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Global Insurance Fraud Detection Market Size, Share, Trends: By Technology; By Organization: Small and Medium-Sized Enterprises, Large Enterprises; By Deployment: Cloud, On-Premises; By Service: Professional Services, Managed Services; By Solution: Fraud Analytics, Others; By Application; Regional Analysis; Competitive Landscape; 2024-2032
Global Insurance Fraud Detection Market Outlook
The global insurance fraud detection industry attained a value of almost USD 4.26 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of about 26.10% to reach USD 17.04 billion by 2032. 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
- 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Organization |
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| Breakup by Deployment |
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| Breakup by Service |
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| Breakup by Solution |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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 (2018-2023)
8.3 Global Insurance Fraud Detection Market Forecast (2024-2032)
8.4 Global Insurance Fraud Detection Market by Technology
8.4.1 Solutions
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Insurance Fraud Detection Market by Organization
8.5.1 Small and Medium-Sized Enterprises
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Large Enterprises
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Insurance Fraud Detection Market by Deployment
8.6.1 Cloud
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 On-Premises
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Insurance Fraud Detection Market by Service
8.7.1 Professional Services
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.1.3 Breakup by Type
8.7.1.3.1 Consulting Services
8.7.1.3.2 Training and Education
8.7.1.3.3 Support and Maintenance
8.7.2 Managed Services
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Insurance Fraud Detection Market by Solution
8.8.1 Fraud Analytics
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Authentication
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Governance, Risk and Compliance
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Others
8.9 Global Insurance Fraud Detection Market by Application
8.9.1 Claims Fraud
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Identity Theft
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Payment Fraud and Billing Fraud
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Money Laundering
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.10 Global Insurance Fraud Detection Market by Region
8.10.1 North America
8.10.1.1 Historical Trend (2018-2023)
8.10.1.2 Forecast Trend (2024-2032)
8.10.2 Europe
8.10.2.1 Historical Trend (2018-2023)
8.10.2.2 Forecast Trend (2024-2032)
8.10.3 Asia Pacific
8.10.3.1 Historical Trend (2018-2023)
8.10.3.2 Forecast Trend (2024-2032)
8.10.4 Latin America
8.10.4.1 Historical Trend (2018-2023)
8.10.4.2 Forecast Trend (2024-2032)
8.10.5 Middle East and Africa
8.10.5.1 Historical Trend (2018-2023)
8.10.5.2 Forecast Trend (2024-2032)
9 North America Insurance Fraud Detection Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Insurance Fraud Detection Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Insurance Fraud Detection Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Insurance Fraud Detection Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Insurance Fraud Detection Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 FICO
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 IBM
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BAE Systems
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 SAS Institute
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Experian
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Lexisnexis
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Iovation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Friss
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 SAP
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Fiserv
15.2.6.10 Company Overview
15.2.6.10 Product Portfolio
15.2.6.10 Demographic Reach and Achievements
15.2.6.10 Certifications
15.2.11 ACI Worldwide
15.2.6.11 Company Overview
15.2.6.11 Product Portfolio
15.2.6.11 Demographic Reach and Achievements
15.2.6.11 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Insurance Fraud Detection Market: Key Industry Highlights, 2018 and 2032
2. Global Insurance Fraud Detection Historical Market: Breakup by Technology (USD Million), 2018-2023
3. Global Insurance Fraud Detection Market Forecast: Breakup by Technology (USD Million), 2024-2032
4. Global Insurance Fraud Detection Historical Market: Breakup by Organization (USD Million), 2018-2023
5. Global Insurance Fraud Detection Market Forecast: Breakup by Organization (USD Million), 2024-2032
6. Global Insurance Fraud Detection Historical Market: Breakup by Deployment (USD Million), 2018-2023
7. Global Insurance Fraud Detection Market Forecast: Breakup by Deployment (USD Million), 2024-2032
8. Global Insurance Fraud Detection Historical Market: Breakup by Service (USD Million), 2018-2023
9. Global Insurance Fraud Detection Market Forecast: Breakup by Service (USD Million), 2024-2032
10. Global Insurance Fraud Detection Historical Market: Breakup by Solution (USD Million), 2018-2023
11. Global Insurance Fraud Detection Market Forecast: Breakup by Solution (USD Million), 2024-2032
12. Global Insurance Fraud Detection Historical Market: Breakup by Application (USD Million), 2018-2023
13. Global Insurance Fraud Detection Market Forecast: Breakup by Application (USD Million), 2024-2032
14. Global Insurance Fraud Detection Historical Market: Breakup by Region (USD Million), 2018-2023
15. Global Insurance Fraud Detection Market Forecast: Breakup by Region (USD Million), 2024-2032
16. North America Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
17. North America Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Europe Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
19. Europe Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Asia Pacific Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
21. Asia Pacific Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Latin America Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
23. Latin America Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Middle East and Africa Insurance Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
25. Middle East and Africa Insurance Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
26. Global Insurance Fraud Detection Market Structure
Key Questions Answered in the Report
In 2023, the global insurance fraud detection market attained a value of approximately USD 4.26 billion.
The market is projected to grow at a CAGR of 26.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 17.04 billion by 2032.
The market is being driven by the growing use of advanced analysis techniques, increasing occurrence of insurance frauds, 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 trends boosting the market growth are stringent regulations, need for enterprises to efficiently handle massive quantities of identities, and rapid digitisation of the insurance sector.
The major regions in the market 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 global insurance fraud detection market can be divided into solutions and services.
Based on organisation, the market 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, and support and maintenance.
Solutions can be divided into fraud analytics, authentication, and governance, risk, and compliance, among others.
The market 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 market 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 4.26 billion in 2023, 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 2024-2032, growing at a CAGR of 26.10%.
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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