Amid the COVID-19 crisis, the global market for Insurance Fraud Detection estimated at$3 Billion in the year 2020, is projected to reach a revised size of $12.8 Billion by 2027, growing at a compound annual growth rate
(CAGR) of 22.8% over the analysis period 2020-2027.
Fraud Analytics, one of the segments analyzed in the report, is projected to record a 24.4% CAGR and reach US$4.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Authentication segment is readjusted to a revised 23% CAGR for the next 7-year period.
The Insurance Fraud Detection market in the U.S. is estimated at $912.3 Million in the year 2020.
China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 22.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 20.4% and 19.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 15.9% CAGR.
In the global Governance, Risk & Compliance segment, USA, Canada, Japan, China and Europe will drive the 21.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$486.3 Million in the year 2020 will reach a projected size of US$1.9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2027.
Some of the major competitors in the market are: – – ACI Worldwide, Inc. – – BAE Systems, PLC – – Bridgei2i Analytics Solutions – – Datawalk, Inc. – – DXC Technology Co. – – Experian PLC – – Fair Isaac Corp. – – Fiserv, Inc. – – FRISS – – IBM Corp. – – Infogix, Inc. – – Kount, Inc. – – LexisNexis Risk Solutions, Inc. – – NCR Corp. – – Oracle Corp. – – SAP SE – – SAS Institute, Inc. – – Scorto, Inc. – – TransUnion, LLC – – Wipro, Ltd.