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Global Insurance Fraud Detection Market Report and Forecast 2021-2026

  • ID: 5438487
  • Report
  • August 2021
  • Region: Global
  • 261 pages
  • Expert Market Research

FEATURED COMPANIES

  • ACI Worldwide
  • BAE Systems
  • Experian
  • FICO
  • Fiserv
  • Friss
  • MORE
According to this latest report, ‘Global Insurance Fraud Detection Market Report and Forecast 2021-2026’, the global insurance fraud detection market attained a value of approximately USD 2710 million in 2020. Aided by rising adoption of fraud detection services in small and medium enterprises, the market is projected to grow at a CAGR of 25.6% between 2021-2026 further to reach USD 10749 million by 2026.

Insurance fraud detection refers to services and systems which are deployed to track and analyse data to identify irregularities and provide real-time monitoring for fraud prevention. Different types of frauds can include identity theft, billing and payment frauds, cyber-attacks, and false claims. Fraud detection solutions like fraud analytics, authentication, and governance, risk, and compliance are employed for effective management of fraudulent activities. Fraud detection systems are crucial to safeguard the interests of both, insurer and insured across various sectors including the healthcare, automobile, and infrastructural.

The market growth of insurance fraud detection can be attributed to integration of technological advancements in detection services including Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT). With the outburst of coronavirus pandemic, and the subsequent digitisation of operations, rising cases of cyber-attacks and identity thefts are impelling the market growth of fraud detection services. With rising prevalence of e-commerce retail channels and mobile banking applications increasing adoption of authentication solutions like biometric solutions, and face and voice recognition systems are fuelling the growth of the industry. In addition, the healthcare sector witnessed an invigorated rise in the number of suspicious claims globally, and hence insurance companies are making robust investments in fraud detection services, which is augmenting the market growth. Furthermore, with availability of cost-friendly, effective, and advanced fraud detection services, small and medium enterprises are increasingly deploying fraud analytics in their working systems to protect the business from potential risks of frauds, hence, adding to market growth.

Market Segmentation


The market report analyses the market based on technologies, organisation, deployment, applications, and major regions.

Global Insurance Fraud Detection Market Breakup by Technology
  • Solutions
  • Fraud Analytics
  • Authentication
  • Governance, Risk, and Compliance
  • Others
  • Services
  • Professional Services
  • Consulting Services
  • Training and Education
  • Support and Maintenance
  • Managed Services

Market Division by Organisation

  • Small and Medium Enterprises
  • Large Enterprises

Market Division by Deployment

  • Cloud
  • On-Premises

Market Division by Applications

  • Claims Fraud
  • Identity Theft
  • Payment Fraud and Billing Fraud
  • Money Laundering

Market Division by Major Regions

  • North America
  • Latin America
  • Europe
  • The Asia Pacific
  • The Middle East and Africa

Competitive Landscape


The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments of the key players in the industry.

Some of the major players in the market explored in the report are:

  • FICO (NYSE: FICO)
  • IBM
  • BAE Systems
  • SAS Institute
  • Experian
  • Lexisnexis
  • Iovation
  • Friss
  • SAP
  • Fiserv
  • ACI Worldwide
  • Others
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ACI Worldwide
  • BAE Systems
  • Experian
  • FICO
  • Fiserv
  • Friss
  • MORE
1 Preface
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report

2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.4 Assumptions
2.5 Market Models

3 Introduction
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights

4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth

5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities

6 Global Insurance Fraud Detection Market Analysis
6.1 Global Insurance Fraud Detection Historical Market (2016-2020) & Forecast (2021-2026)
6.2 Global Insurance Fraud Detection Market Breakup by Technology
6.2.1 Solutions
6.2.2 Services
6.3 Global Insurance Fraud Detection Market Breakup by Technology: Historical Market (2016-2020) & Forecast (2021-2026)
6.3.1 Solutions
6.3.2 Services
6.4 Global Insurance Fraud Detection Market Breakup by Organization
6.4.1 Small and Medium-Sized Enterprises
6.4.2 Large Enterprises
6.5 Global Insurance Fraud Detection Market Breakup by Organization: Historical Market (2016-2020) & Forecast (2021-2026)
6.5.1 Small and Medium-Sized Enterprises
6.5.2 Large Enterprises
6.6 Global Insurance Fraud Detection Market Breakup by Deployment
6.6.1 Cloud
6.6.2 On-Premises
6.7 Global Insurance Fraud Detection Market Breakup by Deployment: Historical Market (2016-2020) & Forecast (2021-2026)
6.7.1 Cloud
6.7.2 On-Premises
6.8 Global Insurance Fraud Detection Market Breakup by Service
6.8.1 Professional Services
6.8.1.1 Consulting Services
6.8.1.2 Training and Education
6.8.1.3 Support and Maintenance
6.8.2 Managed Services
6.9 Global Insurance Fraud Detection Market Breakup by Service: Historical Market (2016-2020) & Forecast (2021-2026)
6.9.1 Professional Services
6.9.1.1 Consulting Services
6.9.1.2 Training and Education
6.9.1.3 Support and Maintenance
6.9.2 Managed Services
6.10 Global Insurance Fraud Detection Market Breakup by Solution
6.10.1 Fraud Analytics
6.10.2 Authentication
6.10.3 Governance, Risk, and Compliance
6.10.4 Others
6.11 Global Insurance Fraud Detection Market Breakup by Solution: Historical Market (2016-2020) & Forecast (2021-2026)
6.11.1 Fraud Analytics
6.11.2 Authentication
6.11.3 Governance, Risk, and Compliance
6.11.4 Others
6.12 Global Insurance Fraud Detection Market Breakup by Application
6.12.1 Claims Fraud
6.12.2 Identity Theft
6.12.3 Payment Fraud and Billing Fraud
6.12.4 Money Laundering
6.13 Global Insurance Fraud Detection Market Breakup by Application: Historical Market (2016-2020) & Forecast (2021-2026)
6.13.1 Claims Fraud
6.13.2 Identity Theft
6.13.3 Payment Fraud and Billing Fraud
6.13.4 Money Laundering
6.14 Global Insurance Fraud Detection Market Breakup by Region
6.14.1 North America
6.14.1.1 United States of America
6.14.1.2 Canada
6.14.2 Europe
6.14.2.1 Germany
6.14.2.2 United Kingdom
6.14.2.3 France
6.14.2.4 Italy
6.14.2.5 Others
6.14.3 Asia Pacific
6.14.3.1 China
6.14.3.2 Japan
6.14.3.3 India
6.14.3.4 ASEAN
6.14.3.5 Others
6.14.4 Latin America
6.14.4.1 Brazil
6.14.4.2 Argentina
6.14.4.3 Mexico
6.14.4.4 Others
6.14.5 Middle East & Africa
6.14.5.1 Saudi Arabia
6.14.5.2 United Arab Emirates
6.14.5.3 Nigeria
6.14.5.4 South Africa
6.14.5.5 Others
6.15 Global Insurance Fraud Detection Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
6.15.1 North America
6.15.1.1 United States of America
6.15.1.2 Canada
6.15.2 Europe
6.15.2.1 Germany
6.15.2.2 United Kingdom
6.15.2.3 France
6.15.2.4 Italy
6.15.2.5 Others
6.15.3 Asia Pacific
6.15.3.1 China
6.15.3.2 Japan
6.15.3.3 India
6.15.3.4 ASEAN
6.15.3.5 Others
6.15.4 Latin America
6.15.4.1 Brazil
6.15.4.2 Argentina
6.15.4.3 Mexico
6.15.4.4 Others
6.15.5 Middle East & Africa
6.15.5.1 Saudi Arabia
6.15.5.2 United Arab Emirates
6.15.5.3 Nigeria
6.15.5.4 South Africa
6.15.5.5 Others

7 SWOT Analysis
7.1 Overview
7.2 Strengths
7.3 Weaknesses
7.4 Opportunities
7.5 Threats

8 Porter’s Five Forces Analysis
8.1 Overview
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
8.6 Substitutes

9 EMR’s Key Indicators for Demand

10 EMR’s Key Indicators for Price

11 Competitive Landscape & Supplier Analysis
11.1 FICO [FICO (NYSE)]
11.1.1 Company Overview
11.1.2 Financial Analysis
11.2 IBM [IBM (NYSE)]
11.2.1 Company Overview
11.2.2 Financial Analysis
11.3 BAE Systems [BA (LON)]
11.3.1 Company Overview
11.3.2 Financial Analysis
11.4 SAS Institute
11.4.1 Company Overview
11.4.2 Financial Analysis
11.5 Experian [ EXPN (LON)]
11.5.1 Company Overview
11.5.2 Financial Analysis
11.6 Lexisnexis
11.6.1 Company Overview
11.6.2 Financial Analysis
11.7 Iovation
11.7.1 Company Overview
11.7.2 Financial Analysis
11.8 Friss
11.8.1 Company Overview
11.8.2 Financial Analysis
11.9 SAP
11.9.1 Company Overview
11.9.2 Financial Analysis
11.10 Fiserv [FISV (NASDAQ)]
11.10.1 Company Overview
11.10.2 Financial Analysis
11.11 ACI Worldwide [ACIW (NASDAQ)]
11.11.1 Company Overview
11.11.2 Financial Analysis
11.12 Others

12 Industry Events and Development
Note: Product cover images may vary from those shown
  • FICO
  • IBM
  • BAE Systems
  • SAS Institute
  • Experian
  • Lexisnexis
  • Iovation
  • Friss
  • SAP
  • Fiserv
  • ACI Worldwide
Note: Product cover images may vary from those shown

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