Insurance Fraud Detection Market is estimated to touch USD 22.1 billion in 2029, registering 23.1% CAGR during 2022-2029 | Size, Growth & Forecast

Insurance Fraud Detection Market generated a revenue of USD 4.2 billion in 2021, and forecast to touch USD 22.1 billion in 2029, growing at a significant higher CAGR of 23.1% from 2022-2029.

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The factors driving the growth of Insurance Fraud Detection Market includes rising focus by organizations on enhancing the operational efficiency and improving the customer experience, emerging need to manage huge volumes of identities by enterprises and improvements in the living standards. Nearly 55% of respondents confirmed that their professional activities related to fraud-fighting have increased during the pandemic and 68% organizations are already using digital solutions for investigations, which will accelerate the Insurance Fraud Detection Market size in approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Big Data by major companies, rising penetration of smartphones, tablets and laptops around the world and increasing number of cyber-attacks around the world, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further propelling the Insurance Fraud Detection Market Growth.

However, growth of the Insurance Fraud Detection Market is hindered due to insufficient knowledge about fraud detections systems.

The prominent players operating in the Insurance Fraud Detection Market are Lexisnexis, SAP SE, FRISS, SAS Institute, FICO, BAE Systems plc, Fiserv, Inc., Experian plc, Iovation Inc., and IBM Corporation, among others.

Based on Component, the Solutions segment is predicted to hold the highest market share during the forecast period

Fraud Analytics solution helps in detecting anomalies and suspicious & unusual behavior across all channels and prevents fraudulent practices, are some of the factors pushing growth of the segment.

Based on Organization Size, the Small and Medium-sized Enterprises segment is projected to expand at a remarkable CAGR over the forecast period

Rising incidences of cyber-attacks on small and medium organizations and growing demand for comprehensive security solutions, are propelling segment's growth.

Based on Region, the North American region is anticipated to dominate the market during the forecast period

Increasing penetration of smart devices across United States and Canada, emerging trend of Bring Your-Own Device (BYOD), growing adoption of advanced technologies by major corporations, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Market Segmentation

Segmentation by Component

Solutions
• Services

Segmentation by Deployment Type

On-Premises
• Cloud

Segmentation by Organization Size

Small and Medium-sized Enterprises
• Large Enterprises

Segmentation by Application

Claims Fraud
• Identity Theft
• Payment Fraud and Billing Fraud
• Payment Fraud and Billing Fraud

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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