Insurance Fraud Detection Market to Reach $28.1 Bn, Globally, by 2031 at 24.2% CAGR: Allied Market Research
Rise in use of advanced analytics & technologies for determining fake medical records, inaccurate claims, abductions, and others drives the growth of the global insurance fraud detection market.
PORTLAND, Ore., July 4, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Insurance Fraud Detection Market by Component (Solution, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Applications (Payment Fraud and Billing Fraud, Identity Theft, Claims Fraud, Money Laundering): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global insurance fraud detection industry generated $3.3 billion in 2021, and is expected to reach $28.1 billion by 2031, witnessing a CAGR of 24.2% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Rise in use of advanced analytics & technologies for determining fake medical records, inaccurate claims, abductions, and others along with improvements in cyber security infrastructure drive the growth of the global insurance fraud detection market. However, improper handling of data and privacy issues limit the market growth. On the other hand, surge in adoption of advanced technologies such as artificial intelligence and machine learning for detecting fraud in insurance claims creates new opportunities in the coming years.
Download Sample Report (Get Full Insights in PDF – 290+ Pages) @ https://www.alliedmarketresearch.com/request-sample/7313
Covid-19 Scenario
- The Covid-19 pandemic raised the claims of insurances across the globe in different sectors, specifically in the healthcare sector due to surge in number of hospitalizations of infected patients.
- With the rise in number of claims related to healthcare, the fraudulent claims surged substantially. Insurance providers are adopting advanced technologies and utilizing data to detect fraudulent claims and tackle losses. Moreover, they carried out cross-industry anti-fraud collaborations to protect honest customers.
- Many insurance companies underwent the digital transformation programs to detect sophisticated and evolving fraudulent insurance claim behaviors.
The Solution Segment to Maintain Its Lead Status Throughout the Forecast Period
Based on component, the solution segment accounted for the highest market share in 2021, contributing to nearly three-fourths of the global insurance fraud detection market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to rise in instances of inaccurate claims, abductions, deaths, and fake medical records along with the integration of insurance fraud detection solutions with the internet of things (IoT) and artificial intelligence (AI). However, the services segment is expected to manifest the fastest CAGR of 27.8% from 2022 to 2031, owing to offering of professional & managed services including consulting, support & maintenance, and training services that are designed for consumers to mitigate fraud risks.
Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/7313
The Payment Fraud and Billing Fraud Segment to Maintain Its Leadership Status By 2031
Based on application, the payment fraud and billing fraud segment held the highest share in 2021, accounting for nearly two-fifths of the global insurance fraud detection market, and is projected to maintain its leadership status by 2031. This is due to surge in insurance fraud detection software for payment and billing fraud detection and adoption of standard rule-based anti-fraud system offered by banks and institutions. However, the claims fraud segment is projected to witness the highest CAGR of 26.8% from 2022 to 2031. This is owing to implementation of machine learning and AI-based algorithms and solutions by insurers to process claims quickly and efficiently.
Asia-Pacific to Continue Its Lead Position by 2031
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for more than one-third of the global market, and is projected to continue its lead position by 2031. This is attributed to the trend of modernization & digitalization, investments in digital tools & solutions and hybrid agency models, and adoption of advanced technologies such as AI and big data analytics. However, North America is estimated to witness the largest CAGR of 26.6% during the forecast period. This is due to rise in the demand for disability insurance services, increase in adoption of digital advisor tools, investments in analytics capabilities and claims automation. In addition, market players in this region are offering pay-as-you-go product & solutions and forming new partnerships and collaborations.
Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/7313?reqfor=covid
Leading Market Players
- BAE Systems
- Duck Creek Technologies
- Equifax Inc.
- Experian Information Solutions, Inc.
- FICO
- FRISS
- Fiserv, Inc.
- IBM
- LexisNexis Risk Solutions Group.
- SAS Institute Inc.
Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports:
Insurance Brokerage Market Is Projected to Reach $395.04 Billion By 2027
Digital Insurance Platform Market Is Projected to Reach $279.51 Billion By 2030
Liability Insurance Market Is Projected to Reach $432.81 Billion By 2031
Single Trip Travel Insurance Market Is Projected to Reach $45.89 Billion By 2030
Home Insurance Market Is Projected to Reach $395.04 Billion By 2027
BFSI BPO Services Market Is Projected to Reach $174.94 Billion By 2028
BFSI Security Market Is Projected to Reach $114,498 Million By 2027
Pre-Book Now With 10% Discount:
Premium Finance Market: Global Opportunity Analysis and Industry Forecast 2021–2030
Secured Payment Solution Market: Global Opportunity Analysis and Industry Forecast, 2022-2029
Disability Insurance Market: Global Opportunity Analysis and Industry Forecast, 2022-2029
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article