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Insurance Fraud Detection Market Size, Share Analysis, Growth And Global Forecast 2023-2032
Insurance Fraud Detection Market Report
The Business Research Company's Insurance Fraud Detection Global Market Report 2023 identifies the increase in cyberattacks as the major driver for the insurance fraud detection market's growth in the forecast period. A cyberattack is a dangerous and intentional attempt by an individual or organization to gain access to another person's or organization's data. Insurance companies are an excellent target for cyber-attacks since they have access to a large amount of personal policyholder data. Compared to other industries, which hold mainly sensitive financial data, insurers typically also collect a large amount of protected personal sensitive information.
The global insurance fraud detection market size grew from $5.2 billion in 2022 to $6.4 billion in 2023 at a compound annual growth rate (CAGR) of 23.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurance fraud detection market size is expected to grow to $15.07 billion in 2027 at a CAGR of 23.9%.
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Major competitors in the insurance fraud detection market are ACI Worldwide Inc., BAE Systems, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS, IBM Corp., Iovation Inc., Kount Inc., LexisNexis, Oracle Corp., Scorto Inc., TransUnion LLC, Wipro Ltd., CI Worldwide Inc., Equifax Inc., and Perceptiviti.
A key trend in the insurance fraud detection market includes technological advancement. Many companies are offering new solutions with upgraded technologies to improve the monitoring and identification of insurance fraud claims for their customers. For instance, in December 2021, Crawford & Company, a US-based independent claims management company, launched the Crawford Intelligent Fraud Detection solution. This innovative solution combines human expertise with forensic analysis, leveraging DXC Luxoft's Financial Crimes Intelligence platform in collaboration with IBM to improve the detection and management of fraudulent claims. Crawford's significant knowledge and skills are leveraged in this solution, which uses AI to assist customers in detecting and managing insurance fraud.
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The insurance fraud detection market is segmented -
•By Deployment Type: On-Premises, Cloud
•By Component: Solution, Services
•By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
•By Application: Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering
•By End User: Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the insurance fraud detection market.
The Business Research Company's "Global Insurance Fraud Detection Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Insurance Fraud Detection Market Include:
1. Executive Summary
2. Insurance Fraud Detection Market Characteristics
3. Insurance Fraud Detection Market Trends And Strategies
4. Insurance Fraud Detection Market - Macro Economic Scenario
5. Insurance Fraud Detection Market Size And Growth
……
26. Africa Insurance Fraud Detection Market
27. Insurance Fraud Detection Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Insurance Fraud Detection Market
29. Insurance Fraud Detection Market Future Outlook and Potential Analysis
30. Appendix
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