Insurance fraud detection is anticipated to grow at a CAGR of 10.3% during the forecast period. The fraud detection system is a software application that is utilized to offer analytical solutions against fraud incidence and enables to identify future fraud occurrences. The different factors that include an increase in the sophistication level of cyber attack and large monetary losses due to this attack in the insurance sector are projected to drive the insurance fraud detection industry growth. Factors such as lack of awareness in the organization regarding the importance of fraud detection solution and lack of integration of fraud detection solution in the organization network may hamper the market during the forecast period.
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The establishment of cloud computing services and big data analytics and an increase in mobile banking services are projected to drive the insurance fraud detection market. Cloud infrastructure provides business to fulfill the requirements of cloud security that are diversifying of duties and access control of protected data. Moreover, growth in the generation of enterprise data, rising in the incidence of fraud and the large industry-specific requirement is flourishing the growth of the market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Insurance Fraud Detection Market Segmentation
By Component
- Solution
- Services
By Deployment Type
- Cloud
- On-Premises
By End-User
- Small & Medium Enterprises
- Large Enterprises
Global Insurance Fraud Detection Market – Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Market value data analysis of 2018 and forecast to 2025.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global insurance fraud detection market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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