Insurance Fraud Detection Software Market

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.

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. 

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.

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.

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. 

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. 

• 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

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.