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Growing Demand for Insurance Fraud Detection Market at 17.8% of CAGR Through 2026 | Know the Impact Analysis of Corona-virus/COVID19

04-28-2020 02:29 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: AllTheResearch

The Global Insurance Fraud Detection Market was valued at USD 2.3 Billion in 2018 and is expected to reach USD 8.8 Billion in 2026, growing at a CAGR of 17.8% during the forecast period.

The ripple effect of Coronavirus-COVID19 on the Insurance Fraud Detection Market Ecosystem needs to become part of strategy discussions to emerge strong. The Analyst team is meticulously tracking the impact and relevance to all the sectors in the Insurance Fraud Detection Market. Key data sets include Revenue Impact analysis, Disruptions and New opportunities in the Supply Chain, Revised Vendor Landscape Mix, New opportunities mapping, and more.

Download Sample ToC to understand the COVID19 impact and be smart in redefining business strategies.
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Company Profiles and Competitive Intelligence:
The major players operating in the global insurance fraud detection market are SAP SE, IBM Corporation, BAE Systems, SAS Institute, Fair Isaac Corporation, FRISS, Experian Information Solutions, Inc., LexisNexis Risk Solutions Inc., iovation Inc., and Simility, Inc., among others.

The deployment of cloud-based insurance fraud detection solutions includes software, infrastructure, platforms, devices, and other resources, that are provided as services on a pay-per-use basis by consumers. The rise in adoption of cloud computing services with increasing security issues will motivate the organizations to shift their attention towards the cloud security. IBM is one of the key players in cloud security. The company offers a wide range of enterprise-grade security services to safeguard an organization's cloud environments.

Identity theft occurs in stealing personal identifying information including name, address, banking account number, ID number, username or password to commit fraud. According to the Council On Foreign Relations, Brazil ranks second in the world for online banking fraud and financial malware. The number and intensity of cyber-attacks have risen at a very fast pace over the past few years and this will augment the market in the near future. Moreover, the rate at which online banking increased has affected the security of their transactions. The attackers have been continuously trying to attack the bank and its customers to create either financial or data loss. Recently, in 2017, Lloyds Banking Group reported a 48-hour online attack in which cybercriminals attempted to block access to 20 Billion UK accounts.

By Application: Claims Fraud, dentity Theft, Payment and Billing Fraud, Money Laudering and more...

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Key Findings of Insurance Fraud Detection Market:
?Based on the component, the solutions segment is expected to dominate the market with nearly 65% share in the Global Insurance Fraud Detection Market in 2018.
?Based on the deployment mode, the on-premise segment accounts for the largest share in the Insurance Fraud Detection Market and is expected to grow at a CAGR of 21% during the forecast period.
?Based on the application, the payment and billing fraud segment is expected to dominate the market during the forecast period.
?North America accounted for nearly 44% share of The Global Insurance Fraud Detection Market in 2018.

View Complete Report with Different Company Profiles
https://www.alltheresearch.com/report/227/insurance-fraud-detection-market

Contact:
AllTheResearch
Contact Person: Rohit B.
Tel: 1-888-691-6870
Email: contactus@alltheresearch.com

About Us:
AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry.
As a leading market research provider, the firm empowers its global clients with business-critical research solutions.
The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realise, that its not just sheer data-points, but the right analysis that creates a difference.

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