Press release
Market Surge: Global Insurance Fraud Detection Skyrockets to $9.13 Billion In 2025 With a CAGR Of 25.9%
Global Insurance Fraud Detection Skyrockets Market
What Is The Projected Market Size Of The Global Insurance Fraud Detection Market And Its Growth Rate?
Here are the exciting growth projections for the insurance fraud detection market:
* The market size will grow from $7.5 billion in 2024 to $9.13 billion in 2025 at a compound annual growth rate (CAGR) of 21.6%.
* In the forecast period, the market is expected to grow to $22.92 billion in 2029 at a CAGR of 25.9%.
This phenomenal growth can be attributed to the following:
* Rising instances of insurance fraud
* Complexity of fraud schemes
* Regulatory compliance requirements
* Customer demand for enhanced security
* Globalization of insurance markets
What Drives The Growth In The Insurance Fraud Detection Market?
The rise in cyberattacks is a significant driver catapulting the insurance fraud detection market towards phenomenal growth rates. Cyberattacks are intentional attacks by individuals or organizations to gain unlawful access to another's data. As insurance companies hold copious amounts of personal policyholder data, they become lucrative targets for such attacks. For example, according to the Anti-Phishing Working Group, there was a recorded total of 1,025,968 phishing attacks in the first quarter of 2022, indicating a 15% rise from the last quarter of 2021.
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Who Are the Key Players Driving Insurance Fraud Detection Market Growth?
Here are the trailblazers making their mark in the insurance fraud detection 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.
* Acce*nture plc
* Equifax Inc.
* Perceptiviti Inc,
* Shift Technology S. A.
* Verisk Analytics, Inc.
* Mody Data Solution Pvt. Ltd.
* Pixalate, Inc.
* Skopenow Inc.
* Sigma Insights Inc.
* Fraud Guard LLC
What Are The Key Trends In The Insurance Fraud Detection Market?
Here are the future-focused trends that are shaping the world of insurance fraud detection:
* Increased use of advanced analytics and machine learning
* Collaborations with insurtech companies
* Emphasis on real-time fraud prevention
* Enhanced focus on digital identity verification
* Rise in the use of geospatial data for risk assessment
* Adherence to regulatory compliance and reporting
What Are The Segments Of The Global Insurance Fraud Detection Market?
The following segments define the landscape of the insurance fraud detection market:
1) By Component: Solution, Services
2) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Deployment Type: On-Premises, Cloud
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
Which Region Leads The Insurance Fraud Detection Market?
North America was the largest region in the insurance fraud detection market in 2024, while Asia-Pacific is forecasted to be the fastest-growing in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Insurance Fraud Detection Market Global Market Report?
- Market Size Analysis: Analyze the Insurance Fraud Detection Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Insurance Fraud Detection Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Insurance Fraud Detection Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Insurance Fraud Detection Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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