Press release
Steady Expansion Forecast for Insurance Fraud Detection Market, Projected to Reach $22.14 Billion by 2029
Insurance Fraud Detection Market
Insurance Fraud Detection Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The sector of detecting insurance fraud has seen an intense expansion recently. It is projected to escalate from a value of $7.5 billion in 2024, reaching $9.05 billion in 2025, indicating a compound annual growth rate (CAGR) of 20.5%. The phenomenal growth witnessed in the past span can be credited to the increase in incidents of insurance fraud, intricate fraud structures, legal compliance needs, customer's desire for safety, and the global expansion of insurance markets.
Insurance Fraud Detection Market Size Forecast: What's the Projected Valuation by 2029?
The market size of insurance fraud detection is predicted to witness significant expansion in the upcoming years, expanding to $22.14 billion by 2029 at a compound annual growth rate (CAGR) of 25.1%. This predicted growth during the forecast period is largely due to global data sharing platforms, heightened regulatory focus on fraud prevention, measures to identify insider threats, improved identification verification, and ramped up cybersecurity measures. Some of the key trends that we expect to see during this forecast period include the emergence of advanced analytics and machine learning, partnerships with insurtech companies, an emphasis on real-time fraud prevention, a focus on digital identity verification, the utilization of geospatial data for risk evaluation, and strict adherence to regulatory compliance and reporting.
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What Are the Drivers Transforming the Insurance Fraud Detection Market?
The surge in cyberattacks is anticipated to fuel the expansion of the insurance fraud detection market. A cyberattack, a potentially hazardous and deliberate act by an individual or an organization in a bid to infiltrate another party's data, poses a significant threat. Insurance companies are particularly appealing targets for these attacks, given their access to vast quantities of personal policyholder data. Compared to other sectors that primarily retain sensitive financial information, insurers commonly amass substantial volumes of confidential personal information. The Anti-Phishing Working Group, a US organization, noted in June 2022 that it had documented a total of 1,025,968 phishing attacks in the first quarter of 2022. This marked a 15% increase from the fourth quarter of 2021, which had 888,585 reported attacks. Consequently, this rise in cyberattacks is a key driving force behind the growth of the insurance fraud detection market.
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What Long-Term Trends Will Define the Future of the Insurance Fraud Detection Market?
The emergence of advanced technology is a prevalent trend in the insurance fraud detection market. Numerous companies are introducing innovative solutions with enhanced technologies to better monitor and identify fraudulent insurance claims for their consumers. For example, in June 2024, Clara Analytics Inc., an American software firm, debuted CLARA Fraud. CLARA is a fraud detection instrument that uses AI and comprehensive data on workers' compensation to amplify the detection of dubious claims. It offers alerts and evidence-based reasons for SIU referrals, enabling claim experts to probe into potential fraud with lesser chances of false positives, thereby revealing fraudulent actions across millions of claims.
Which Segments in the Insurance Fraud Detection Market Offer the Most Profit Potential?
The insurance fraud detectionmarket 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 Firms Dominate the Insurance Fraud Detection Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential 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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