Information Communication and Technology Reports Insurance Fraud Detection Market Report

Insurance Fraud Detection Market worth $7.9
billion by 2024
According to a new market research report "Insurance Fraud Detection Market by Component (Solutions (Fraud
Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing
Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024",
published by MarketsandMarkets™, the global Insurance Fraud Detection Market is expected to grow from USD
2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the
forecast period.
The major aspects driving the Insurance Fraud Detection Market are the need to effectively manage huge volumes
of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing
adoption of advanced analytics techniques; and stringent regulatory compliances. The Insurance Fraud Detection
Market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and
increasing threats & frauds in this sector.
Browse and in-depth TOC on “Insurance Fraud Detection Market”
83 - Tables
37 - Figures
183 - Pages
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Authentication solution segment to grow at the highest CAGR during the forecast period
The authentication technology refers to the process of verifying the identity of the users, devices, or systems.
Authentication plays a crucial role in the Insurance Fraud Detection Market. Fraud authentication helps enterprises
to protect customer identity from the fraudsters. While fraud analytics helps detect fraudulent activities and the
possibilities of fraud incidents happening in the future, fraud authentication is more inclined toward the
prevention of such cases. Fraud authentication helps enterprises maintain the credibility of
transactions/information by blocking unauthorized access to the information or identifying false inputs from the
users. Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor
Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex
SFA and MFA authentication solutions will fuel the demand for authentication solutions.
Managed services to grow at the highest CAGR during the forecast period
An increase in the number of customers demanding for managed services across the globe is expected to result in
higher growth of these services. Managed services, which include managing databases and collecting data, are
outsourced to managed service providers (MSP). Managed security service providers (MSSPs) offer specialized
security services to other companies. Managed Security Services (MSS) are available in many forms such as pure
system management, sophisticated fraud investigators, on-premises device monitoring and management services,
and cloud services. Since these services require attention regularly, it becomes difficult for insurance organizations