Press release
Insurance Fraud Detection Market Poised to Hit $22.92 Billion by 2029 with Accelerating Growth Trends
Insurance Fraud Detection Market Size
Insurance Fraud Detection Market Size Growth Forecast: What to Expect by 2025?
There has been a significant expansion in the market size of insurance fraud detection over the past few years. Expected to increase from $7.5 billion in 2024 to $9.13 billion in 2025, the market will experience a compound annual growth rate (CAGR) of 21.6%. The contributory factors for this progression during the past period include rising insurance fraud incidents, complexity of deceit operations, compliance obligations with regulatory bodies, escalated demands for safety from customers, as well as the globalization of insurance markets.
How Will the Insurance Fraud Detection Market Size Evolve and Grow by 2029?
In the upcoming years, the insurance fraud detection market is predicted to experience a significant expansion. The market is estimated to surge to a staggering $22.92 billion by 2029, growing at a compound annual growth rate (CAGR) of 25.9%. Factors contributing to this expansion during the forecast period include the rise of global data sharing platforms, increased focus on fraud prevention regulations, detection of insider threats, improve identity verification methods, and heightened cybersecurity measures. Also, during the same forecast period, key trends such as the emergence of advanced analytics and machine learning, partnerships with insurtech companies, highlighting real-time fraud prevention, digital identity verification initiatives, utilization of geospatial data for assessing risk, regulatory compliance and reporting are expected to be seen.
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What Drivers Are Propelling the Growth of Insurance Fraud Detection Market Forward?
The surge of cyberattacks is anticipated to stimulate the expansion of the insurance fraud detection market. A cyberattack, a harmful and deliberate intrusion by a person or entity to infiltrate another's data, poses a serious threat. Insurance agencies are an attractive target for these cyber offenses due to their possession of extensive personal data from their policyholders. Insurance firms, in contrast to other sectors, usually accumulate a vast amount of confidential personal sensitive data. For example, in June 2022, the Anti-Phishing Working Group, a US-based organization, reported a total of 1,025,968 phishing attacks in the first quarter of this year, indicating a 15% increase from the last quarter of 2021, which had 888,585 recorded attacks. Consequently, the uptick in cyberattacks is fueling the growth of the insurance fraud detection market.
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Which Emerging Trends Are Transforming the Insurance Fraud Detection Market in 2025?
The emergence of technological advancements is a prevalent trend in the insurance fraud detection market. Many corporations are unveiling new services with enhanced technologies to boost the surveillance and identification of fraudulent insurance claims for their clients. For example, in June 2024, Clara Analytics Inc., a software company based in the US, introduced CLARA Fraud. This fraud detection tool uses AI and expansive workers' compensation datasets to increase transparency into doubtful claims. It issues alerts and evidence-based reasons for SIU referrals, enabling claims experts to investigate probable fraud confidently, reducing false positives and discovering dishonest practices among millions of claims.
What Are the Key Segments in the Insurance Fraud Detection Market?
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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Who Are the Key Players Shaping the Insurance Fraud Detection Market's Competitive Landscape?
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., 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 Geographic Markets Are Powering Growth in the Insurance Fraud Detection Market?
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
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