One of the variants and simplest form of incremental sheet metal forming process is single-point incremental forming in which a spherical ended tool is used to form features on one side of the initial plane of the sheet. Dimensional deviation is observed in the region of component opening (due to sheet bending) and at the wall as well as base regions. This article presents a methodology to minimize the dimensional deviation in the wall and base regions of single-point incremental forming formed components. The authors observed that the sheet deflection due to axial force and tool deflection due to radial force are the two main factors leading to the geometric deviation in wall as well as base regions. An analytical model has been developed for estimating these two deflections. These deflection values are incorporated in the tool path generation, and the components formed using the compensated tool path resulted in acceptable dimensional accuracy in the wall region. Force predictions carried out by force equilibrium method are used to calculate the deflection compensations as its predictions are in reasonably good agreement with the force predictions of finite element analysis and experimental measurements. Significant improvement in accuracy is achieved by using the deflection compensated tool paths.