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Prominent Insurance Fraud Detection Market Trend for 2025: Technological Advancements Drive The Evolution Of Insurance Fraud Detection Market
The rise in cyberattacks is anticipated to push the expansion of the insurance fraud detection market. Cyberattacks are perilous, planned endeavours by individuals or groups to breach the data of another individual or entity. Insurance firms are prime targets for cyber-attacks as they possess a vast array of personal policyholder information. In contrast to other sectors, which primarily hold sensitive financial data, insurance companies also gather a significant amount of shielded personal sensitive data. For example, the Anti-Phishing Working Group, an organization based in the US, reported in June 2022 that there had been a total of 1,025,968 phishing attacks in the first quarter of 2022, representing a 15% increase from the 888,585 attacks registered in the final quarter of 2021. Consequently, the escalation in cyberattacks is fuelling the growth of the insurance fraud detection market.
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What is the future CAGR of the insurance fraud detection market, and how will it impact industry expansion?
In recent times, the insurance fraud detection market has expanded dramatically. It is forecasted to increase from a value of $7.5 billion in 2024 to $9.13 billion in 2025 at a compounded annual growth rate (CAGR) of 21.6%. The significant growth observed in the historic period is a result of a surge in insurance fraud cases, the sophistication in fraud schemes, requirements for regulatory compliance, customer need for security, and the worldwide expansion of insurance markets.
The market for detecting insurance fraud is anticipated to experience a substantial expansion in the upcoming years. Its estimated to reach up to $22.92 billion by 2029, with a cumulative annual growth rate (CAGR) of 25.9%. Factors driving this predicted growth during the forecast period include the rise of global data sharing platforms, preventative regulatory measures against fraud, detection of insider threats, heightened identity verification, and improved cybersecurity protections. Key trends for the forecast period encompass the adoption of advanced analytics and machine learning, partnerships with insurtech firms, emphasis on real-time fraud deterrence, focus on digital identity validation, utilization of geospatial data for risk evaluation, and adhering to regulatory compliance and reporting.
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What are the most significant trends transforming the insurance fraud detection market today?
The rise in technological advancements is a notable trend rapidly gaining traction in the insurance fraud detection market. Numerous firms are introducing innovative solutions with enhanced technology to bolster the surveillance and recognition of insurance fraud claims for their clients. To illustrate, Clara Analytics Inc., a software company based in the US, unveiled CLARA Fraud in June 2024. CLARA is an anti-fraud instrument that uses AI and comprehensive workers' compensation data to enhance insights into dubious claims. It offers alerts and scrutinizes SIU referrals with data-driven justifications, empowering claims experts to investigate potential fraud confidently with less false positives, thus exposing fraudulent endeavors across millions of claims.
Which key market segments comprise the insurance fraud detection market and drive its revenue growth?
The insurance fraud detection market covered in this report is segmented -
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
Subsegments:
1) By Solution: Fraud Analytics, Authentication Solutions, Governance, Risk, and Compliance (GRC) Solutions, Identity Verification Solutions, Predictive Analytics
2) By Services: Managed Services, Professional Services, Consulting Services, Training and Support Services, System Integration Services
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What regions are at the forefront of insurance fraud detection market expansion?
North America was the largest region in the insurance fraud detection market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the insurance fraud detection market?
Major companies operating in the insurance fraud detection market include 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., Sigma Insights Inc., Fraud Guard LLC
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What Is Covered In The Insurance Fraud Detection Global Market Report?
•Market Size Forecast: Examine the insurance fraud detection market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance fraud detection market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance fraud detection market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance fraud detection market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance fraud detection market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance fraud detection market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance fraud detection market.
•Competitive Landscape: Review strategic developments in the insurance fraud detection market, including expansions, agreements, and new product launches.
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