Press release
Escalating Cyberattacks Fuel Growth In The Insurance Fraud Detection Market: A Key Driver Powering Insurance Fraud Detection Market Growth In 2025
Insurance Fraud Detection Market Share
What Is the Current Insurance Fraud Detection Market Size and Its Estimated Growth Rate?
In recent times, there's been a significant growth in the size of the insurance fraud detection market. Expansion from $7.5 billion in 2024 to an expected $9.13 billion in 2025 is anticipated, indicating a compound annual growth rate (CAGR) of 21.6%. Factors like increasing insurance fraud incidents, complexities in fraud schemes, regulatory compliance necessities, a higher demand for security among customers, and the worldwide expansion of insurance markets have all played key roles in the market's growth during the historic period.
The market size of insurance fraud detection is projected to witness exponential expansion in the forthcoming years, culminating in a growth to $22.92 billion in 2029, at a compound annual growth rate (CAGR) of 25.9%. This growth during the predicted period is credited to worldwide data sharing platforms, regulatory focus on fraud prevention, detection of insider threats, improved identity verification, and strengthened cybersecurity measures. Prominent trends for the forecast period encompass the rise of advanced analytics and machine learning, cooperation with insurtech companies, emphasis on real-time fraud prevention, focus on digital identity verification, application of geospatial data for risk evaluation, regulatory compliance, and reporting.
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How Are Emerging Segments Shaping the Insurance Fraud Detection Market Landscape?
The insurance fraud detection market covered in this report is segmented -
1) By Component: Solution, Services
2) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Deployment Type: On-Premises, Cloud
4) By Application: Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering
5) By End User: Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users
Subsegments:
1) By Solution: Fraud Analytics, Authentication Solutions, Governance, Risk, and Compliance (GRC) Solutions, Identity Verification Solutions, Predictive Analytics
2) By Services: Managed Services, Professional Services, Consulting Services, Training and Support Services, System Integration Services
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Which Growth Factors Are Influencing Insurance Fraud Detection Market Expansion?
The insurance fraud detection market is poised for growth, largely driven by the rise in cyberattacks. These deliberate attacks, initiated by individuals or entities, aim to breach the data security of other individuals or organizations. Insurance firms make prime targets for such cyber penetrations because of their extensive access to personal data of policyholders. Unlike other sectors mainly dealing with sensitive financial details, insurance companies also collate abundant confidential personal data. For instance, the Anti-Phishing Working Group, a US organization, reported a total of 1,025,968 phishing attacks in Q1 2022 representing a 15% increase from the 888,585 cyberattacks recorded in 2021's fourth quarter. This increase in cyber threats is accelerating growth within the insurance fraud detection market.
Who Are the Dominant Players Across Different Insurance Fraud Detection Market Segments?
Major companies operating in the insurance fraud detection market include ACI Worldwide Inc., BAE Systems PLC, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS Inc., International Business Machines Corporation, iovation Inc., Kount Inc., Relx Group, Oracle Corp., SAP SE, SAS Institute Inc., Scorto Inc., TransUnion LLC, Wipro Ltd., accenture* plc, Equifax Inc., Perceptiviti Inc,, Shift Technology S. A., Verisk Analytics, Inc., Mody Data Solution Pvt. Ltd., Pixalate, Inc., Skopenow Inc., Sigma Insights Inc., Fraud Guard LLC
What Are the Latest Developing Trends in the Insurance Fraud Detection Market?
The insurance fraud detection market is increasingly embracing technological innovation, a trend that is gaining significant traction. Numerous companies are introducing novel solutions powered by advanced technologies to enhance the tracking and detection of fraudulent insurance claims for their clients. Taking an example from June 2024, Clara Analytics Inc., a software company based in the U.S., rolled out CLARA Fraud. This fraud detection tool uses artificial intelligence and vast datasets of workers' compensation to increase transparency in dubious claims. It provides alerts along with data-supported justifications for Special Investigation Unit (SIU) referrals, thereby enabling claims professionals to probe potential fraud with greater precision and fewer false positives. This also aids in identifying fraudulent operations within millions of claims.
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Which Geographic Regions Are Expected to Dominate the Insurance Fraud Detection Market in the Coming Years?
North America was the largest region in the insurance fraud detection market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance Fraud Detection Market?
2. What is the CAGR expected in the Insurance Fraud Detection Market?
3. What Are the Key Innovations Transforming the Insurance Fraud Detection Industry?
4. Which Region Is Leading the Insurance Fraud Detection Market?
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