Insurance Fraud Detection Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The insurance fraud detection is an identification and prevention method of fraudulent activities related to money or insurance. Numerous software-based solutions are used to analyze historic patterns and incidents to predict future occurrences. Insurance fraud detection is generally used by organizations for fraud analytics, authentication, governance, risk, and compliance to safeguard databases and identify vulnerabilities.

Sizing and Forecast
The insurance fraud detection market size has grown exponentially in recent years. It will grow from $6.23 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to rising instances of insurance fraud, complexity of fraud schemes, regulatory compliance requirements, customer demand for security, globalization of insurance markets..

The insurance fraud detection market size is expected to see exponential growth in the next few years. It will grow to $18.04 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to global data sharing platforms, regulatory emphasis on fraud prevention, insider threat detection, enhanced identity verification, increased cybersecurity measures. Major trends in the forecast period include rise of advanced analytics and machine learning, collaboration with insurtech companies, focus on real-time fraud prevention, focus on digital identity verification, use of geospatial data for risk assessment, regulatory compliance and reporting..

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Segmentation & Regional Insights
The insurance fraud detection market covered in this report is segmented –

1) By Deployment Type: On-Premises, Cloud
2) By Component: Solution, Services
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering
5) By End User: Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users

North America was the largest region in the insurance fraud detection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increase in cyberattacks is expected to propel the growth of the insurance fraud detection market. A cyberattack is a dangerous and intentional attempt by an individual or organization to gain access to another person’s or organization’s data. Insurance companies are an excellent target for cyber-attacks since they have access to a large amount of personal policyholder data. Compared to other industries, which hold mainly sensitive financial data, insurers typically also collect a large amount of protected personal sensitive information. For instance, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, an increase in cyberattacks is driving the insurance fraud detection market growth.

Key Industry Players
Major companies operating in the insurance fraud detection market report are ACI Worldwide Inc., BAE Systems PLC, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS Inc., International Business Machines Corporation, iovation Inc., Kount Inc., Relx Group, Oracle Corp., SAP SE, SAS Institute Inc., Scorto Inc., TransUnion LLC, Wipro Ltd., Accenture plc, Equifax Inc., Perceptiviti Inc,, Shift Technology S. A., Verisk Analytics, Inc., Mody Data Solution Pvt. Ltd., Pixalate, Inc., Skopenow Inc., Owl Cyber Defense Solutions, LLC, Sigma Insights Inc., Fraud Guard LLC

The insurance fraud detection market report table of contents includes:

1. Executive Summary

2. Insurance Fraud Detection Market Characteristics

3. Insurance Fraud Detection Market Trends And Strategies

4. Insurance Fraud Detection Market – Macro Economic Scenario

5. Global Insurance Fraud Detection Market Size and Growth

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31. Global Insurance Fraud Detection Market Competitive Benchmarking

32. Global Insurance Fraud Detection Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Insurance Fraud Detection Market

34. Insurance Fraud Detection Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

ACI Worldwide Inc

BAE Systems PLC

BRIDGEi2i Analytics Solutions Pvt. Ltd.

Datawalk Inc.

DXC Technology Co.

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