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Emerging Innovations in Insurance Fraud Detection: Market Outlook 2024
Insurance Fraud Detection Market Segments
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rising instances of insurance fraud, complexity of fraud schemes, regulatory compliance requirements, customer demand for security, globalization of insurance markets..
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%. The growth in the forecast period can be attributed to global data sharing platforms, regulatory emphasis on fraud prevention, insider threat detection, enhanced identity verification, increased cybersecurity measures. Major trends in the forecast period include rise of advanced analytics and machine learning, collaboration with insurtech companies, focus on real-time fraud prevention, focus on digital identity verification, use of geospatial data for risk assessment, regulatory compliance and reporting..
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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., Accentur*e plc, 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
Insurance Fraud Detection Market 2024 Key Insights:
• 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%.
• Escalating Cyberattacks Fuel Growth In The Insurance Fraud Detection Market
• Technological Advancements Drive The Evolution Of Insurance Fraud Detection Market
• North America was the largest region in the insurance fraud detection market in 2023
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