Press Release: April 11, 2020
Fraud Detection uses to prevent money or property to be acquired by pretenses. Fraud detection is applied in various industries such as banking and insurance etc. Insurance fraud affects insurers and peoples. Insurance fraud in this industry, such as medical billing fraud, life insurance fraud, claim frauds, etc. Fraud detection uses various techniques to detect fraud which include AI, data analytics etc. It detects fraud by putting algorithms to identify patterns and anomalies.
Increasing cyber-attack, substantial financial losses due to attacks on the insurance sector, and growing need to manage the enormous volume of identities by enterprises are driving the market growth. For instance, according to the Federal Bureau of Investigation, Insurance fraud is a second mostly white-collar crime in the United States, and it accounts for around $300 million losses every year. In addition, increasing the adoption of advanced technology like Artificial Intelligence (AI), Big Data and data analytics to enhance customer experience is also propelling the market growth. Moreover, growing trends of advance technology such as the Internet of Things (IoT), cloud computing and increasing penetration smartphones, tablets, laptops etc increases the volume of data and transactions which increases the chance of being targeted by fraudsters which further increases the need of fraud detection solution. However, lack of awareness among organisation about fraud detection and lack of integration coupled with improper implementation of fraud detection solutions are restraining the market growth.
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In terms of region, North America is expected to hold the largest market size in insurance fraud detection and expected to hold the maximum market during the forecast period owing to the rapid adoption of insurance fraud detection technology among organizations in this region. The rise in threats and vulnerabilities and government compliances and presence of a large number of insurance fraud detection solution and services providers in the in this region is also expected to drive the market growth during the forecast period. While Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period due to increasing awareness about benefits of insurance fraud detection solution among small and medium enterprises and also in large enterprises to prevent various fraud such as payment frauds, identity theft, claim fraud, etc. which drive the market growth.
Various notable players in the Insurance Fraud Detection market include SAS Institute, FICO, BAE Systems plc, Experian plc, Iovation Inc., IBM Corporation, Lexisnexis, SAP SE, FRISS, Fiserv, Inc., and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive.
The Global Insurance Fraud Detection Market has been segmented on the basis of Component, Deployment Type, Organization Size, application and Geography. Based on the component market is categorized into Solutions and Services. On the basis of deployment type market is segmented into On-premises and Cloud. Based on the organization size market is segmented into Small and Medium-sized Enterprises and Large Enterprises. Based on the application market is categorized into Claims Fraud, Identity Theft, Payment Fraud and Billing Fraud and Payment Fraud and Billing Fraud and by geography.
The research report “Global Insurance Fraud Detection Market” provides an in-depth analysis of the global Insurance Fraud Detection market based on component, deployment, application and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the global insurance fraud detection market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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Key questions answered in this research report:
1- At what pace is the global insurance fraud detection market growing? What will be a growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global insurance fraud detection market?
4- What are the various application areas and how they are poised to grow?
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