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Which Primary Drivers Are Supporting the Continued Market Growth of theInsurance Fraud Detection Market?

The increase in cyberattacks is likely to propel the growth of the insurance fraud detection market. Insurance companies are prime targets for cyberattacks due to their large volumes of personal and sensitive data. The Anti-Phishing Working Group reported a 15% rise in phishing attacks in the first quarter of 2022 compared to the previous quarter. This surge in cyber threats underscores the demand for improved fraud detection systems in the insurance industry.

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#What is the Anticipated CAGR of theInsurance Fraud Detection Market, and What Factors Will Drive It?

The insurance fraud detection market has grown rapidly in recent years. It will increase from $7.5 billion in 2024 to $9.13 billion in 2025, at a compound annual growth rate (CAGR) of 21.6%. The historical growth is due to rising instances of insurance fraud, the complexity of fraud schemes, regulatory compliance needs, the demand for security from customers, and the globalization of the insurance industry.

The insurance fraud detection market is anticipated to experience exponential growth, reaching $22.92 billion by 2029 at a CAGR of 25.9%. Growth drivers include global data-sharing platforms, regulatory emphasis on fraud prevention, improved insider threat detection, enhanced identity verification, and increased cybersecurity measures. Major trends include the rise of advanced analytics and machine learning, collaborations with insurtech firms, real-time fraud prevention, digital identity verification, and the use of geospatial data for risk assessment and regulatory compliance.

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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theInsurance Fraud Detection Market?

Technological advancements are also gaining traction in the insurance fraud detection market. Companies are introducing new solutions that enhance the monitoring and identification of insurance fraud claims. For example, in June 2024, Clara Analytics Inc., a US-based software company, launched CLARA Fraud, an AI-powered fraud detection tool that uses extensive workers’ compensation data to improve visibility into suspicious claims, provide alerts, and support SIU referrals, enabling claims professionals to investigate fraud with fewer false positives.

Who Are the Key Market Players Influencing the Growth of the Corn and Insurance Fraud Detection Industry?

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., Accenture 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

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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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Which Regions Are Emerging as Leaders in the Insurance Fraud Detection Market?

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

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