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Insurance Fraud Detection Market Share

Report ID: GMI9509
Published Date: May 2024
Report Format: PDF

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Insurance Fraud Detection Market Share

IBM & SAS in insurance fraud detection industry held a significant market share of over 25% in 2023. IBM Corporation is a leading player in the market, offering a range of solutions powered by AI, ML, and big data analytics. IBM provides insurers with robust fraud detection capabilities to mitigate risks effectively with its extensive expertise in data management and security. Additionally, IBM's global presence and partnerships with industry leaders position it as a formidable competitor in the market.

SAS Institute Inc., known for its advanced analytics and fraud detection solutions, is another key player in the insurance fraud detection industry. It offers a comprehensive suite of tools that enable insurers to detect and prevent fraudulent activities across various insurance sectors. SAS Institute Inc. delivers tailored solutions to meet the specific needs of insurers worldwide with a focus on innovation and a customer-centric approach.

Insurance Fraud Detection Market Companies

The major players operating in the insurance fraud detection industry are:

Claims Fraud Detector
DataVisor
Experian
FICO
Fiserv
FRISS
IBM Corporation
LexisNexis Risk Solutions
MIBAR.ai
SAS Institute Inc.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of insurance fraud detection reached USD 4.2 billion in 2023 and is set to witness 25% CAGR between 2024 and 2032, owing to the rising volume of digital transactions.

The cloud segment held over 72% share in 2023, as they offer scalability, agility, and cost-effectiveness.

Europe market accounted for 35% share in 2023, propelled by stringent regulatory mandates and the increasing adoption of digital insurance processes.

Claims Fraud Detector, DataVisor, Experian, FICO, Fiserv, FRISS, IBM Corporation, LexisNexis Risk Solutions, MIBAR.ai, and SAS Institute Inc.