The global insurance fraud detection market is expected to see a 15.2% increase in CAGR during the forecast period from 2019 to 2027.
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According to a new market report published by Credence Research, Inc., “Global Insurance Fraud Detection Market- Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global insurance fraud detection market is expected to witness a growth of 15.2% CAGR during the forecast period from 2019 to 2027.
Product Insights
The global insurance fraud detection market accounted for US$ 3.29 Bn in 2018 and is expected to witness a considerable growth, mounting at a CAGR of 15.2% during the forecast period from 2019 to 2027. Insurance fraud detection is performed to detect and prevent the insurance frauds. The extent of insurance fraud is startling, and it befalls wherever the insurance business or policies are booked. Insurance fraud records for at least 10% of all insurance premiums, a percent that has remained relatively constant over the past two decades. In realism, the complete scale of insurance fraud is unidentified. Even if there were a single group indicted with tracking all frauds, the task would have not been possible, as types of fraud are changing on a continual basis and are diverse. Given all this, insurers are required to shift from traditional ways of detecting fraud and start adopting advanced insurance fraud prevention and detection techniques. Rising investments in data analytics is shaping the insurance fraud detection market in a better way, thereby increasing its demand worldwide.
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The insurance fraud detection market is segmented based on component, deployment mode, application, end-use vertical and geography. Based on component, solution segment led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. The segment further comprises of solutions that include fraud analytics, authentication, governance, risk and compliance, etc. The solution and service providers in the insurance fraud detection industry help insurance organizations to tackle the security threats and challenges that come across due to the increased espousal of digital technologies such as BYOD and IoT in their organizations for enhancing the customer experience. In addition, based on deployment mode, the on-premise deployment mode held largest market share in 2018. Furthermore, based on geography, the insurance fraud detection market was dominated by North America in 2018. The region is expected to continue with its reign during the forecast period from 2019 to 2027. In North America, U.S. dominates the insurance fraud detection market. Growing incidences of insurance frauds in the country are facilitating market growth.
Competitive Insights:
Major players in the insurance fraud detection market include ACI Worldwide, Inc., BAE Systems, BRIDGEi2i Analytics, Experian Information Solutions, Inc., Fair Isaac Corporation (FICO), Fiserv, Inc., FRISS, International Business Machines Corporation, iovation Inc., Kount Inc., LexisNexis, Perceptiviti Data Solutions Pvt. Ltd., SAP SE, SAS Institute Inc., Simility, and Software AG among others. The major players are focusing on taking up strategies such as partnerships, product innovation, etc. to endure and stand out in the competitive market environment.
Report Scope by Segments
By Component Segment (2017-2027; US$ Bn)
Solution
Fraud Analytics
Authentication
Governance, Risk and Compliance
Others
Services
By Deployment Mode Segment (2017 – 2027; US$ Bn)
Cloud
On-premise
By Application Segment (2017 – 2027; US$ Bn)
Claims Fraud
Identity Theft
Payment Fraud and Billing Fraud
Money Laundering
By End-use Vertical Segment (2017 – 2027; US$ Bn)
Automotive
Banking, Financial Services & Insurance (BFSI)
Healthcare
IT & Telecom
Energy & Utilities
Retail
Property & Real Estate
Others (Manufacturing, etc.)
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ToC:
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Insurance Fraud Detection Market
2.2. Global Insurance Fraud Detection Market, by Component, 2018 (US$ Bn)
2.3. Global Insurance Fraud Detection Market, by Deployment Mode, 2018 (US$ Bn)
2.4. Global Insurance Fraud Detection Market, by Application, 2018 (US$ Bn)
2.5. Global Insurance Fraud Detection Market, by End-use Vertical, 2018 (US$ Bn)
2.6. Global Insurance Fraud Detection Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global Insurance Fraud Detection Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Insurance Fraud Detection Market, by Component , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Solution
4.2.1. Fraud Analytics
4.2.2. Authentication
4.2.3. Governance, Risk and Compliance
4.2.4. Others
4.3. Services
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12. Company Profiles
12.1. ACI Worldwide, Inc.
12.2. BAE Systems
12.3. BRIDGEi2i Analytics
12.4. Experian Information Solutions, Inc.
12.5. Fair Isaac Corporation (FICO)
12.6. Fiserv, Inc.
12.7. FRISS
12.8. International Business Machines Corporation
12.9. iovation Inc.
12.10. Kount Inc.
12.11. LexisNexis
12.12. Perceptiviti Data Solutions Pvt. Ltd.
12.13. SAP SE
12.14. SAS Institute Inc.
12.15. Simility
............toc continued
Browse the full report at https://www.credenceresearch.com/report/insurance-fraud-detection-market
Key questions answered in this report
What was the market size of insurance fraud detection market in 2018 and forecast up to 2027?
What are the key factors driving the global insurance fraud detection market?
What are the key market trends and high-growth opportunities observed in the insurance fraud detection market?
What are the drivers of the insurance fraud detection market?
Which is the largest regional market for insurance fraud detection market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the insurance fraud detection market?
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Source: MarketersMedia
Release ID: 88910542
