The market for forensic audit services reached a value of nearly $11 billion in 2017. North America is the largest market for forensic audit service companies, accounting for around 43% of the global market. The USA is the largest country in terms of value in the forensic audit market.
The forensic audit services 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 for use as evidence in a court of law or legal proceedings.
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Forensic Audit Market Size
The forensic audit market is expected to grow at a growth rate of around 7% to nearly $15 billion by 2022.Growth in the historic period resulted from increased fraudulent activities and governments’ scrutiny. Going forward, public private collaborations and technological development will drive the growth. Factors that negatively affected growth in the historic period were stringent government policies and political and social instability.
The market for forensic audit services market is fairly concentrated with a few large players dominating. Major players include Ernst & Young (EY), Deloitte Touche Tohmatsu, PricewaterhouseCoopers International Limited (PWC), KPMG and Grant Thornton.
Ernst & Young (EY) was the largest competitor in the forensic audit services market in 2017, with around 14% share of the market. EY is a professional services company which provides auditing, assurance, forensic services, mergers and acquisitions, real estate advisory services, actuarial services, enterprise risk management, technology and security risk and transaction support services. The company has a workforce of around 247,570 employees and provides services in over 150 countries. The company was established in 1894 and is headquartered in London, UK.
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The forensic audit market is segmented by end user
By End Users- The Forensic Audit market segmented by end users into financial services, manufacturing, mining and oil & gas, other services, healthcare and others. The financial services market accounted for the largest share of the forensic audit market in 2018 at around 38% and is expected to be the fastest-growing.
By Geography- The Forensic Audit market is segmented into China,India,Japan,Australia, Western Europe, UK,Germany,France ,Italy,Spain, Eastern Europe, Russia, North America, USA, South America, Brazil, Middle East and Africa. Among these regions,North America is the largest market for forensic audit market in the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia Pacific, and Africa will be the fastest growing regions in this market. This is followed by, Eastern Europe and Western Europe.
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