Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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, and Kelmar Global.
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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