Insurance Fraud Detection Market Scope and Size by 2031
The insurance fraud detection market size is anticipated to expand at a CAGR of 26.4% from 2023 to 2031. The need to successfully manage large volumes of data, improve operational efficiency, and enhance the client experience is driving the market's growth.
Insurance Fraud Detection Market Analysis
The market is fueled by several key factors, including the escalating adoption of sophisticated analytical methodologies, a noticeable uptick in insurance fraud occurrences, notable enhancements in cybersecurity infrastructure, greater utilization of artificial intelligence (AI) and Internet of Things (IoT) empowered fraud detection solutions, and a rising prevalence of erroneous claims. Moreover, the increasing complexity and diversification of fraudulent activities within the insurance industry are further contributing to the market's growth trajectory.
Insurance Fraud Detection Market Overview
- Insurance fraud detection encompasses the strategies and measures employed by insurance providers to uncover and mitigate deceptive behaviors carried out by policyholders or external entities. This encompasses the utilization of sophisticated analytical methods, predictive analytics, and technological tools to anticipate and preclude forthcoming fraudulent occurrences.
- The fundamental objective is to protect against diverse forms of fraudulent activities that contribute to financial burdens, including unregistered drivers, underreported mileage, traffic violations/accidents, fictitious garaging to reduce premiums, and misrepresentation of employment details by employers to obtain lower premiums.
Insurance Fraud Detection Market Drivers and Opportunities
Increasing Frequency of False Claims to Drive the Insurance Fraud Detection Market Growth
- The escalating occurrence of deceptive claims, encompassing fabricated medical documentation, staged incidents, and other illicit practices, has spurred the demand for fraud detection offerings within the insurance sector.
- Moreover, the integration of advanced analytics and technology is catalyzing the expansion of the insurance fraud detection market. This surge is attributed to the imperative need to counteract the rising prevalence of fraudulent activities that impact the integrity and financial stability of insurance operations.
Insurance Fraud Detection Market Report Segmentation Analysis
- Based on component, the market is segmented into solution and services. The solution segment is expected to hold a substantial insurance fraud detection market share in 2023.
- The solutions component comprises various technological tools and platforms designed to identify, analyze, and prevent fraudulent activities. These may include fraud analytics, authentication mechanisms, and governance, risk, and compliance (GRC) solutions. The utilization of advanced analytics and technology within these solutions is pivotal in enhancing the detection and mitigation of fraudulent practices, thereby safeguarding the integrity of insurance operations.
Insurance Fraud Detection Market Share Analysis by Geography
The scope of the Insurance Fraud Detection Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant insurance fraud detection market share. The insurance fraud detection market in North America is primarily led by the US, where the increasing instances of insurance fraud are driving market expansion. The rise in fraudulent activities has stimulated a heightened need for fraud detection products and solutions within the insurance sector. Integration of real-time data analytics and predictive modeling to identify and prevent illegal activities more effectively is a key trend in the North America insurance fraud detection market.
Insurance Fraud Detection Market Report Scope
The "Insurance Fraud Detection Market Analysis" was carried out based on network type, application, end user, and geography. In terms of component, the market is segmented into solution and services. Based on deployment mode, the market is segmented into on-premises and cloud. Based on enterprise size, the market is segmented into large enterprises and SMEs. Based on applications, the market is segmented into payment fraud and billing fraud, identity theft, claims fraud, and money laundering. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Insurance Fraud Detection Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The insurance fraud detection market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
- In March 2024, Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced two new collaborations with insurance technology companies designed to bolster fraud detection and analysis in the insurance claims process. FRISS and Globlue Technologies will join the Verisk Claims Solutions ecosystem by integrating with Verisk's ClaimSearch® platform, which includes the world's largest property and casualty (P&C) claims database containing over 1.7 billion claims from throughout the U.S.
[Source: Verisk Analytics, Inc., Company Website]
Insurance Fraud Detection Market Report Coverage & Deliverables
The market report on “Insurance Fraud Detection Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Insurance Fraud Detection Market - By Component
1.3.2 Insurance Fraud Detection Market - By Enterprise Size
1.3.3 Insurance Fraud Detection Market - By Deployment Mode
1.3.4 Insurance Fraud Detection Market - By Application
1.3.5 Insurance Fraud Detection Market - By Region
1.3.5.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. INSURANCE FRAUD DETECTION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. INSURANCE FRAUD DETECTION MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. INSURANCE FRAUD DETECTION MARKET - GLOBAL MARKET ANALYSIS
6.1. INSURANCE FRAUD DETECTION - GLOBAL MARKET OVERVIEW
6.2. INSURANCE FRAUD DETECTION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.3.3. Fraud Analytics Market
7.3.3.1. Overview
7.3.3.2. Fraud Analytics Market Forecast and Analysis
7.3.4. Authentication Market
7.3.4.1. Overview
7.3.4.2. Authentication Market Forecast and Analysis
7.3.5. Governance Risk and Compliance Market
7.3.5.1. Overview
7.3.5.2. Governance Risk and Compliance Market Forecast and Analysis
7.3.6. Others Market
7.3.6.1. Overview
7.3.6.2. Others Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
7.4.3. Professional Services Market
7.4.3.1. Overview
7.4.3.2. Professional Services Market Forecast and Analysis
7.4.4. Managed Services Market
7.4.4.1. Overview
7.4.4.2. Managed Services Market Forecast and Analysis
8. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
8.1. OVERVIEW
8.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
8.3. LARGE ENTERPRISES
8.3.1. Overview
8.3.2. Large Enterprises Market Forecast and Analysis
8.4. SMES
8.4.1. Overview
8.4.2. SMEs Market Forecast and Analysis
9. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT MODE
9.1. OVERVIEW
9.2. DEPLOYMENT MODE MARKET FORECASTS AND ANALYSIS
9.3. CLOUD
9.3.1. Overview
9.3.2. Cloud Market Forecast and Analysis
9.4. ON-PREMISES
9.4.1. Overview
9.4.2. On-premises Market Forecast and Analysis
10. INSURANCE FRAUD DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. IDENTITY THEFT
10.3.1. Overview
10.3.2. Identity Theft Market Forecast and Analysis
10.4. CLAIMS FRAUD
10.4.1. Overview
10.4.2. Claims Fraud Market Forecast and Analysis
10.5. PAYMENT AND BILLING FRAUD
10.5.1. Overview
10.5.2. Payment and Billing Fraud Market Forecast and Analysis
10.6. MONEY LAUNDERING
10.6.1. Overview
10.6.2. Money Laundering Market Forecast and Analysis
11. INSURANCE FRAUD DETECTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Insurance Fraud Detection Market Overview
11.1.2 North America Insurance Fraud Detection Market Forecasts and Analysis
11.1.3 North America Insurance Fraud Detection Market Forecasts and Analysis - By Component
11.1.4 North America Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size
11.1.5 North America Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode
11.1.6 North America Insurance Fraud Detection Market Forecasts and Analysis - By Application
11.1.7 North America Insurance Fraud Detection Market Forecasts and Analysis - By Countries
11.1.7.1 United States Insurance Fraud Detection Market
11.1.7.1.1 United States Insurance Fraud Detection Market by Component
11.1.7.1.2 United States Insurance Fraud Detection Market by Enterprise Size
11.1.7.1.3 United States Insurance Fraud Detection Market by Deployment Mode
11.1.7.1.4 United States Insurance Fraud Detection Market by Application
11.1.7.2 Canada Insurance Fraud Detection Market
11.1.7.2.1 Canada Insurance Fraud Detection Market by Component
11.1.7.2.2 Canada Insurance Fraud Detection Market by Enterprise Size
11.1.7.2.3 Canada Insurance Fraud Detection Market by Deployment Mode
11.1.7.2.4 Canada Insurance Fraud Detection Market by Application
11.1.7.3 Mexico Insurance Fraud Detection Market
11.1.7.3.1 Mexico Insurance Fraud Detection Market by Component
11.1.7.3.2 Mexico Insurance Fraud Detection Market by Enterprise Size
11.1.7.3.3 Mexico Insurance Fraud Detection Market by Deployment Mode
11.1.7.3.4 Mexico Insurance Fraud Detection Market by Application
11.2. EUROPE
11.2.1 Europe Insurance Fraud Detection Market Overview
11.2.2 Europe Insurance Fraud Detection Market Forecasts and Analysis
11.2.3 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Component
11.2.4 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size
11.2.5 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode
11.2.6 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Application
11.2.7 Europe Insurance Fraud Detection Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Insurance Fraud Detection Market
11.2.7.1.1 Germany Insurance Fraud Detection Market by Component
11.2.7.1.2 Germany Insurance Fraud Detection Market by Enterprise Size
11.2.7.1.3 Germany Insurance Fraud Detection Market by Deployment Mode
11.2.7.1.4 Germany Insurance Fraud Detection Market by Application
11.2.7.2 France Insurance Fraud Detection Market
11.2.7.2.1 France Insurance Fraud Detection Market by Component
11.2.7.2.2 France Insurance Fraud Detection Market by Enterprise Size
11.2.7.2.3 France Insurance Fraud Detection Market by Deployment Mode
11.2.7.2.4 France Insurance Fraud Detection Market by Application
11.2.7.3 Italy Insurance Fraud Detection Market
11.2.7.3.1 Italy Insurance Fraud Detection Market by Component
11.2.7.3.2 Italy Insurance Fraud Detection Market by Enterprise Size
11.2.7.3.3 Italy Insurance Fraud Detection Market by Deployment Mode
11.2.7.3.4 Italy Insurance Fraud Detection Market by Application
11.2.7.4 United Kingdom Insurance Fraud Detection Market
11.2.7.4.1 United Kingdom Insurance Fraud Detection Market by Component
11.2.7.4.2 United Kingdom Insurance Fraud Detection Market by Enterprise Size
11.2.7.4.3 United Kingdom Insurance Fraud Detection Market by Deployment Mode
11.2.7.4.4 United Kingdom Insurance Fraud Detection Market by Application
11.2.7.5 Russia Insurance Fraud Detection Market
11.2.7.5.1 Russia Insurance Fraud Detection Market by Component
11.2.7.5.2 Russia Insurance Fraud Detection Market by Enterprise Size
11.2.7.5.3 Russia Insurance Fraud Detection Market by Deployment Mode
11.2.7.5.4 Russia Insurance Fraud Detection Market by Application
11.2.7.6 Rest of Europe Insurance Fraud Detection Market
11.2.7.6.1 Rest of Europe Insurance Fraud Detection Market by Component
11.2.7.6.2 Rest of Europe Insurance Fraud Detection Market by Enterprise Size
11.2.7.6.3 Rest of Europe Insurance Fraud Detection Market by Deployment Mode
11.2.7.6.4 Rest of Europe Insurance Fraud Detection Market by Application
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Insurance Fraud Detection Market Overview
11.3.2 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis
11.3.3 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Component
11.3.4 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size
11.3.5 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode
11.3.6 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Application
11.3.7 Asia-Pacific Insurance Fraud Detection Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Insurance Fraud Detection Market
11.3.7.1.1 Australia Insurance Fraud Detection Market by Component
11.3.7.1.2 Australia Insurance Fraud Detection Market by Enterprise Size
11.3.7.1.3 Australia Insurance Fraud Detection Market by Deployment Mode
11.3.7.1.4 Australia Insurance Fraud Detection Market by Application
11.3.7.2 China Insurance Fraud Detection Market
11.3.7.2.1 China Insurance Fraud Detection Market by Component
11.3.7.2.2 China Insurance Fraud Detection Market by Enterprise Size
11.3.7.2.3 China Insurance Fraud Detection Market by Deployment Mode
11.3.7.2.4 China Insurance Fraud Detection Market by Application
11.3.7.3 India Insurance Fraud Detection Market
11.3.7.3.1 India Insurance Fraud Detection Market by Component
11.3.7.3.2 India Insurance Fraud Detection Market by Enterprise Size
11.3.7.3.3 India Insurance Fraud Detection Market by Deployment Mode
11.3.7.3.4 India Insurance Fraud Detection Market by Application
11.3.7.4 Japan Insurance Fraud Detection Market
11.3.7.4.1 Japan Insurance Fraud Detection Market by Component
11.3.7.4.2 Japan Insurance Fraud Detection Market by Enterprise Size
11.3.7.4.3 Japan Insurance Fraud Detection Market by Deployment Mode
11.3.7.4.4 Japan Insurance Fraud Detection Market by Application
11.3.7.5 South Korea Insurance Fraud Detection Market
11.3.7.5.1 South Korea Insurance Fraud Detection Market by Component
11.3.7.5.2 South Korea Insurance Fraud Detection Market by Enterprise Size
11.3.7.5.3 South Korea Insurance Fraud Detection Market by Deployment Mode
11.3.7.5.4 South Korea Insurance Fraud Detection Market by Application
11.3.7.6 Rest of Asia-Pacific Insurance Fraud Detection Market
11.3.7.6.1 Rest of Asia-Pacific Insurance Fraud Detection Market by Component
11.3.7.6.2 Rest of Asia-Pacific Insurance Fraud Detection Market by Enterprise Size
11.3.7.6.3 Rest of Asia-Pacific Insurance Fraud Detection Market by Deployment Mode
11.3.7.6.4 Rest of Asia-Pacific Insurance Fraud Detection Market by Application
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Insurance Fraud Detection Market Overview
11.4.2 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis
11.4.3 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Component
11.4.4 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size
11.4.5 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode
11.4.6 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Application
11.4.7 Middle East and Africa Insurance Fraud Detection Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Insurance Fraud Detection Market
11.4.7.1.1 South Africa Insurance Fraud Detection Market by Component
11.4.7.1.2 South Africa Insurance Fraud Detection Market by Enterprise Size
11.4.7.1.3 South Africa Insurance Fraud Detection Market by Deployment Mode
11.4.7.1.4 South Africa Insurance Fraud Detection Market by Application
11.4.7.2 Saudi Arabia Insurance Fraud Detection Market
11.4.7.2.1 Saudi Arabia Insurance Fraud Detection Market by Component
11.4.7.2.2 Saudi Arabia Insurance Fraud Detection Market by Enterprise Size
11.4.7.2.3 Saudi Arabia Insurance Fraud Detection Market by Deployment Mode
11.4.7.2.4 Saudi Arabia Insurance Fraud Detection Market by Application
11.4.7.3 U.A.E Insurance Fraud Detection Market
11.4.7.3.1 U.A.E Insurance Fraud Detection Market by Component
11.4.7.3.2 U.A.E Insurance Fraud Detection Market by Enterprise Size
11.4.7.3.3 U.A.E Insurance Fraud Detection Market by Deployment Mode
11.4.7.3.4 U.A.E Insurance Fraud Detection Market by Application
11.4.7.4 Rest of Middle East and Africa Insurance Fraud Detection Market
11.4.7.4.1 Rest of Middle East and Africa Insurance Fraud Detection Market by Component
11.4.7.4.2 Rest of Middle East and Africa Insurance Fraud Detection Market by Enterprise Size
11.4.7.4.3 Rest of Middle East and Africa Insurance Fraud Detection Market by Deployment Mode
11.4.7.4.4 Rest of Middle East and Africa Insurance Fraud Detection Market by Application
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Insurance Fraud Detection Market Overview
11.5.2 South and Central America Insurance Fraud Detection Market Forecasts and Analysis
11.5.3 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Component
11.5.4 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Enterprise Size
11.5.5 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Deployment Mode
11.5.6 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Application
11.5.7 South and Central America Insurance Fraud Detection Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Insurance Fraud Detection Market
11.5.7.1.1 Brazil Insurance Fraud Detection Market by Component
11.5.7.1.2 Brazil Insurance Fraud Detection Market by Enterprise Size
11.5.7.1.3 Brazil Insurance Fraud Detection Market by Deployment Mode
11.5.7.1.4 Brazil Insurance Fraud Detection Market by Application
11.5.7.2 Argentina Insurance Fraud Detection Market
11.5.7.2.1 Argentina Insurance Fraud Detection Market by Component
11.5.7.2.2 Argentina Insurance Fraud Detection Market by Enterprise Size
11.5.7.2.3 Argentina Insurance Fraud Detection Market by Deployment Mode
11.5.7.2.4 Argentina Insurance Fraud Detection Market by Application
11.5.7.3 Rest of South and Central America Insurance Fraud Detection Market
11.5.7.3.1 Rest of South and Central America Insurance Fraud Detection Market by Component
11.5.7.3.2 Rest of South and Central America Insurance Fraud Detection Market by Enterprise Size
11.5.7.3.3 Rest of South and Central America Insurance Fraud Detection Market by Deployment Mode
11.5.7.3.4 Rest of South and Central America Insurance Fraud Detection Market by Application
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. INSURANCE FRAUD DETECTION MARKET, KEY COMPANY PROFILES
13.1. BAE SYSTEMS PLC
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. EXPERIAN INFORMATION SOLUTIONS, INC.
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. FAIR ISAAC CORPORATION (FICO)
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. FISERV, INC.
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. FRISS
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. IBM CORPORATION
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. IOVATION INC. (TRANSUNION)
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. LEXISNEXIS (RELX)
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. SAP SE
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. SAS INSTITUTE INC.
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
The List of Companies
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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