The global insurance fraud detection market was valued at USD 2.3 billion in 2018 and is expected to reach USD 8.8 billion in 2026, growing at a CAGR of 17.8% during the forecast period.
Banks and financial institutions are extremely vulnerable to various forms of cyber-attacks and online frauds. At present, they have deployed various advanced techniques such as SQL injections, ransomware, for better results in cyber-attacks. Phishing and online fraud are often used to attempt to gain access to bank accounts and steal identities for fraudulent purposes or to directly draw money out of the accounts of customers.
Insurance Fraud Detection Market Segmentation |
|
| By Component | 1. Solution |
| 2. Services | |
| By Deployment Mode | 1. On-Premises |
| 2. Cloud-Based | |
| By Application | 1. Claims Fraud |
| 2. Identity Theft | |
| 3. Payment and Billing Fraud | |
| 4. Money Laudering | |
| By Region | 1. North America (US and Canada) |
| 2. Europe (UK, Germany, France and Rest of Europe) | |
| 3. Asia Pacific (China, Japan, India and Rest of Asia Pacific) | |
| 4. Latin America (Brazil, Mexico and Rest of Latin America) | |
| 5. Middle East & Africa (GCC and Rest of Middle East & Africa) | |
The growth of the insurance fraud detection market is primarily driven by the increasing adoption of advanced analytical techniques along with the compliance of stringent regulations for fraud detection across the globe. The technological advancement in IoT and BYOD and increasing adoption of cloud-based infrastructure are some other factors that are anticipated to propel the market growth in the near future. However, the lack of awareness regarding fraud detection solutions hampers the global market growth.
Based on the components, the solutions segment to exhibit the fastest growth in the market during the forecast period
Based on the components, the Insurance Fraud Detection market is segmented into solutions and services. The solutions segment is expected to dominate the market with nearly 65% share in the global insurance fraud detection market in 2018. The growth is accredited to the growing awareness and adoption of cloud-based security solutions in the developed and emerging economies of the North American and European region, such as the US, Germany, and the UK.
Based on deployment mode, the cloud-based segment is projected to exhibit the fastest growth in the market during the forecast period
Based on the deployment mode, the market is segmented into on-premises and cloud-based. The on-premise segment accounts for the largest share in the market and is expected to grow at a CAGR of 21% during the forecast period. There are several factors involved in driving the segmental growth such as its high efficiency and low cost in increasing yield, which in turn, is marking a transition in the insurance fraud detection process. The cloud-based fraud detection solutions are comparatively less expensive as compared to on-premises solutions, owing to which, the medium and large-size enterprises are rapidly making a transition towards cloud-based fraud detection solutions.
Payment and billing fraud contributes a major share in the market
Based on the application, the market is segmented into claims fraud, identity theft, payment and billing fraud, and money laundering. Among all the applications of insurance fraud detection, the payment and billing fraud register the largest share in the insurance and fraud detection market. Data thieves steal financial and billing information or bank account numbers with common techniques, such as unencrypted hard drives, spams, phishing, among others.
North America to dominate the insurance fraud detection market during the forecast period
North America accounts to hold a dominant position in the global insurance fraud detection market during the forecast period. The growth in the cyber-attacks is majorly attributed to the increasing adoption of cloud-based services in the region, as cloud computing platforms are more vulnerable to the cyber-attacks and data leakages. Moreover, the favorable government support for fraud detection has increased the adoption rate of such solutions in further propelling the market growth.
Company Profiles and Competitive Intelligence:
The major players operating in the global insurance fraud detection market are SAP SE(Germany), IBM Corporation (US), BAE Systems (UK), SAS Institute (US), Fair Isaac Corporation (FICO) (US), FRISS (Netherlands), Experian Information Solutions, Inc. (Ireland), LexisNexis Risk Solutions Inc. (US), iovation Inc. (US), and Simility, Inc. (US), among others.
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Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global Insurance Fraud Detection Market, 2019-2026, (USD Billion)
1.2. Market Snapshot: Global Insurance Fraud Detection Market
1.3. Market Dynamics
1.4. Global Insurance Fraud Detection Market, by Segment, 2018
1.4.1. Global Insurance Fraud Detection Market, by Component, 2018, (USD Billion)
1.4.2. Global Insurance Fraud Detection Market, by Deployment Mode, 2018, (USD Billion)
1.4.3. Global Insurance Fraud Detection Market, by Application, 2018, (USD Billion)
1.4.4. Global Insurance Fraud Detection Market, by Region, 2018 (USD Billion)
1.5. Premium Insights
1.5.1. Insurance Fraud Detection Market In Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global Insurance Fraud Detection Market: Regional Life Cycle Analysis
Chapter 2 Market Dynamics
2.1. Market Overview
2.2. Market Drivers
2.2.1. Increasing adoption of advanced analytics techniques
2.2.2. Stringent regulatory compliance
2.3. Market Restraints
2.3.1. Lack awareness regarding the fraud detection solutions
2.4. Market Opportunities
2.4.1. Proliferation of cloud-based insurance fraud detection solutions
2.4.2. Transition towards IoT and BYOD
2.5. Industry Value Chain Analysis
2.6. Pricing Analysis
2.7. Porter’s Five Forces Analysis
Chapter 3 Global Insurance Fraud Detection Market, by Component
3.1. Market Overview, by Component
3.1.1. Global Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
3.1.2. Incremental Opportunity, by Component, 2018
3.2. Solution
3.2.1. Global Insurance Fraud Detection Market, by Solution, 2019-2026, (USD Billion)
3.3. Services
3.3.1. Global Insurance Fraud Detection Market, by Services, 2019-2026, (USD Billion)
Chapter 4 Global Insurance Fraud Detection Market, by Deployment Mode
4.1. Market Overview, by Deployment Mode
4.1.1. Global Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
4.1.2. Incremental Opportunity, by Deployment Mode, 2018
4.2. On-Premises
4.2.1. Global Insurance Fraud Detection Market, by On-Premises, 2019-2026, (USD Billion)
4.3. Cloud-based
4.3.1. Global Insurance Fraud Detection Market, by Cloud-based, 2019-2026, (USD Billion)
Chapter 5 Global Insurance Fraud Detection Market, by Application
5.1. Market Overview, by Application
5.1.1. Global Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
5.1.2. Incremental Opportunity, by Application, 2018
5.2. Claims Fraud
5.2.1. Global Insurance Fraud Detection Market, by Claims Fraud, 2019-2026, (USD Billion)
5.3. Identity Theft
5.3.1. Global Insurance Fraud Detection Market, by Identity Theft, 2019-2026, (USD Billion)
5.4. Payment and Billing Fraud
5.4.1. Global Insurance Fraud Detection Market, by Payment and Billing Fraud, 2019-2026, (USD Billion)
5.5. Money Laundering
5.5.1. Global Insurance Fraud Detection Market, by Money Laundering, 2019-2026, (USD Billion)
Chapter 6 Global Insurance Fraud Detection Market, by Region
6.1. Market Overview, by Region
6.1.1. Global Insurance Fraud Detection Market, by Region, 2019-2026, (USD Billion)
6.2. Attractive Investment Opportunity, by Region, 2018
6.3. North America Insurance Fraud Detection Market
6.3.1. North America Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
6.3.2. North America Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
6.3.3. North America Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
6.3.4. United States Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.3.5. Canada Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.4. Europe Insurance Fraud Detection Market
6.4.1. Europe Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
6.4.2. Europe Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
6.4.3. Europe Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
6.4.4. United Kingdom Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.4.5. Germany Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.4.6. France Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.4.7. Rest of Europe Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.5. Asia Pacific Insurance Fraud Detection Market
6.5.1. Asia Pacific Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
6.5.2. Asia Pacific Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
6.5.3. Asia Pacific Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
6.5.4. China Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.5.5. Japan Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.5.6. India Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.5.7. Rest of Asia Pacific Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.6. Latin America Insurance Fraud Detection Market
6.6.1. Latin America Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
6.6.2. Latin America Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
6.6.3. Latin America Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
6.6.4. Brazil Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.6.5. Mexico Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.6.6. Rest of Latin America Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.7. Middle East & Africa Insurance Fraud Detection Market
6.7.1. Middle East & Africa Insurance Fraud Detection Market, by Component, 2016-2026 (USD Billion)
6.7.2. Middle East & Africa Insurance Fraud Detection Market, by Deployment Mode, 2016-2026 (USD Billion)
6.7.3. Middle East & Africa Insurance Fraud Detection Market, by Application, 2016-2026 (USD Billion)
6.7.4. GCC Insurance Fraud Detection Market, 2016-2026 (USD Billion)
6.7.5. Rest of Middle East & Africa Insurance Fraud Detection Market, 2016-2026 (USD Billion)
Chapter 7 Competitive Intelligence
7.1. Top 5 Players Comparison
7.2. Market Positioning of Key Players, 2018
7.3. Market Players Mapping
7.3.1. By Component
7.3.2. By Deployment Mode
7.3.3. By Application
7.3.4. By Region
7.4. Strategies Adopted by Key Market Players
7.5. Recent Developments in the Market
7.5.1. Mergers & Acquisitions, Partnership, New Component Developments
Chapter 8 Company Profiles
8.1. SAP SE
8.1.1. SAP SE Overview
8.1.2. SAP SE Components Portfolio
8.1.3. SAP SE Financial Overview
8.1.4. SAP SE News/Recent Developments
8.2. IBM Corporation
8.2.1. IBM Corporation Overview
8.2.2. IBM Corporation Components Portfolio
8.2.3. IBM Corporation Financial Overview
8.2.4. IBM Corporation News/Recent Developments
8.3. Fair Isaac Corporation (FICO)
8.3.1. Fair Isaac Corporation (FICO) Overview
8.3.2. Fair Isaac Corporation (FICO) Components Portfolio
8.3.3. Fair Isaac Corporation (FICO) Financial Overview
8.3.4. Fair Isaac Corporation (FICO) News/Recent Developments
8.4. BAE Systems
8.4.1. BAE Systems Overview
8.4.2. BAE Systems Components Portfolio
8.4.3. BAE Systems Financial Overview
8.4.4. BAE Systems News/Recent Developments
8.5. SAS Institute
8.5.1. SAS Institute Overview
8.5.2. SAS Institute Components Portfolio
8.5.3. SAS Institute Financial Overview
8.5.4. SAS Institute News/Recent Developments
8.6. Experian Information Solutions, Inc.
8.6.1. Experian Information Solutions, Inc. Overview
8.6.2. Experian Information Solutions, Inc. Components Portfolio
8.6.3. Experian Information Solutions, Inc. Financial Overview
8.6.4. Experian Information Solutions, Inc. News/Recent Developments
8.7. LexisNexis Risk Solutions Inc.
8.7.1. LexisNexis Risk Solutions Inc. Overview
8.7.2. LexisNexis Risk Solutions Inc. Components Portfolio
8.7.3. LexisNexis Risk Solutions Inc. Financial Overview
8.7.4. LexisNexis Risk Solutions Inc. News/Recent Developments
8.8. iovation Inc.
8.8.1. iovation Inc. Overview
8.8.2. iovation Inc. Components Portfolio
8.8.3. iovation Inc. Financial Overview
8.8.4. iovation Inc. News/Recent Developments
8.9. FRISS
8.9.1. FRISS Overview
8.9.2. FRISS Components Portfolio
8.9.3. FRISS Financial Overview
8.9.4. FRISS News/Recent Developments
8.10. Simility, Inc.
8.10.1. Simility, Inc. Overview
8.10.2. Simility, Inc. Components Portfolio
8.10.3. Simility, Inc. Financial Overview
8.10.4. Simility, Inc. News/Recent Developments
Chapter 9 Preface
9.1. Data Triangulation
9.2. Research Methodology
9.2.1. Phase I – Secondary Research
9.2.2. Phase II – Primary Research
9.2.3. Phase III – Expert Panel Review
9.2.4. Approach Adopted
9.2.4.1. Top-Down Approach
9.2.4.2. Bottom-Up Approach
9.2.5. Supply- Demand side
9.2.6. Breakup of the Primary Profiles
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