The global insurance fraud detection market research study offers a wide perspective on where the industry is heading to. This report presents a comprehensive overview of the insurance fraud detection market size, share and growth opportunities by product type, applications, key companies and key regions. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The market for insurance fraud detection worldwide was estimated to be worth $3.3 billion in 2021 and is expected to increase to $28.1 billion by 2031, with a compound annual growth rate (CAGR) of 24.1% from 2022 to 2031.
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"The Global Insurance Fraud Detection Market 2021-2031 (USD Billion)")
The report further includes a thorough analysis of the impact of the Porter’s five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the global Insurance fraud detection and prevention systems market by the players, research organizations, and government bodies.
Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific and Rest-of-the-World. Each region details the individual push-and-pull forces in addition to the key players from that region. Some of the prominent players in the global Insurance fraud detection market are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i IOT Analytics Solutions (India), and Perceptiviti (India).
Insurance Fraud Detection Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | $28.1 billion |
| Growth Rate | CAGR of 24.1 % during 2021-2031 |
| Segment Covered | By Component, By Type, By Application, By Organization Size, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | SAP SE, Accenture, ACI Worldwide Inc., BAE Systems., IBM Corporation, Fiserv Inc., SAS Institute Inc, and Experian Plc |
Market Segmentation:
By Component, the insurance fraud detection market has the following segments:
- Solution
- Fraud Analytics
- Predictive Analytics
- Descriptive Analytics
- Social Media Analytics
- Big Data Analytics
- Authentication
- Single-Factor Authentication
- Multi-Factor Authentication
- Risk-Based Authentication
- Governance, Risk, and Compliance
- Others
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
On the basis of Deployment Type, the insurance fraud detection market has the following segments:
- On-premises
- Cloud
On the basis of Organization Size, the Insurance Fraud Detection Market has the following segments:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
The report answers the following questions about the Insurance fraud detection market:
- What is the insurance fraud detection market size in terms of revenue from 2019-2025, and what is the expected growth rate during the forecast period 2019-2025?
- What are the key trends and opportunities in the market pertaining to the Global insurance fraud detection market?
- What are the key solutions covered in the Insurance fraud detection market?
- How attractive is the market for different stakeholders present in the industry on the basis of the analysis of futuristic scenario of the global insurance fraud detection market?
- What are the major driving forces that are expected to increase the demand for global Insurance fraud detection market during the forecast period?
- What are the major challenges inhibiting the growth of the global insurance fraud detection market?
- What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the global insurance fraud detection market on the basis of the analysis of their financial stability, product offerings, and regional presence?
Frequently Asked Questions (FAQ) :
The major contenders in the global insurance fraud detection market FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India).
The global insurance fraud detection Market is Segmented on the basis of By Component, By Type, By Application, By Organization Size, Regions.
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