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Insurance Fraud Detection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global insurance fraud detection market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during 2021-2026. 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 on different end use industries. 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, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, deployment model, organization size, application and end user.

Breakup by Component:

  • Solution
  • Services
     

Breakup by Deployment Model:

  • Cloud-based
  • On-premises
     

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
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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 2020
    Historical Period 2015-2020
Forecast Period 2021-2026
Units US$ Million
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$ 2299
Five User License: US$ 3399
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$), 2015-2020
Figure 3: Global: Insurance Fraud Detection Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 4: Global: Insurance Fraud Detection Market: Breakup by Component (in %), 2020
Figure 5: Global: Insurance Fraud Detection Market: Breakup by Deployment Model (in %), 2020
Figure 6: Global: Insurance Fraud Detection Market: Breakup by Organization Size (in %), 2020
Figure 7: Global: Insurance Fraud Detection Market: Breakup by Application (in %), 2020
Figure 8: Global: Insurance Fraud Detection Market: Breakup by End User (in %), 2020
Figure 9: Global: Insurance Fraud Detection Market: Breakup by Region (in %), 2020
Figure 10: Global: Insurance Fraud Detection (Solution) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Insurance Fraud Detection (Solution) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Insurance Fraud Detection (Services) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Insurance Fraud Detection (Services) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Insurance Fraud Detection (Cloud-based) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Insurance Fraud Detection (Cloud-based) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Insurance Fraud Detection (On-premises) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Insurance Fraud Detection (On-premises) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Insurance Fraud Detection (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Insurance Fraud Detection (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Insurance Fraud Detection (Large Enterprises) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Insurance Fraud Detection (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Insurance Fraud Detection (Claims Fraud) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Insurance Fraud Detection (Claims Fraud) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Insurance Fraud Detection (Identity Theft) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Insurance Fraud Detection (Identity Theft) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Insurance Fraud Detection (Payment and Billing Fraud) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Insurance Fraud Detection (Payment and Billing Fraud) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Insurance Fraud Detection (Money Laundering) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Insurance Fraud Detection (Money Laundering) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Insurance Fraud Detection (Insurance Companies) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Insurance Fraud Detection (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Insurance Fraud Detection (Agents and Brokers) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Insurance Fraud Detection (Agents and Brokers) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Insurance Fraud Detection (Insurance Intermediaries) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Insurance Fraud Detection (Insurance Intermediaries) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Insurance Fraud Detection (Other End Users) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Insurance Fraud Detection (Other End Users) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: North America: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: North America: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: United States: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: United States: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Canada: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Canada: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Asia-Pacific: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Asia-Pacific: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: China: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: China: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: Japan: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: Japan: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 50: India: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 51: India: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 52: South Korea: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 53: South Korea: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 54: Australia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 55: Australia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 56: Indonesia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: Indonesia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Europe: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Europe: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: Germany: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 63: Germany: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 64: France: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 65: France: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 66: United Kingdom: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 67: United Kingdom: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 68: Italy: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 69: Italy: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 70: Spain: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 71: Spain: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 72: Russia: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 73: Russia: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 74: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 75: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 76: Latin America: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 77: Latin America: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 78: Brazil: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 79: Brazil: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 80: Mexico: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 81: Mexico: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 82: Others: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 83: Others: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 84: Middle East and Africa: Insurance Fraud Detection Market: Sales Value (in Million US$), 2015 & 2020
Figure 85: Middle East and Africa: Insurance Fraud Detection Market: Breakup by Country (in %), 2020
Figure 86: Middle East and Africa: Insurance Fraud Detection Market Forecast: Sales Value (in Million US$), 2021-2026
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, 2020 and 2026
Table 2: Global: Insurance Fraud Detection Market Forecast: Breakup by Component (in Million US$), 2021-2026
Table 3: Global: Insurance Fraud Detection Market Forecast: Breakup by Deployment Model (in Million US$), 2021-2026
Table 4: Global: Insurance Fraud Detection Market Forecast: Breakup by Organization Size (in Million US$), 2021-2026
Table 5: Global: Insurance Fraud Detection Market Forecast: Breakup by Application (in Million US$), 2021-2026
Table 6: Global: Insurance Fraud Detection Market Forecast: Breakup by End User (in Million US$), 2021-2026
Table 7: Global: Insurance Fraud Detection Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 8: Global: Insurance Fraud Detection Market: Competitive Structure
Table 9: Global: Insurance Fraud Detection Market: Key Players

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