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Insurance Fraud Detection Software Market

Insurance Fraud Detection Software Market

Insurance Fraud Detection Software Market Global Industry Assessment & Forecast

# Pages:

169

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0733

Segments Covered
  • By Component solution, services
  • By Deployment Type On-premises, Cloud
  • By Organization Size Small and Medium-sized Enterprises (SMEs), Large Enterprises
Snapshot
Forecast YearsForecast Years: 2021 - 2028
Historical YearsHistorical Years: 2016 - 2020
Revenue 2021Revenue 2021: 2.5 Billion
Revenue 2028Revenue 2028: 15.68 Billion
Revenue CAGRRevenue CAGR (2021 - 2028): 25.8
Fastest Growing Region Fastest Growing Region (2022 - 2028) North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Insurance Fraud Detection Software market was valued at USD 2.5 Billion in 2020 and is projected to reach USD 15.68 Billion by 2028, growing at a CAGR of 25.8% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 15.68 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 25.8%

Definition and Overview

Detecting and preventing fraud is a global challenge for insurers. Find out how our insurance fraud detection and investigation software uses analytics and machine learning to help you identify claims fraud before claims are paid.


The global Insurance Fraud Detection Software market is segmented based on by Component, Deployment Type, regions, and countries. The regional segmentation provides current and forecast demand across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed on the basis of present and future trends. Rising demand for Insurance Fraud Detection Software  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively. The report provides comprehensive analysis of the market based on drivers, restraints, opportunities, trends, competition, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

Yearly Infographics 2.5 Billion 15.68 Billion

Global Insurance Fraud Detection Software Market: COVID-19 Impact Analysis

The COVID-19 pandemic is affecting industries worldwide and the global economy took hit in 2020 and likely in 2021 as well. The outbreak created disruptions in industries such as semiconductor, consumer electronics, travel, and automotive, among others. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Market Insights

The increasing need to effectively manage huge volumes of identities by organizations, improving operational proficiency and upgrading the client experience are some of the factors that are anticipated to augment the growth of the market over the forecast period.

Decline in economic growth in developed countries as well as slow economic growth which is coupled with the macroeconomic uncertainty in emerging and third world countries in past few years has resulted in increased in number of insurance fraud cases which is further expected to fuel the growth of the market in the years to come.

The insurance institutions lack awareness regarding the fraud detection solutions which is expected to hamper the growth of the market over the forecast period.

Global Insurance Fraud Detection Software Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Component, Deployment Type, Organization Size
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered FICO (NYSE: FICO), IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, Friss, SAP, Fiserv, ACI Worldwide.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Market Segmentation

Component  Analysis: Preview

On the basis of Component, the market is segmented into solution, services. solution  held the leading share in 2020 and is anticipated to grow at a noteworthy CAGR over the forecast timespan. This is due to the increasing adoption of solution in emerging economies in Asia Pacific region.

Deployment Type Analysis: Preview

Based on Deployment Type, the market is segmented into On-premises, Cloud. Cloud accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Global Insurance Fraud Detection Software Market: Component Segment Analysis

    • solution
    • services

Global Insurance Fraud Detection Software Market: Deployment Type Segment Analysis

    • On-premises
    • Cloud

Global Insurance Fraud Detection Software Market: Organization Size Segment Analysis

    • Small and Medium-sized Enterprises (SMEs)
    • Large Enterprises

Regional Analysis Preview

On the basis of region, the global Insurance Fraud Detection Software market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held the largest share of the global Insurance Fraud Detection Software market in 2020. Some of the major countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is one of the most profitable countries for companies operating in the market. 

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Insurance Fraud Detection Software Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The market comprises of various small, medium, and large sized players spread across all the regions. Some of the key companies operating in the global Insurance Fraud Detection Software market are FICO (NYSE: FICO), IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, Friss, SAP, Fiserv, ACI Worldwide.. The report provides company market share analysis which gives a comprehensive overview of the key competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

FAQ
Frequently Asked Question
  • The global Insurance Fraud Detection Software valued at 2.5 Billion in 2020 and is expected to reach 15.68 Billion in 2028 growing at a CAGR of 25.8%.

  • The prominent players in the market are FICO (NYSE: FICO), IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, Friss, SAP, Fiserv, ACI Worldwide..

  • The market is project to grow at a CAGR of 25.8% between 2021 and 2028.

  • The driving factors of the Insurance Fraud Detection Software include

    • The increasing need to effectively manage huge volumes of identities by organizations, improving operational proficiency and upgrading the client experience are some of the factors that are anticipated to augment the growth of the market over the forecast period.
    • Decline in economic growth in developed countries as well as slow economic growth which is coupled with the macroeconomic uncertainty in emerging and third world countries in past few years has resulted in increased in number of insurance fraud cases which is further expected to fuel the growth of the market in the years to come.

  • North America was the leading regional segment of the Insurance Fraud Detection Software in 2020.