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Global Insurance Fraud Detection Market: By Technology; By Organization: Small and Medium-Sized Enterprises, Large Enterprises; By Deployment: Cloud, On-Premises; By Service; By Solution; By Application; Regional Analysis; Historical Market and Forecast (2017-2027); Competitive Landscape; Industry Events and Developments
Global Insurance Fraud Detection Market Outlook
The global insurance fraud detection industry attained a value of almost USD 2.7 billion in 2020. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of about 25.6% to reach USD 10.8 billion by 2026. The market is primarily being driven by stringent regulations. North America is the largest region for the market.
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Market Segmentation
Fraud analytics require a range of computational technologies to analyse the processes and infrastructure of organisations to identify vulnerabilities in which fraud can occur. Such systems track and analyse data from various data sources; identify irregularities and alleged and suspicious conduct on all channels and provide monitoring in real-time for fraud prevention. Fraud analytics refers to the foundation of all fraud detection tools for insurance companies. Most suppliers offer conventional rules-based computational fraud models, while some prefer strategies for artificial intelligence and machine learning. Fraud detection tools detect fraud proactively and help fulfil compliance requirements.
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The industry can be divided based on technology, organisation, deployment, service, solution, application, and region.
On the basis of technology, the industry can be divided into:
- Solutions
- Services
Solutions can be divided into:
- Fraud Analytics
- Authentication
- Governance, Risk, and Compliance
- Others
Services can be divided into professional and managed services.
Professional services are further segmented into the following:
- Consulting Services
- Training and Education
- Support and Maintenance
Based on organisation, the industry can be divided into small and medium-sized enterprises and large enterprises.
Deployment is further classified into cloud and on-premises.
The industry can be broadly categorised based on its applications into:
- Claims Fraud
- Identity Theft
- Payment Fraud and Billing Fraud
- Money Laundering
The EMR report looks into the regional markets of insurance fraud detection like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The main driving factors behind the market growth are the need for companies to efficiently handle enormous numbers of identities, boost operational efficiency, increase customer experience, maximize the use of advanced analysis techniques, and strict regulatory compliance.
The lack of awareness among organisations, combined with a lack of integration of fraud detection options through organisational networks, of the value of fraud detection solutions and inappropriate implementation may restrict the industry growth.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global insurance fraud detection industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- FICO (NYSE: FICO)
- IBM
- BAE Systems
- SAS Institute
- Experian
- Lexisnexis
- Iovation
- Friss
- SAP
- Fiserv
- ACI Worldwide
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Technology, Organization, Deployment, Service, Solution, Application, Region |
| Breakup by Technology | Solutions, Services |
| Breakup by Organization | Small and Medium-Sized Enterprises, Large Enterprises |
| Breakup by Deployment | Cloud, On-Premises |
| Breakup by Service | Professional Services, Managed Services |
| Breakup by Solution | Fraud Analytics, Authentication, Governance, Risk, and Compliance, Others |
| Breakup by Application | Claims Fraud, Identity Theft, Payment Fraud and Billing Fraud, Money Laundering |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | FICO [FICO (NYSE)], IBM [IBM (NYSE)], BAE Systems [BA (LON)], SAS Institute, Experian [ EXPN (LON)], Lexisnexis, Iovation, Friss, SAP, Fiserv [FISV (NASDAQ)], ACI Worldwide [ACIW (NASDAQ)], Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Insurance Fraud Detection Market Analysis
8.1 Key Industry Highlights
8.2 Global Insurance Fraud Detection Historical Market (2017-2021)
8.3 Global Insurance Fraud Detection Market Forecast (2022-2027)
8.4 Global Insurance Fraud Detection Market by Technology
8.4.1 Solutions
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.5 Global Insurance Fraud Detection Market by Organization
8.5.1 Small and Medium-Sized Enterprises
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Large Enterprises
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Insurance Fraud Detection Market by Deployment
8.6.1 Cloud
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 On-Premises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.7 Global Insurance Fraud Detection Market by Service
8.7.1 Professional Services
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2017-2021)
8.7.1.3 Forecast Trend (2022-2027)
8.7.1.4 Breakup by Type
8.7.1.4.1 Consulting Services
8.7.1.4.2 Training and Education
8.7.1.4.3 Support and Maintenance
8.7.2 Managed Services
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2017-2021)
8.7.2.3 Forecast Trend (2022-2027)
8.8 Global Insurance Fraud Detection Market by Solution
8.8.1 Fraud Analytics
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2017-2021)
8.8.1.3 Forecast Trend (2022-2027)
8.8.2 Authentication
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2017-2021)
8.8.2.3 Forecast Trend (2022-2027)
8.8.3 Governance, Risk and Compliance
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2017-2021)
8.8.3.3 Forecast Trend (2022-2027)
8.8.4 Others
8.9 Global Insurance Fraud Detection Market by Application
8.9.1 Claims Fraud
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2017-2021)
8.9.1.3 Forecast Trend (2022-2027)
8.9.2 Identity Theft
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2017-2021)
8.9.2.3 Forecast Trend (2022-2027)
8.9.3 Payment Fraud and Billing Fraud
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2017-2021)
8.9.3.3 Forecast Trend (2022-2027)
8.9.4 Money Laundering
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2017-2021)
8.9.4.3 Forecast Trend (2022-2027)
8.10 Global Insurance Fraud Detection Market by Region
8.10.1 Market Share
8.10.1.1 North America
8.10.1.2 Europe
8.10.1.3 Asia Pacific
8.10.1.4 Latin America
8.10.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 FICO
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 IBM
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 BAE Systems
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 SAS Institute
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Experian
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Lexisnexis
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Iovation
11.2.7.1 Company Overview
11.2.7.2 Product Portfolio
11.2.7.3 Demographic Reach and Achievements
11.2.7.4 Certifications
11.2.8 Friss
11.2.8.1 Company Overview
11.2.8.2 Product Portfolio
11.2.8.3 Demographic Reach and Achievements
11.2.8.4 Certifications
11.2.9 SAP
11.2.9.1 Company Overview
11.2.9.2 Product Portfolio
11.2.9.3 Demographic Reach and Achievements
11.2.9.4 Certifications
11.2.10 Fiserv
11.2.10.1 Company Overview
11.2.10.2 Product Portfolio
11.2.10.3 Demographic Reach and Achievements
11.2.10.4 Certifications
11.2.11 ACI Worldwide
11.2.11.1 Company Overview
11.2.11.2 Product Portfolio
11.2.11.3 Demographic Reach and Achievements
11.2.11.4 Certifications
11.2.12 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Insurance Fraud Detection Market: Key Industry Highlights, 2017 and 2027
2. Global Insurance Fraud Detection Historical Market: Breakup by Technology (USD Million), 2017-2021
3. Global Insurance Fraud Detection Market Forecast: Breakup by Technology (USD Million), 2022-2027
4. Global Insurance Fraud Detection Historical Market: Breakup by Organization (USD Million), 2017-2021
5. Global Insurance Fraud Detection Market Forecast: Breakup by Organization (USD Million), 2022-2027
6. Global Insurance Fraud Detection Historical Market: Breakup by Deployment (USD Million), 2017-2021
7. Global Insurance Fraud Detection Market Forecast: Breakup by Deployment (USD Million), 2022-2027
8. Global Insurance Fraud Detection Historical Market: Breakup by Service (USD Million), 2017-2021
9. Global Insurance Fraud Detection Market Forecast: Breakup by Service (USD Million), 2022-2027
10. Global Insurance Fraud Detection Historical Market: Breakup by Solution (USD Million), 2017-2021
11. Global Insurance Fraud Detection Market Forecast: Breakup by Solution (USD Million), 2022-2027
12. Global Insurance Fraud Detection Historical Market: Breakup by Application (USD Million), 2017-2021
13. Global Insurance Fraud Detection Market Forecast: Breakup by Application (USD Million), 2022-2027
14. Global Insurance Fraud Detection Historical Market: Breakup by Region (USD Million), 2017-2021
15. Global Insurance Fraud Detection Market Forecast: Breakup by Region (USD Million), 2022-2027
16. North America Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2017-2021
17. North America Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2022-2027
18. Europe Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2017-2021
19. Europe Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2022-2027
20. Asia Pacific Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2017-2021
21. Asia Pacific Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2022-2027
22. Latin America Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2017-2021
23. Latin America Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2022-2027
24. Middle East and Africa Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2017-2021
25. Middle East and Africa Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2022-2027
26. Global Insurance Fraud Detection Market Structure
Key Questions Answered in the Report
In 2020, the global insurance fraud detection market attained a value of nearly USD 2.7 billion.
The market is projected to grow at a CAGR of 25.6% between 2022 and 2027.
The industry is being driven by the maximising the use of advanced analysis techniques, increasing occurrence of insurance frauds, rapid digitisation of the insurance sector, significant improvements in the cyber security infrastructure, increasing use of artificial intelligence (AI) and the Internet of Things (IoT)-enabled fraud detection solutions, and rising incidence of inaccurate claims.
The key factors boosting the market growth are the stringent regulations and the need for enterprises to efficiently handle massive quantities of identities.
The major regions in the industry are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific with North America accounting for the largest share in the market.
On the basis of technology, the industry can be divided into solutions and services.
Based on organisation, the industry can be divided into small and medium-sized enterprises and large enterprises.
Deployment is classified into cloud and on-premises.
Services can be divided into professional and managed services. Professional services are further segmented into consulting services, training and education, support and maintenance.
Solutions can be divided into fraud analytics, authentication, governance, risk, and compliance, among others.
The industry can be broadly categorised based on its applications into claims fraud, identity theft, payment fraud and billing fraud, and money laundering.
The major players in the industry are FICO, IBM, BAE Systems, SAS Institute, Experian, Lexisnexis, Iovation, Friss, SAP, Fiserv, and ACI Worldwide, among others.
Analyst Review
The global insurance fraud detection market attained a value of USD 2.7 billion in 2020, driven by stringent regulations. Aided by the increasing occurrence of insurance frauds and rapid digitisation of the insurance sector, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 25.6%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on technology, the global insurance fraud detection industry can be segmented into solutions and services. By organisation size, the market can be divided into small and medium-sized enterprises and large enterprises. Based on the deployment, cloud and on-premises are the major segments. Based on service, professional services and managed services are the primary classifications, with professional services further segmenting into consulting services, training and education, support, and maintenance. On the basis of solution, fraud analytics, authentication, governance, risk, and compliance, among others are the various categories. By application, the industry can be segmented into claims fraud, identity theft, payment fraud and billing fraud, and money laundering. The major regional markets for insurance fraud detection are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific, with North America accounting for the largest share of the market. The key players in the above market include FICO, IBM, BAE Systems, SAS Institute, Experian, Lexisnexis, Iovation, Friss, SAP, Fiserv, and ACI Worldwide, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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