According to a research report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" published by MarketsandMarkets, The global insurance fraud detection market is 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. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.
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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.
The APAC market is gaining traction, as the number of smart
devices and BYOD trend are increasing in the developed and developing nations
in APAC. The SMEs, as well as large enterprises in APAC, are becoming
increasingly aware of the rising instances claims fraud, identity thefts,
payment frauds, and have now started adopting insurance fraud detection
solutions and services to combat them.
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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