The persuasive Financial Statement Fraud market research report makes available fluctuations in CAGR values during the forecast period of 2021-2028 for the market. This wide ranging market study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis. The competitive landscape section of the report emphasizes on understandable insight about the market share analysis of major industry players. The report offers all-encompassing study about production capacity, consumption, import and export for all the major regions across the world. What is more, businesses can gain insights into profit growth and sustainability programme with an influential Financial Statement Fraud market report.
Data Bridge Market Research analyses that the financial statement fraud market was valued at USD 20.8 billion in 2021 and is expected to reach the value of USD 82.53 billion by 2029, at a CAGR of 18.80% during the forecast period of 2022 to 2029.
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Market Overview:
Overstating assets, revenues, and profits while understating liabilities, expenses, and losses is the essence of financial statement fraud. It is essentially the incorrect presentation of an enterprise's financial condition accomplished through intentional misstatement or disclosures in financial statements to defraud financial statement users. Accounting fraud is defined by the Association of Certified Fraud Examiners (ACFE) as "deception or misrepresentation that an individual or entity makes knowing that the misrepresentation may result in some unauthorised benefit to the individual, the entity, or some other party.
Financial Statement Fraud Market Dynamics
Drivers
Surge in adoption of advanced fraud-prevention techniques in the military and banking sectors
Rising demand for advanced fraud-prevention techniques, increased application of security in the military and banking sectors and the growing need to protect financial losses due to increasing threats are some of the factors that will likely boost the growth of the financial statement fraud market during the forecast period of 2022-2029. Rising use of artificial intelligence and machine learning will create numerous opportunities, leading to the growth of the financial statement fraud market during the forecast period.
Some of the major players operating in the financial statement fraud market are:
- Altergy. (US)
- SAP SE (Germany)
- Coupa Software Inc. (US)
- Procurify (Canada)
- IBM (US)
- TRADOGRAM (Canada)
- Fraxion (US)
- SutiSoft, Inc. (India)
- Sievo (Finland)
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