Insurance Fraud Detection Market

Insurance Fraud Detection Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Solutions(Fraud Analytics, Authentication, Governance, Risk), By Services(Professional Services, Managed Services), By Deployment(Cloud, On-Premise), By Organization(Small & Medium Business (SMB), Large Enterprise), By Regional(North America, Asia Pacific, Latin America) - Industry Forecast 2024-2031

Report ID: UCMIG45D2039 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Insurance Fraud Detection Market Insights

Market Overview:

The global market for insurance fraud detection was valued at USD 4.1 billion in 2018 and is projected to grow at a CAGR of 13.7% from 2019 to 2025. Businesses are adopting advanced technologies like big data, IoT, AI, and machine learning to improve their operations. However, these technological advancements have also made it easier for criminals to commit cyber-attacks and frauds for personal gain. As a result, fraudulent activities such as conspiracy, theft, money laundering, embezzlement, and extortion are becoming major challenges for organizations. To tackle this issue, insurance fraud detection solutions are gaining popularity among businesses to detect, prevent and mitigate fraudulent activities.

Insurance Fraud Detection Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Internet Services & Infrastructure by segment aggregation, the contribution of the Internet Services & Infrastructure in Software & Services and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

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The market for Insurance Fraud Detection was estimated to be valued at US$ XX Mn in 2021.

The Insurance Fraud Detection Market is estimated to grow at a CAGR of XX% by 2028.

The Insurance Fraud Detection Market is segmented on the basis of Component, Solutions, Services, Deployment, Organization, Regional.

Based on region, the Insurance Fraud Detection Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Insurance Fraud Detection Market are Accenture;, ACI Worldwide, Inc.;, SAS Institute Inc.;, IBM Corporation, Fiserv, Inc.;, SAP SE;, Experian Plc;, BAE Systems.

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Insurance Fraud Detection Market

Product ID: UCMIG45D2039