The Business Research Company’s Insurance Fraud Detection Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 21, 2023 /EINPresswire.com/ — The global insurance fraud detection market is on an upward trajectory, poised to grow from $5.2 billion in 2022 to $6.4 billion in 2023, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 23.1%. Projections suggest a continued growth momentum, with the insurance fraud detection market expected to reach $15.07 billion in 2027, driven by a substantial CAGR of 23.9%.

Catalysts for Growth: Surge in Cyberattacks:
The insurance fraud detection market is witnessing a significant boost due to the increasing frequency of cyberattacks. Cybersecurity threats pose a considerable risk, and insurance companies, holding vast amounts of personal policyholder data, become prime targets.
Notably, the FBI’s Internet Crime Complaint Centre (IC3) observed a substantial 69% increase in reported cybercrimes in 2020 compared to 2019 in the US. The surge in cyberattacks, averaging 2,000 reports per day in 2020, propels the need for robust fraud detection in the insurance sector.

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Key Market Players:
Major entities driving advancements in the insurance fraud detection market include ACI Worldwide Inc., BAE Systems, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS, IBM Corp., Iovation Inc., Kount Inc., LexisNexis, Oracle Corp., Scorto Inc., TransUnion LLC, Wipro Ltd., Accenture, CI Worldwide Inc., Equifax Inc., and Perceptiviti. These players contribute significantly to shaping the landscape through innovative solutions and technological advancements.

Technological Advancements:
A notable trend in the insurance fraud detection domain is the embrace of technological advancements. Companies are introducing solutions with upgraded technologies to enhance the monitoring and identification of fraudulent insurance claims.
Crawford & Company, a US-based claims management company, launched the Crawford Intelligent Fraud Detection solution in December 2021. This solution, leveraging DXC Luxoft’s Financial Crimes Intelligence platform and IBM, combines human expertise with forensic analysis. It employs AI to enhance the detection and management of fraudulent claims, showcasing the integration of advanced technologies in fraud prevention.

Regional Dynamics: North America Leading:
North America emerges as the largest region in the insurance fraud detection market in 2022, underscoring its significant role in market dynamics. Asia-Pacific is anticipated to witness the fastest growth in the forecast period. The regions covered in the insurance fraud detection market report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
1) By Deployment Type: On-Premises, Cloud

2) By Component: Solution, Services

3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises

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

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Insurance Fraud Detection Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Insurance Fraud Detection Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on insurance fraud detection market size, insurance fraud detection market drivers and trends, insurance fraud detection market major players, competitors’ revenues, insurance fraud detection market positioning, and insurance fraud detection market growth across geographies. The insurance fraud detection market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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