Market Overview:
The global insurance fraud detection market is expected to exhibit a CAGR of
25.16% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Insurance fraud detection refers to the identification and prevention of fraudulent activities related to money or property insurance. It involves the use of various software-based solutions to analyze historic patterns and incidents to predict future occurrences. The software performs statistical analysis using artificial intelligence (AI), machine learning and traditional rule-based fraud analytics models. Insurance fraud detection is commonly used by organizations for fraud analytics, authentication, governance, risk and compliance to safeguard databases and identify anomalies and vulnerabilities. The software also detects suspicious activity by an insurance provider, agent, adjuster or consumer for unlawful gains during buying, selling or underwriting of insurance. As a result, it finds extensive applications across various industries, including banking, financial services and insurance (BFSI), automotive, healthcare and retail.
Insurance Fraud Detection Market Trends:
The increasing occurrence of insurance frauds across industries is one of the key factors driving the growth of the market. Insurance fraud detection systems are widely used to identify any cover-up of the evidence, misinterpretation of the incident or inflating the severity of the loss caused. Moreover, the rising incidence of inaccurate claims, fake medical records, postdated laws, abductions, deaths and other customer frauds is also providing a thrust to the market growth. In line with this, organizations are widely using artificial intelligence (AI) and the Internet of Things (IoT)-enabled fraud detection solutions for running automated business rules, self-learning models, text mining, image screening, network analysis, predictive analytics and device identification, which is also contributing to the growth of the market. These systems can aid in prompt estimation and delivery of actionable insights to advance claims processes. Other factors, including rapid digitization of the insurance sector, along with significant improvements in the cyber security infrastructure, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance fraud detection market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment model, organization size, application and end user.
Breakup by Component:
Breakup by Deployment Model:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Claims Fraud
- Identity Theft
- Payment and Billing Fraud
- Money Laundering
Breakup by End User:
- Insurance Companies
- Agents and Brokers
- Insurance Intermediaries
- Others
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ACI Worldwide Inc, BAE Systems plc, Equifax Inc., Experian plc, Fair Isaac Corporation, Fiserv Inc., FRISS, International Business Machines Corporation, Lexisnexis Risk Solutions Inc. (RELX Group plc), SAP SE, SAS Institute Inc. and Software AG.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Component, Deployment Model, Organization Size, Application, End User, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
ACI Worldwide Inc, BAE Systems plc, Equifax Inc., Experian plc, Fair Isaac Corporation, Fiserv Inc., FRISS, International Business Machines Corporation, Lexisnexis Risk Solutions Inc. (RELX Group plc), SAP SE, SAS Institute Inc. and Software AG |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global insurance fraud detection market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global insurance fraud detection market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment model?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global insurance fraud detection market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Insurance Fraud Detection Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Solution
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Deployment Model
7.1 Cloud-based
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 On-premises
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Organization Size
8.1 Small and Medium-sized Enterprises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Large Enterprises
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Application
9.1 Claims Fraud
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Identity Theft
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Payment and Billing Fraud
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Money Laundering
9.4.1 Market Trends
9.4.2 Market Forecast
10 Market Breakup by End User
10.1 Insurance Companies
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Agents and Brokers
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Insurance Intermediaries
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Others
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia-Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 ACI Worldwide Inc
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 Financials
16.3.1.4 SWOT Analysis
16.3.2 BAE Systems plc
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Financials
16.3.2.4 SWOT Analysis
16.3.3 Equifax Inc.
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Financials
16.3.3.4 SWOT Analysis
16.3.4 Experian plc
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Financials
16.3.5 Fair Isaac Corporation
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 Fiserv Inc.
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 FRISS
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.8 International Business Machines Corporation
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.8.3 Financials
16.3.8.4 SWOT Analysis
16.3.9 Lexisnexis Risk Solutions Inc. (RELX Group plc)
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.10 SAP SE
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.10.4 SWOT Analysis
16.3.11 SAS Institute Inc.
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.11.3 SWOT Analysis
16.3.12 Software AG
16.3.12.1 Company Overview
16.3.12.2 Product Portfolio
16.3.12.3 Financials
List of Figures
Figure 1: Global: Insurance Fraud Detection Market: Major Drivers and Challenges
Figure 2: Global: Insurance Fraud Detection Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Insurance Fraud Detection Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Insurance Fraud Detection Market: Breakup by Component (in %), 2021
Figure 5: Global: Insurance Fraud Detection Market: Breakup by Deployment Model (in %), 2021
Figure 6: Global: Insurance Fraud Detection Market: Breakup by Organization Size (in %), 2021
Figure 7: Global: Insurance Fraud Detection Market: Breakup by Application (in %), 2021
Figure 8: Global: Insurance Fraud Detection Market: Breakup by End User (in %), 2021
Figure 9: Global: Insurance Fraud Detection Market: Breakup by Region (in %), 2021
Figure 10: Global: Insurance Fraud Detection (Solution) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Insurance Fraud Detection (Solution) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Insurance Fraud Detection (Services) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Insurance Fraud Detection (Services) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Insurance Fraud Detection (Cloud-based) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Insurance Fraud Detection (Cloud-based) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Insurance Fraud Detection (On-premises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Insurance Fraud Detection (On-premises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Insurance Fraud Detection (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Insurance Fraud Detection (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Insurance Fraud Detection (Large Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Insurance Fraud Detection (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Insurance Fraud Detection (Claims Fraud) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Insurance Fraud Detection (Claims Fraud) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Insurance Fraud Detection (Identity Theft) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Insurance Fraud Detection (Identity Theft) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Insurance Fraud Detection (Payment and Billing Fraud) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Insurance Fraud Detection (Payment and Billing Fraud) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Insurance Fraud Detection (Money Laundering) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Insurance Fraud Detection (Money Laundering) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Insurance Fraud Detection (Insurance Companies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Insurance Fraud Detection (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Insurance Fraud Detection (Agents and Brokers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Insurance Fraud Detection (Agents and Brokers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Insurance Fraud Detection (Insurance Intermediaries) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Insurance Fraud Detection (Insurance Intermediaries) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Insurance Fraud Detection (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Insurance Fraud Detection (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: North America: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: North America: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: United States: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: United States: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Canada: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Canada: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Asia-Pacific: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Asia-Pacific: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: China: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: China: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Japan: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Japan: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: India: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: India: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: South Korea: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: South Korea: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Australia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Australia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Indonesia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Indonesia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Europe: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Europe: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Germany: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Germany: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: France: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: France: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: United Kingdom: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: United Kingdom: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Italy: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Italy: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Spain: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Spain: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Russia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Russia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Latin America: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Latin America: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Brazil: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Brazil: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Mexico: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Mexico: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Middle East and Africa: Insurance Fraud Detection Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Middle East and Africa: Insurance Fraud Detection Market: Breakup by Country (in %), 2021
Figure 86: Middle East and Africa: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 87: Global: Insurance Fraud Detection Industry: SWOT Analysis
Figure 88: Global: Insurance Fraud Detection Industry: Value Chain Analysis
Figure 89: Global: Insurance Fraud Detection Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Insurance Fraud Detection Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Insurance Fraud Detection Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 3: Global: Insurance Fraud Detection Market Forecast: Breakup by Deployment Model (in Million US$), 2022-2027
Table 4: Global: Insurance Fraud Detection Market Forecast: Breakup by Organization Size (in Million US$), 2022-2027
Table 5: Global: Insurance Fraud Detection Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Insurance Fraud Detection Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 7: Global: Insurance Fraud Detection Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Insurance Fraud Detection Market: Competitive Structure
Table 9: Global: Insurance Fraud Detection Market: Key Players