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Insurance Fraud Detection Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players
Insurance Fraud Detection Market Size
As per the report, the insurance fraud detection market size has grown exponentially in recent years. It will grow from $6.23 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The insurance fraud detection market size is expected to see exponential growth in the next few years. It will grow to $18.04 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%.
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Escalating Cyberattacks Fuel Growth In The Insurance Fraud Detection Market
The increase in cyberattacks is expected to propel the growth of the insurance fraud detection market. A cyberattack is a dangerous and intentional attempt by an individual or organization to gain access to another person's or organization's data. Insurance companies are an excellent target for cyber-attacks since they have access to a large amount of personal policyholder data. Compared to other industries, which hold mainly sensitive financial data, insurers typically also collect a large amount of protected personal sensitive information. For instance, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, an increase in cyberattacks is driving the insurance fraud detection market growth.
Technological Advancements Drive The Evolution Of Insurance Fraud Detection Market
Technological advancements are a key trend gaining popularity in the insurance fraud detection market. Many companies are offering new solutions with upgraded technologies to improve the monitoring and identification of insurance fraud claims for their customers. For instance, in December 2021, Crawford & Company, a US-based independent claims management company, launched the Crawford Intelligent Fraud Detection solution. This innovative solution combines human expertise with forensic analysis, leveraging DXC Luxoft's Financial Crimes Intelligence platform in collaboration with IBM to improve the detection and management of fraudulent claims. Crawford's significant knowledge and skills are leveraged in this solution, which uses AI to assist customers in detecting and managing insurance fraud.
The insurance fraud detection market covered in this report is segmented -
1) By Deployment Type: On-Premises, Cloud
2) By Component: Solution, Services
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering
5) By End User: Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users
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Major companies operating in the insurance fraud detection market report are ACI Worldwide Inc., BAE Systems PLC, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS Inc., International Business Machines Corporation, iovation Inc., Kount Inc., Relx Group, Oracle Corp., SAP SE, SAS Institute Inc., Scorto Inc., TransUnion LLC, Wipro Ltd., Equifax Inc., Perceptiviti Inc,, Shift Technology S. A., Verisk Analytics, Inc., Mody Data Solution Pvt. Ltd., Pixalate, Inc., Skopenow Inc., Owl Cyber Defense Solutions, LLC, Sigma Insights Inc., Fraud Guard LLC
Contents of the report:
1. Executive Summary
2. Insurance Fraud Detection Market Report Structure
3. Insurance Fraud Detection Market Trends And Strategies
4. Insurance Fraud Detection Market - Macro Economic Scenario
5. Insurance Fraud Detection Market Size And Growth
…..
27. Insurance Fraud Detection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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