Outsource Investigative Resource Market (Type - Internal, and External; End User - Large Companies, and Medium and Small Companies; Application - BFSI, Healthcare, Manufacturing, Chemical, Retail, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Outsource Investigative Resource Market (Type - Internal, and External; End User - Large Companies, and Medium and Small Companies; Application - BFSI, Healthcare, Manufacturing, Chemical, Retail, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Report Code: ICT003123 Category: Electronics, ICT and Semiconductors Published: August, 2022

A recent report published by Infinium Global Research on outsource investigative resource market provides in-depth analysis of segments and sub-segments in the global, as well as regional, outsource investigative resource market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional outsource investigative resource market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global outsource investigative resource market. According to the report, the global outsource investigative resource market is projected to grow at a CAGR of over 7% over the forecast period of 2022-2028.

 

Market Insight

The revenue generated by the market was nearly USD 550 million in 2022 and is expected to reach over USD 830 million in 2028 and is expected to grow with a CAGR of over 7% over the forecast period 2022-2028. The corporate world needs investigations for internal and external purposes. Internal investigations include workplace investigations, audits of the company’s finances, pre-recruitment investigations, and others, and external investigations include fraudulent claims, third-party interventions, and others. Companies opt to outsource investigative resources due to its advantages such as impartiality, speed of conducting investigations and many more. Companies offering to outsource investigative resources are coming into prominence. The scope of outsourced investigative resources is very large and engulfs BFSI, healthcare, manufacturing, chemicals, retail, and others. The BFSI industry specifically outsources investigative resources due to the wide array of investigations and its complicated nature.



Outsource Investigative Resource Market


Companies from different domains are shifting towards independent investigations, which has increased the demand for outsourced investigative resources. Outsourced investigation resources offer many advantages, such as saving resources and manpower for a company, with an impartial perspective right from interviews to the final report, and the fast pace of investigation and conclusions. The expertise required for conducting investigations for internal and external purposes varies, which can be easily resolved through outsourcing the investigative resources. The BFSI outsources investigative resources on a higher scale. For instance, the Coalition Against Insurance Fraud (CAIF) estimates that workers’ compensation insurance fraud costs both employers and insurers $30 billion a year. Furthermore, the use of cutting-edge technologies such as artificial intelligence and machine learning in fraud investigations is driving the growth of the market. But limited use of investigative outsourcing in developing countries is hampering the growth of the market in the medium term. However, the emergence of new technologies and new investigative processes are expected to boost growth opportunities in the market.


COVID-19 had a positive impact on the market as there was a rising wave of fraudulent life and health insurance claims. The insurance companies were overwhelmed with such claims and opted to outsource investigative resources for verifying the authenticity of such claims. Also, expectations of the workplace and workers have been altered by COVID-19. Conflict within the individual, behaviors, and values have also been altered. Internal complaints are increasing as staff members and management adjust to the "new normal" of working remotely, which presents new difficulties for companies and organizations. Thus, during the pandemic, the demand for outsourced investigative resources grew from companies of medium and large sizes.

 

The global outsource investigative resource market is segmented into North America, Asia-Pacific, Europe, and the RoW region. North America dominated the facial care market in terms of revenue. North America is one of the most prosperous regions in the world. Industries such as manufacturing, automotive, chemicals, BFSI, and others are well established and global-level corporations operate in these established industries in North America. Companies are vulnerable to frauds and scams of varying degrees and motives. Thus, the demand for outsourced investigative resources is high in North America. There are many market players operating in North America that have emerged by offering their investigative services to companies of all shapes and sizes. Asia-Pacific is expected to be the fastest growing region as the region is booming economically and companies are prospering at a rapid pace, making them vulnerable to internal as well as external fraud. The growing fraudulent claims in life and health insurance are expected to be the major driving factor in Asia-Pacific.

 

Segment Covered

The report on the global outsource investigative resource market covers segments such as type, end user, and application. On the basis of type, the sub-markets include internal, and external. On the basis of end user, the sub-markets include large companies, and medium and small companies. On the basis of application, the sub-markets include BFSI, healthcare, manufacturing, chemical, retail, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Robertson&Co, Verity Consulting, PJS Investigations, Global Investigative, Suzzess, CoventBridge, John Cutter Investigations, ICORP Investigations, Kelmar Global, and ICORP Investigations.

 

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of outsource investigative resource market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.


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