Global Insurance Fraud Detection Market

The GMI Research predicts that the Insurance Fraud Detection Market will experience a stimulating demand over the forecast period. This is because of the rising requirement to control huge volume of data, rapid digitalization and growing endorsement of the technology such as data analytics and artificial intelligence.

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Introduction of the Insurance Fraud Detection Market

According to the insurance fraud detection market research, Fraud Detection helps to safeguard money or property to be attained by pretenses. The system helps to interpret solutions against any fraudulent cases and future occurrences. Further, the software helps organisations to analyze the database and recognise the exposure where fraud might happen.

Key Players of Market:

• FICO, BAE Systems plc
• FRISS
• SAS Institute
• Experian plc
• IBM Corporation
• Lovation Inc.
• Lexisnexis
• SAP SE
• Fiserv, Inc.

Insurance Fraud Detection Market Dynamics

The accelerating number of cyber-attacks and the increasing need to supervise the huge volume of identities by various organisations are strengthening the growth of the global insurance fraud detection market. In addition, the rising financial losses as a result of attacks on insurance sector as well as the augmenting endorsement of sophisticated technologies such as data analytics, big data, and artificial intelligence to improve customer experience are stimulating the market growth. For example, as per the Federal Bureau of Investigation, Insurance fraud is the second most white-collar crime in the United States accounting for nearly $300 million losses per year.

Further, the surging drift towards internet of things (IoT), cloud computing and accelerating seepage of tablets, smartphones, and laptops have raised the volume of data and transaction, further stimulating the incidences of fraudulent activities. Thereby, all this together is supplementing the market growth.  However, inadequate awareness among enterprises about fraud identification and insufficient execution of solutions will restrict the insurance fraud detection market size.

Regional Drivers

According to the regional coverage, North America is predicted to maintain its supremacy over the coming years. This is because of the swift endorsement of fraud detection technology across companies and the aggravating number of menaces and vulnerabilities. Also, the rigorous government norms as well as the presence of a leading solution and services providers in the in this region will further supplement the market growth. Besides this, the global insurance fraud detection market report states that the Asia-Pacific region is contemplated to expand at a higher rate due to the surging consciousness about the benefits imparted by solutions among small and medium enterprises.

Insurance Fraud Detection Market Segmentation:

Segmentation by Component

• Solutions
• Services

Segmentation by Deployment Type

• On-Premises
• Cloud

Segmentation by Organization Size

• Small and Medium-sized Enterprises
• Large Enterprises

Segmentation by Application

• Claims Fraud
• Identity Theft
• Payment Fraud and Billing Fraud
• Payment Fraud and Billing Fraud

Segmentation by Region:

• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• RoW
  • UAE
  • Brazil
  • South Africa
  • Saudi Arabia

About GMI Research

GMI a leading consulting company spotlighted as one of the promising market in the Silicon India Magazine offers enterprises with business acumen and market research reports. The team cumulates all the material information about enormous industries applying internal and external databases. The concentration of the organization is to apprehend our clients with the impending challenges across different industries. Our team of seasoned experts succours clients in perceiving the effect of market dynamics such as size, share, drivers, growth opportunities, and other aspects.

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