According to a research report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" published by MarketsandMarkets, The global insurance fraud detection market is 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. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.
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Authentication solution segment to grow at
the highest CAGR during the forecast period
The authentication
technology refers to the process of verifying the identity of the users,
devices, or systems. Authentication plays a crucial role in the insurance fraud
detection market. Fraud authentication helps enterprises to protect customer
identity from the fraudsters. While fraud analytics helps detect fraudulent activities
and the possibilities of fraud incidents happening in the future, fraud
authentication is more inclined toward the prevention of such cases. Fraud
authentication helps enterprises maintain the credibility of
transactions/information by blocking unauthorized access to the information or
identifying false inputs from the users. Based on the use cases and complexity,
authentication solutions can be categorized as Single-Factor Authentication
(SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple
and less complex SFA and MFA authentication solutions will fuel the demand for
authentication solutions.
Managed services to grow at the highest CAGR
during the forecast period
An increase in the number of customers
demanding for managed services across the globe is expected to result in higher
growth of these services. Managed services, which include managing databases
and collecting data, are outsourced to managed service providers (MSP). Managed
security service providers (MSSPs) offer specialized security services to other
companies. Managed Security Services (MSS) are available in many forms such as
pure system management, sophisticated fraud investigators, on-premises device
monitoring and management services, and cloud services. Since these services
require attention regularly, it becomes difficult for insurance organizations
to manage them along with their core business operations. As a result, these
companies are rapidly outsourcing their insurance fraud detection services to specialized
service providers known as MSSPs.
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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.
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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