According to a new market report published by Credence Research, Inc., “Global Insurance Fraud Detection Market (By Component (Solution and Services), By Deployment Mode (Cloud and On-premise), By Application (Claims Fraud, Identity Theft, Payment Fraud and Billing Fraud, and Money Laundering), By End-use Vertical (Automotive, Banking, Financial Services & Insurance (BFSI), Healthcare, IT & Telecom, Energy & Utilities, Retail, Property & Real Estate, and Others)) – 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.
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.
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 the market growth.
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.
Our Blog: Home – Target Market Size