Insurance fraud has grown as a challenging problem for insurance companies. Newer data analytics has led to the development of fraud review and detection tools in policy renewals, underwriting, and periodic checks. IT plays an important role today in combating fraud driven by the growing trend of deploying automated processes. Machine learning and integration of artificial intelligence is revolutionizing the insurance fraud detection market.
MARKET DYNAMICS
The insurance fraud detection market is anticipated to grow in the forecast period on account of rising instances of insurance fraud and the need to effectively combat them. Also, the growing adoption of advanced analytics techniques for managing numerous identities is likely to augment the market growth. However, lack of adoption of these solutions among insurance institutions may hamper the growth of the insurance fraud detection market. On the other hand, artificial intelligence and the internet of things would showcase significant opportunities for market players in the coming years.
MARKET SCOPE
The "Global Insurance Fraud Detection Market Analysis to 2028" is a specialized and in-depth study of the technology, media and telecommunications industry with a special focus on the global market trend analysis. The report aims to provide an overview of insurance fraud detection market with detailed market segmentation by component, enterprise size, deployment mode, application, and geography. The global insurance fraud detection market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading insurance fraud detection market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global insurance fraud detection market is segmented on the basis of component, enterprise size, deployment mode, and application. By component, the market is segmented as solution and services. By solution, the market is further sub-segmented as fraud analytics, authentication, governance, risk, and compliance, and others. On the other hand, the professional services and managed services. Based on enterprise size, the market is segmented as large enterprises and SMEs. On the basis of the deployment mode, the market is segmented as cloud and on-premises. The market on the basis of the application is classified as identity theft, claims fraud, payment and billing fraud, and money laundering.
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REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global insurance fraud detection market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The insurance fraud detection market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting insurance fraud detection market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the insurance fraud detection market in these regions.
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MARKET PLAYERS
The reports cover key developments in the insurance fraud detection market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from insurance fraud detection market are anticipated to lucrative growth opportunities in the future with the rising demand for insurance fraud detection in the global market. Below mentioned is the list of few companies engaged in the insurance fraud detection market.
The report also includes the profiles of key insurance fraud detection companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, key developments in the past five years.
BAE Systems plc
Experian Information Solutions, Inc.
Fair Isaac Corporation (FICO)
Fiserv, Inc.
FRISS
IBM Corporation
iovation Inc. (TransUnion)
LexisNexis (RELX)
SAP SE
SAS Institute Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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TABLE OF CONTENTS
1. INTRODUCTION 1.1. SCOPE OF THE STUDY 1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 1.3. MARKET SEGMENTATION 1.3.1 Insurance Fraud Detection Market - By Component 1.3.2 Insurance Fraud Detection Market - By Enterprise Size 1.3.3 Insurance Fraud Detection Market - By Deployment Mode 1.3.4 Insurance Fraud Detection Market - By Application 1.3.5 Insurance Fraud Detection Market - By Region 1.3.5.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. INSURANCE FRAUD DETECTION MARKET LANDSCAPE 4.1. OVERVIEW 4.2. PEST ANALYSIS 4.2.1 North America - Pest Analysis 4.2.2 Europe - Pest Analysis 4.2.3 Asia-Pacific - Pest Analysis 4.2.4 Middle East and Africa - Pest Analysis 4.2.5 South and Central America - Pest Analysis 4.3. ECOSYSTEM ANALYSIS 4.4. EXPERT OPINIONS
6. INSURANCE FRAUD DETECTION MARKET - GLOBAL MARKET ANALYSIS 6.1. INSURANCE FRAUD DETECTION - GLOBAL MARKET OVERVIEW 6.2. INSURANCE FRAUD DETECTION - GLOBAL MARKET AND FORECAST TO 2028 6.3. MARKET POSITIONING/MARKET SHARE
7. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT 7.1. OVERVIEW 7.2. COMPONENT MARKET FORECASTS AND ANALYSIS 7.3. SOLUTION 7.3.1. Overview 7.3.2. Solution Market Forecast and Analysis 7.3.3. Fraud Analytics Market 7.3.3.1. Overview 7.3.3.2. Fraud Analytics Market Forecast and Analysis 7.3.4. Authentication Market 7.3.4.1. Overview 7.3.4.2. Authentication Market Forecast and Analysis 7.3.5. Governance Risk and Compliance Market 7.3.5.1. Overview 7.3.5.2. Governance Risk and Compliance Market Forecast and Analysis 7.3.6. Others Market 7.3.6.1. Overview 7.3.6.2. Others Market Forecast and Analysis 7.4. SERVICES 7.4.1. Overview 7.4.2. Services Market Forecast and Analysis 7.4.3. Professional Services Market 7.4.3.1. Overview 7.4.3.2. Professional Services Market Forecast and Analysis 7.4.4. Managed Services Market 7.4.4.1. Overview 7.4.4.2. Managed Services Market Forecast and Analysis
8. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE 8.1. OVERVIEW 8.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS 8.3. LARGE ENTERPRISES 8.3.1. Overview 8.3.2. Large Enterprises Market Forecast and Analysis 8.4. SMES 8.4.1. Overview 8.4.2. SMEs Market Forecast and Analysis
9. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT MODE 9.1. OVERVIEW 9.2. DEPLOYMENT MODE MARKET FORECASTS AND ANALYSIS 9.3. CLOUD 9.3.1. Overview 9.3.2. Cloud Market Forecast and Analysis 9.4. ON-PREMISES 9.4.1. Overview 9.4.2. On-premises Market Forecast and Analysis
10. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION 10.1. OVERVIEW 10.2. APPLICATION MARKET FORECASTS AND ANALYSIS 10.3. IDENTITY THEFT 10.3.1. Overview 10.3.2. Identity Theft Market Forecast and Analysis 10.4. CLAIMS FRAUD 10.4.1. Overview 10.4.2. Claims Fraud Market Forecast and Analysis 10.5. PAYMENT AND BILLING FRAUD 10.5.1. Overview 10.5.2. Payment and Billing Fraud Market Forecast and Analysis 10.6. MONEY LAUNDERING 10.6.1. Overview 10.6.2. Money Laundering Market Forecast and Analysis
11. INSURANCE FRAUD DETECTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS 11.1. NORTH AMERICA 11.1.1 North America Insurance Fraud Detection Market Overview 11.1.2 North America Insurance Fraud Detection Market Forecasts and Analysis 11.1.3 North America Insurance Fraud Detection Market Forecasts and Analysis - By Component 11.1.4 North America Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size 11.1.5 North America Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode 11.1.6 North America Insurance Fraud Detection Market Forecasts and Analysis - By Application 11.1.7 North America Insurance Fraud Detection Market Forecasts and Analysis - By Countries 11.1.7.1 United States Insurance Fraud Detection Market 11.1.7.1.1 United States Insurance Fraud Detection Market by Component 11.1.7.1.2 United States Insurance Fraud Detection Market by Enterprise Size 11.1.7.1.3 United States Insurance Fraud Detection Market by Deployment Mode 11.1.7.1.4 United States Insurance Fraud Detection Market by Application 11.1.7.2 Canada Insurance Fraud Detection Market 11.1.7.2.1 Canada Insurance Fraud Detection Market by Component 11.1.7.2.2 Canada Insurance Fraud Detection Market by Enterprise Size 11.1.7.2.3 Canada Insurance Fraud Detection Market by Deployment Mode 11.1.7.2.4 Canada Insurance Fraud Detection Market by Application 11.1.7.3 Mexico Insurance Fraud Detection Market 11.1.7.3.1 Mexico Insurance Fraud Detection Market by Component 11.1.7.3.2 Mexico Insurance Fraud Detection Market by Enterprise Size 11.1.7.3.3 Mexico Insurance Fraud Detection Market by Deployment Mode 11.1.7.3.4 Mexico Insurance Fraud Detection Market by Application 11.2. EUROPE 11.2.1 Europe Insurance Fraud Detection Market Overview 11.2.2 Europe Insurance Fraud Detection Market Forecasts and Analysis 11.2.3 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Component 11.2.4 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size 11.2.5 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode 11.2.6 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Application 11.2.7 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Countries 11.2.7.1 Germany Insurance Fraud Detection Market 11.2.7.1.1 Germany Insurance Fraud Detection Market by Component 11.2.7.1.2 Germany Insurance Fraud Detection Market by Enterprise Size 11.2.7.1.3 Germany Insurance Fraud Detection Market by Deployment Mode 11.2.7.1.4 Germany Insurance Fraud Detection Market by Application 11.2.7.2 France Insurance Fraud Detection Market 11.2.7.2.1 France Insurance Fraud Detection Market by Component 11.2.7.2.2 France Insurance Fraud Detection Market by Enterprise Size 11.2.7.2.3 France Insurance Fraud Detection Market by Deployment Mode 11.2.7.2.4 France Insurance Fraud Detection Market by Application 11.2.7.3 Italy Insurance Fraud Detection Market 11.2.7.3.1 Italy Insurance Fraud Detection Market by Component 11.2.7.3.2 Italy Insurance Fraud Detection Market by Enterprise Size 11.2.7.3.3 Italy Insurance Fraud Detection Market by Deployment Mode 11.2.7.3.4 Italy Insurance Fraud Detection Market by Application 11.2.7.4 United Kingdom Insurance Fraud Detection Market 11.2.7.4.1 United Kingdom Insurance Fraud Detection Market by Component 11.2.7.4.2 United Kingdom Insurance Fraud Detection Market by Enterprise Size 11.2.7.4.3 United Kingdom Insurance Fraud Detection Market by Deployment Mode 11.2.7.4.4 United Kingdom Insurance Fraud Detection Market by Application 11.2.7.5 Russia Insurance Fraud Detection Market 11.2.7.5.1 Russia Insurance Fraud Detection Market by Component 11.2.7.5.2 Russia Insurance Fraud Detection Market by Enterprise Size 11.2.7.5.3 Russia Insurance Fraud Detection Market by Deployment Mode 11.2.7.5.4 Russia Insurance Fraud Detection Market by Application 11.2.7.6 Rest of Europe Insurance Fraud Detection Market 11.2.7.6.1 Rest of Europe Insurance Fraud Detection Market by Component 11.2.7.6.2 Rest of Europe Insurance Fraud Detection Market by Enterprise Size 11.2.7.6.3 Rest of Europe Insurance Fraud Detection Market by Deployment Mode 11.2.7.6.4 Rest of Europe Insurance Fraud Detection Market by Application 11.3. ASIA-PACIFIC 11.3.1 Asia-Pacific Insurance Fraud Detection Market Overview 11.3.2 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis 11.3.3 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Component 11.3.4 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size 11.3.5 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode 11.3.6 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Application 11.3.7 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Countries 11.3.7.1 Australia Insurance Fraud Detection Market 11.3.7.1.1 Australia Insurance Fraud Detection Market by Component 11.3.7.1.2 Australia Insurance Fraud Detection Market by Enterprise Size 11.3.7.1.3 Australia Insurance Fraud Detection Market by Deployment Mode 11.3.7.1.4 Australia Insurance Fraud Detection Market by Application 11.3.7.2 China Insurance Fraud Detection Market 11.3.7.2.1 China Insurance Fraud Detection Market by Component 11.3.7.2.2 China Insurance Fraud Detection Market by Enterprise Size 11.3.7.2.3 China Insurance Fraud Detection Market by Deployment Mode 11.3.7.2.4 China Insurance Fraud Detection Market by Application 11.3.7.3 India Insurance Fraud Detection Market 11.3.7.3.1 India Insurance Fraud Detection Market by Component 11.3.7.3.2 India Insurance Fraud Detection Market by Enterprise Size 11.3.7.3.3 India Insurance Fraud Detection Market by Deployment Mode 11.3.7.3.4 India Insurance Fraud Detection Market by Application 11.3.7.4 Japan Insurance Fraud Detection Market 11.3.7.4.1 Japan Insurance Fraud Detection Market by Component 11.3.7.4.2 Japan Insurance Fraud Detection Market by Enterprise Size 11.3.7.4.3 Japan Insurance Fraud Detection Market by Deployment Mode 11.3.7.4.4 Japan Insurance Fraud Detection Market by Application 11.3.7.5 South Korea Insurance Fraud Detection Market 11.3.7.5.1 South Korea Insurance Fraud Detection Market by Component 11.3.7.5.2 South Korea Insurance Fraud Detection Market by Enterprise Size 11.3.7.5.3 South Korea Insurance Fraud Detection Market by Deployment Mode 11.3.7.5.4 South Korea Insurance Fraud Detection Market by Application 11.3.7.6 Rest of Asia-Pacific Insurance Fraud Detection Market 11.3.7.6.1 Rest of Asia-Pacific Insurance Fraud Detection Market by Component 11.3.7.6.2 Rest of Asia-Pacific Insurance Fraud Detection Market by Enterprise Size 11.3.7.6.3 Rest of Asia-Pacific Insurance Fraud Detection Market by Deployment Mode 11.3.7.6.4 Rest of Asia-Pacific Insurance Fraud Detection Market by Application 11.4. MIDDLE EAST AND AFRICA 11.4.1 Middle East and Africa Insurance Fraud Detection Market Overview 11.4.2 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis 11.4.3 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Component 11.4.4 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size 11.4.5 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode 11.4.6 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Application 11.4.7 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Countries 11.4.7.1 South Africa Insurance Fraud Detection Market 11.4.7.1.1 South Africa Insurance Fraud Detection Market by Component 11.4.7.1.2 South Africa Insurance Fraud Detection Market by Enterprise Size 11.4.7.1.3 South Africa Insurance Fraud Detection Market by Deployment Mode 11.4.7.1.4 South Africa Insurance Fraud Detection Market by Application 11.4.7.2 Saudi Arabia Insurance Fraud Detection Market 11.4.7.2.1 Saudi Arabia Insurance Fraud Detection Market by Component 11.4.7.2.2 Saudi Arabia Insurance Fraud Detection Market by Enterprise Size 11.4.7.2.3 Saudi Arabia Insurance Fraud Detection Market by Deployment Mode 11.4.7.2.4 Saudi Arabia Insurance Fraud Detection Market by Application 11.4.7.3 U.A.E Insurance Fraud Detection Market 11.4.7.3.1 U.A.E Insurance Fraud Detection Market by Component 11.4.7.3.2 U.A.E Insurance Fraud Detection Market by Enterprise Size 11.4.7.3.3 U.A.E Insurance Fraud Detection Market by Deployment Mode 11.4.7.3.4 U.A.E Insurance Fraud Detection Market by Application 11.4.7.4 Rest of Middle East and Africa Insurance Fraud Detection Market 11.4.7.4.1 Rest of Middle East and Africa Insurance Fraud Detection Market by Component 11.4.7.4.2 Rest of Middle East and Africa Insurance Fraud Detection Market by Enterprise Size 11.4.7.4.3 Rest of Middle East and Africa Insurance Fraud Detection Market by Deployment Mode 11.4.7.4.4 Rest of Middle East and Africa Insurance Fraud Detection Market by Application 11.5. SOUTH AND CENTRAL AMERICA 11.5.1 South and Central America Insurance Fraud Detection Market Overview 11.5.2 South and Central America Insurance Fraud Detection Market Forecasts and Analysis 11.5.3 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Component 11.5.4 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size 11.5.5 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode 11.5.6 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Application 11.5.7 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Countries 11.5.7.1 Brazil Insurance Fraud Detection Market 11.5.7.1.1 Brazil Insurance Fraud Detection Market by Component 11.5.7.1.2 Brazil Insurance Fraud Detection Market by Enterprise Size 11.5.7.1.3 Brazil Insurance Fraud Detection Market by Deployment Mode 11.5.7.1.4 Brazil Insurance Fraud Detection Market by Application 11.5.7.2 Argentina Insurance Fraud Detection Market 11.5.7.2.1 Argentina Insurance Fraud Detection Market by Component 11.5.7.2.2 Argentina Insurance Fraud Detection Market by Enterprise Size 11.5.7.2.3 Argentina Insurance Fraud Detection Market by Deployment Mode 11.5.7.2.4 Argentina Insurance Fraud Detection Market by Application 11.5.7.3 Rest of South and Central America Insurance Fraud Detection Market 11.5.7.3.1 Rest of South and Central America Insurance Fraud Detection Market by Component 11.5.7.3.2 Rest of South and Central America Insurance Fraud Detection Market by Enterprise Size 11.5.7.3.3 Rest of South and Central America Insurance Fraud Detection Market by Deployment Mode 11.5.7.3.4 Rest of South and Central America Insurance Fraud Detection Market by Application
12. INDUSTRY LANDSCAPE 12.1. MERGERS AND ACQUISITIONS 12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES 12.3. NEW PRODUCT LAUNCHES 12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. INSURANCE FRAUD DETECTION MARKET, KEY COMPANY PROFILES 13.1. BAE SYSTEMS PLC 13.1.1. Key Facts 13.1.2. Business Description 13.1.3. Products and Services 13.1.4. Financial Overview 13.1.5. SWOT Analysis 13.1.6. Key Developments 13.2. EXPERIAN INFORMATION SOLUTIONS, INC. 13.2.1. Key Facts 13.2.2. Business Description 13.2.3. Products and Services 13.2.4. Financial Overview 13.2.5. SWOT Analysis 13.2.6. Key Developments 13.3. FAIR ISAAC CORPORATION (FICO) 13.3.1. Key Facts 13.3.2. Business Description 13.3.3. Products and Services 13.3.4. Financial Overview 13.3.5. SWOT Analysis 13.3.6. Key Developments 13.4. FISERV, INC. 13.4.1. Key Facts 13.4.2. Business Description 13.4.3. Products and Services 13.4.4. Financial Overview 13.4.5. SWOT Analysis 13.4.6. Key Developments 13.5. FRISS 13.5.1. Key Facts 13.5.2. Business Description 13.5.3. Products and Services 13.5.4. Financial Overview 13.5.5. SWOT Analysis 13.5.6. Key Developments 13.6. IBM CORPORATION 13.6.1. Key Facts 13.6.2. Business Description 13.6.3. Products and Services 13.6.4. Financial Overview 13.6.5. SWOT Analysis 13.6.6. Key Developments 13.7. IOVATION INC. (TRANSUNION) 13.7.1. Key Facts 13.7.2. Business Description 13.7.3. Products and Services 13.7.4. Financial Overview 13.7.5. SWOT Analysis 13.7.6. Key Developments 13.8. LEXISNEXIS (RELX) 13.8.1. Key Facts 13.8.2. Business Description 13.8.3. Products and Services 13.8.4. Financial Overview 13.8.5. SWOT Analysis 13.8.6. Key Developments 13.9. SAP SE 13.9.1. Key Facts 13.9.2. Business Description 13.9.3. Products and Services 13.9.4. Financial Overview 13.9.5. SWOT Analysis 13.9.6. Key Developments 13.10. SAS INSTITUTE INC. 13.10.1. Key Facts 13.10.2. Business Description 13.10.3. Products and Services 13.10.4. Financial Overview 13.10.5. SWOT Analysis 13.10.6. Key Developments
14. APPENDIX 14.1. ABOUT THE INSIGHT PARTNERS 14.2. GLOSSARY OF TERMS
The List of Companies
1. BAE Systems plc2. Experian Information Solutions, Inc.3. Fair Isaac Corporation (FICO)4. Fiserv, Inc.5. FRISS6. IBM Corporation7. iovation Inc. (TransUnion)8. LexisNexis (RELX)9. SAP SE10. SAS Institute Inc.
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