2024 Insurance Fraud Detection Market Size Estimation | Industry Share, Business Analysis | Growth Opportunities

According to a research report "Insurance Fraud Detection Market analyze the micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market and provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The major factors driving the growth of the market are the need to manage huge volumes of identities by organizations effectively; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period.

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The fraud analytics segment to constitute the largest market size during the forecast period

Fraud analytics is a discipline which involves a set of analytical techniques that analyze enterprises’ systems and database to identify the vulnerabilities where fraud can happen. These solutions monitor and analyze data from several data sources; detect anomalies and suspicious & unusual behavior across all channels; and provide a control mechanism to prevent fraudulent practices, in real-time. Fraud analytics is the core of all insurance fraud detection solutions. Many vendors offer traditional rule-based fraud analytics models, whereas some prefer Artificial Intelligence and Machine Learning based techniques. Fraud analytics solutions proactively detect frauds and also help meet compliance needs.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period

The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidences of insurance frauds and cyber attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally. Robust and comprehensive security solutions are not implemented in SMEs due to financial constraints. However, the large enterprise segment is estimated to hold a higher market share in 2019.

Insurance fraud detection solutions and services have been deployed over on-premises and cloud environment. Cloud deployment is expected to grow at the highest CAGR during the forecast period, while the on-premises deployment mode is estimated to hold the largest Insurance Fraud Detection Market size in 2019.

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North America to account for the largest market size during the forecast period

The global insurance fraud detection market has been segmented based on regions into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America, followed by Europe, is estimated to become the largest revenue-generating region for insurance fraud detection solution and service vendors in 2019. Trends such as the Internet of Things (IoT), cloud adoption, and Bring Your Own Device (BYOD); and growing internal & external threats are some of the key factors expected to fuel the growth of the market in North America.

Key Insurance Fraud Detection Market Players

Major vendors that offer insurance fraud detection services across the globe are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and acquisitions, to expand their offerings in the market.

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