Insurance Fraud Detection Market with Geographic Segmentation, Statistical Forecast and Competitive Analysis Report to 2026

The Global Insurance Fraud Detection Market research report is a comprehensive study of the Insurance Fraud Detection industry and its prospects. The global Insurance Fraud Detection Market was valued at US$ 2.3 Bn in 2018 and is expected to reach US$ 8.8 Bn Mn by 2026, expanding at a CAGR of 17.8% during the forecast period.

The global Insurance Fraud Detection market has been subjected to several regulatory compliances and crucial coding terminology over the years. Adherence to regulatory standards remains crucial for vendors.

The study considers the present scenario of the Insurance Fraud Detection market and its market dynamics for the period 2020−2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. This research report on the Insurance Fraud Detection market covers sizing and forecast, market share, industry trends, growth drivers, and vendor analysis.

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The study profiles and examines leading companies and other prominent companies operating in the Insurance Fraud Detection industry.

List of key players profiled in the report: 

  • 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)
  • Simility Inc. (US)

Insurance Fraud Detection Market segmentation as per below: 

Product Types: 

  • By Component (Solution, Services)
  • By Deployment Mode (On-Premises, Cloud-Based)

Applications: 

  • Claims Fraud
  • Identity Theft
  • Payment and Billing Fraud
  • Money Laudering

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COVID-19 Impact on Insurance Fraud Detection Industry

The outbreak of COVID-19 has bought along a global recession, which has impacted several industries. Along with this impact COVID Pandemic has also generated few new business opportunities for Insurance Fraud Detection market. Overall competitive landscape and market dynamics of Insurance Fraud Detection has been disrupted due to this pandemic. All these disruptions and impacts has been analysed quantifiably in this report, which is backed by market trends, events and revenue shift analysis. COVID impact analysis also covers strategic adjustments for Tier 1, 2 and 3 players of Insurance Fraud Detection market.

The competitive environment in the Insurance Fraud Detection market is intensifying. The market currently witnesses the presence of several major as well as other prominent vendors, contributing toward the market growth. However, the market is observing an influx of local vendors entering the market.

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Vendors can consider targeting key regions such as APAC, North America, and Europe to gather maximum customer attention. Countries in the APAC region such as China, India, and Japan among others are expected to display significant growth prospects in the future due to high economic growth forecasts along with huge population statistics leading to high consumption of goods and products.

Regional Overview & Analysis of Insurance Fraud Detection Market:

  • North America (US and Canada)

  • Europe (UK, Germany, France and Rest of Europe)

  • Asia Pacific (China, Japan, India and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (GCC and Rest of Middle East & Africa)

The changing regulatory compliance scenario and the growing purchasing power among consumers are likely to promise well for the North America market. New product development and technological advancements remain key for competitors to capitalize upon in the Insurance Fraud Detection industry across the globe.

Report Snapshot:

Report Coverage

Details

Base Year:

2018

Historical Data for:

2014 to 2018

Forecast Period:

2020 to 2026

Market Size in 2018:

USD 2.3 Bn

Forecast Period 2020 to 2026 CAGR:

17.8%

2026 Value Projection:

USD 8.8 Bn


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Key Market Insights:  

  • The report provides the following insights into the Insurance Fraud Detection market for the forecast period 2020–2026.
  • Offers market sizing and growth prospects of the Insurance Fraud Detection market for the forecast period 2020–2026.
  • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the Insurance Fraud Detection market.
  • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
  • Delivers a complete overview of market segments and the regional outlook of the market.
  • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the Insurance Fraud Detection market.