According to a research report "Insurance Fraud Detection Market analyze the micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market and provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The major factors driving the growth of the market are the need to manage huge volumes of identities by organizations effectively; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period.
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The fraud analytics segment to constitute the
largest market size during the forecast period
Fraud analytics is a
discipline which involves a set of analytical techniques that analyze
enterprises’ systems and database to identify the vulnerabilities where fraud
can happen. These solutions monitor and analyze data from several data sources;
detect anomalies and suspicious & unusual behavior across all channels; and
provide a control mechanism to prevent fraudulent practices, in real-time.
Fraud analytics is the core of all insurance fraud detection solutions. Many
vendors offer traditional rule-based fraud analytics models, whereas some
prefer Artificial Intelligence and Machine Learning based techniques. Fraud
analytics solutions proactively detect frauds and also help meet compliance
needs.
The Small and Medium-sized Enterprises (SMEs)
segment is expected to grow at a higher CAGR during the forecast period
The SMEs segment is
expected to grow at a higher CAGR during the forecast period, owing to the
increasing incidences of insurance frauds and cyber attacks on SMEs. The SMEs
are small in terms of their size but cater to a large number of customers
globally. Robust and comprehensive security solutions are not implemented in
SMEs due to financial constraints. However, the large enterprise segment is
estimated to hold a higher market share in 2019.
Insurance fraud detection solutions
and services have been deployed over on-premises and cloud environment. Cloud
deployment is expected to grow at the highest CAGR during the forecast period,
while the on-premises deployment mode is estimated to hold the largest
Insurance Fraud Detection Market size in 2019.
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North
America to account for the largest market size during the forecast period
The global insurance fraud detection market has been
segmented based on regions into North America, Europe, Asia Pacific (APAC),
Middle East & Africa (MEA), and Latin America to provide a region-specific
analysis in the report. North America, followed by Europe, is estimated to
become the largest revenue-generating region for insurance fraud detection
solution and service vendors in 2019. Trends such as the Internet of Things
(IoT), cloud adoption, and Bring Your Own Device (BYOD); and growing internal
& external threats are some of the key factors expected to fuel the growth
of the market in North America.
Key
Insurance Fraud Detection Market Players
Major vendors that offer insurance fraud detection services
across the globe are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US),
Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP
(Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software
AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India).
These vendors have adopted different types of organic and inorganic growth
strategies, such as new product launches, partnerships and collaborations, and
acquisitions, to expand their offerings in the market.
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