Insurance Fraud Detection Market with Key Companies Profile & Cost Structure Analysis By 2024
Insurance Fraud Detection Market with Key Companies Profile & Cost Structure Analysis By 2024
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

The report"Insurance Fraud Detection Market by Component (Solutions (FraudAnalytics, Authentication, and GRC), Service) Application Area (Claims Fraud,Identity Theft, Payment and Billing Fraud, and Money Laundering), DeploymentMode, Organization Size, and Region - Global Forecast to 2024", The globalinsurance fraud detection market is expected to grow from USD 2.5 billion in2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of25.8% during the forecast period. The major aspects driving the market are theneed to effectively manage huge volumes of identities by organizations;improving operational efficiency & enhancing the customer experience;increasing adoption of advanced analytics techniques; and stringent regulatorycompliances. The insurance fraud detection market is growing drastically onaccount of the proliferation of cloud-based services in the insurance sectorand increasing threats & frauds in this sector.

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Authenticationsolution segment to grow at the highest CAGR during the forecast period

Theauthentication technology refers to the process of verifying the identity ofthe users, devices, or systems. Authentication plays a crucial role in theinsurance fraud detection market. Fraud authentication helps enterprises toprotect customer identity from the fraudsters. While fraud analytics helpsdetect fraudulent activities and the possibilities of fraud incidents happeningin the future, fraud authentication is more inclined toward the prevention ofsuch cases. Fraud authentication helps enterprises maintain the credibility oftransactions/information by blocking unauthorized access to the information oridentifying 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 simpleand less complex SFA and MFA authentication solutions will fuel the demand forauthentication solutions.

Managedservices to grow at the highest CAGR during the forecast period

An increasein the number of customers demanding for managed services across the globe isexpected to result in higher growth of these services. Managed services, whichinclude managing databases and collecting data, are outsourced to managedservice providers (MSP). Managed security service providers (MSSPs) offerspecialized security services to other companies. Managed Security Services(MSS) are available in many forms such as pure system management, sophisticatedfraud investigators, on-premises device monitoring and management services, andcloud services. Since these services require attention regularly, it becomesdifficult for insurance organizations to manage them along with their corebusiness operations. As a result, these companies are rapidly outsourcing theirinsurance fraud detection services to specialized service providers known asMSSPs.

APAC to growat the highest CAGR in the market during the forecast period

The primaryforces driving the APAC market growth are the rising technology adoption in theinsurance sector, and the increase in the number of startups in APAC countries,especially India. In recent years, the APAC region has witnessed tremendouseconomic growth, political transformations, and social changes. The region hasa large number of established small and medium-sized enterprises (SMEs) in theinsurance sector, which are growing at an exponential rate to cater to theirbroad customer base. The insurance sector in this region is gaining demand dueto the value of proposition seen by the customers in this sector, and they arebeginning to purchase various insurance policies. Moreover, the ease oftransactions due to the advent of digital transactions, low premiums, and highterm amounts are luring customers to invest in this sector.

The rise ofdigital channels has paved way to a number of challenges and opened a new gatefor fraudsters who wanted to steal the potential information from the customersas well as organizations. However, due to the increasing sophistication levelsof threats, China, India, and Japan have all updated or introduced new nationalcybersecurity policies. Although, initially the APAC region was outsourcing itsnetwork infrastructure security, as it was not in a position to handle complexand multiple cyber threats, the scenario is changing gradually due to theemergence of a wide range of security players, high penetration of cloud-basedservices, and increasing cloud security offerings by vendors in the region.These vendors are offering enhanced insurance fraud detection solutions, whichwill enable the insurance organizations to seamlessly deliver their services andproducts to their customers without worrying about the security.

Variousgrowth strategies have been adopted by the major players to increase theirmarket presence, such as mergers & acquisitions, partnerships &collaborations, business expansions, and product developments. Some of themajor technology vendors in the insurance fraud detection market are FICO (US),IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis(US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACIWorldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2iAnalytics Solutions (India), and Perceptiviti (India).

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