TheBusinessResearchCompany’s Forensic Audit Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The forensic audit market consists of sales of forensic audit services by entities (organizations, sole traders and partnerships) that apply auditing and investigative skills to situations that may have legal implications. A forensic audit is an examination and evaluation of a firm`s or individual’s financial, compliance, background information and other types of information, to use as an evidence in a court of law or legal proceedings.
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The global forensic audit market reached a value of nearly $11.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 5.8% since 2014. It is expected to grow at a compound annual growth rate (CAGR) of 7.2% to nearly $15.0 billion by 2022.
Growth in the historic period resulted from increased corporate fraudulent activities and outsourcing of back-end operations to low-cost economies. Factors that negatively affected growth in the historic period were stringent government policies and political and social instability.
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The present study exhibits the trends and market dynamics of the Forensic Audit market in major countries – USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world. The report also includes the study of the current issues with consumers and various future opportunities for the market.
Opportunities – The top opportunities in the global forensic audit market by end-use industry will arise in the financial services segment, which will gain $1.64 billion of global annual sales by 2022. The top opportunities in the global forensic audit market by type of investigation will arise in the event and data analysis segment, which will gain $0.83 billion of global annual sales by 2022. The forensic audit market will gain the most in the USA at $0.74 billion. Market-trend-based strategies for the forensic audit market include the use of artificial intelligence to detect frauds to save costs, and the adoption of block chain technology to improve audit services. Player-adopted strategies in the forensic audit market include investing in geographical expansion, expanding the service offerings, and strengthening the business through mergers and acquisitions.
Recommendations – To take advantage of these opportunities, The Business Research Company recommends the forensic audit companies to focus on the artificial intelligence and block chain technology to improve service offerings, expand service portfolios through collaborations and mergers and acquisitions, and expand in emerging markets, among other strategies.
Some of the major players involved in the Forensic Audit market are Ernst & Young Global Limited, PwC, Deloitte Touche Tohmatsu Limited, KPMG International, BDO Global.
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