounting services
- 11.3.3. EY Forensics and Integrity Services launches learning-as-a-service in ethics and compliance
11.4. Strategy Analysis & Recommendation

Companies Mentioned

1. AlixPartners, LLP
2. Alvarez & Marsal Holdings, LLC.
3. Aon PLC
4. Baker Tilly US, LLP
5. BDO International Limited
6. Berkeley Research Group, LLC
7. Control Risks Group Holdings Ltd
8. CRA International, Inc.
9. Crowe LLP
10. Deloitte Touche Tohmatsu Limited
11. Eide Bailly LLP
12. Eisner Advisory Group LLC
13. Ernst & Young Global Limited
14. FTI Consulting, Inc.,
15. GHD Advisory
16. Grant Thornton International Ltd
17. HKA Global
18. KPMG International Limited
19. Kroll, LLC.
20. Navigant Consulting, Inc.
21. PKF O'Connor Davies LLP
22. PricewaterhouseCoopers International Limited
23. Protiviti Inc. by Robert Half International Inc.
24. RSM International Ltd.