According to the latest report by IMARC Group, titled, “Insurance Fraud Detection Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028″, global insurance fraud detection market is expected to exhibit a growth rate (CAGR) of 24.8% during 2023-2028.
Insurance fraud detection refers to various software-based solutionsused to identify, detect, investigate, and mitigate fraudulent activities related to property and insurance. It operates by performing statistical interpretation with the support of machine learning (ML), artificial intelligence (AI), and traditional rule-based fraud analytics models. It is primarily used for analyzing identity theft, payment frauds, false claims, and cyber-attacks.
Report Metric
Historical: 2017-2022
Base Year: 2022
Forecast Year: 2023-2028
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Insurance Fraud Detection Market Trends:
The widespread utilization of insurance fraud detection in various industries, such as automotive, retail, hospitality, healthcare, and banking financing services and insurance (BFSI), for authentication and risk compliance,is one of the primary factors driving the market growth.In addition to this, the increasing instances of inaccurate claims, abductions, deaths, and fake medical records havefacilitated the need for effective insurance fraud detection solutions.Apart from this, the integration with the Internet of Things (IoT) and artificial intelligence (AI) for operating, screening, and mining images and business rules is fueling the market growth.
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Insurance Fraud Detection Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis on type, deployment, application and vertical.
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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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