Insurance Fraud Detection Market by Component and by Geography – Opportunities and Forecast, 2019-2026

 

Global Insurance Fraud Detection Market

In accordance with the GMI Research analysis, the Insurance Fraud Detection Market will gain immense popularity over the forecast period. This is because of the augmenting consciousness about the advantages of insurance fraud detection solutions among small and medium enterprises.

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Insurance Fraud Detection Market Dynamics

Fraud detection refers to prevention of money or property to be attained by pretences. Fraud detection is implemented across several industries such as banking and insurance. Fraud detection implements various instruments to identify fraud which include Artificial Intelligence and data analytics. It recognises imposture by evaluating algorithms to ascertain patterns. The evolving need to handle the huge volume of specifications by organisations is a prime reason responsible for the growth of the global insurance fraud detection market. Further, accelerating cyber-attack and huge financial loses because of the increasing cyber attacks on the insurance industry will impel the market growth.

For example, as stated by the Federal Bureau of Investigation, Insurance deception is the second most prominent white-collar crime in the United States, and it gauges for nearly $300 million losses every year. In addition, the surging espousal of sophisticated technology like Big Data, Artificial Intelligence (AI), and data analytics to improve customer experience is also fuelling the Insurance Fraud Detection Market Size. Moreover, the mounting tendency of deploying modern technology such as the Internet of Things (IoT) and cloud computing as well as the accelerating penetration of tablets, laptops, and smartphones, has raised the volume of data and transactions which elevates the risk of being caught by fraudsters, which further stimulates the need of solution. However, as per the Insurance Fraud Detection Market Research, insufficient awareness among companies about fraud detection and shortage of incorporation coupled with inaccurate execution of fraud detection solutions are some forces which may restrain the market growth.

About GMI Research

GMI research offers business bits of knowledge and statistical surveying reports to several small and big ventures and large associations. The group of examiners and industry specialists assists customers with securing the impact of dynamics like share, drivers, size, growth openings, and upcoming challenges.

               

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