Insurance

Global Insurance fraud detection market size to hit $10bn by 2025

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NEW YORK, Jan. 16, 2020 /PRNewswire/ —

The Global Insurance Fraud Detection Market size is expected to reach $10 billion by 2025, rising at a market growth of 26.6% CAGR during the forecast period.

Read the full report: https://www.reportlinker.com/p05807152/?utm_source=PRN

Insurance fraud takes place when an insurance company, adjuster, agent, or consumer commits a measured fraud to get an unlawful gain. Frauds can also occur when the process of buying, using, selling or underwriting insurance are ongoing. An insurance fraud can be categorized under different kinds of frauds, for example, from fraud against consumers to fraud against insurance companies. Insurance fraud has been evaluated at over a hundred billion dollars every year. It imposes costs on insurance companies and threatens their competitiveness along with financially destroying the customers, economy, and society as a whole.

The introduction of big data analytics and cloud computing services and the rapid increase in mobile banking are key factors that drive the growth of the fraud detection & prevention market. Cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, separation of duties, and access control of protected data. In addition, an increase in the generation of enterprise data and its complexity, high industry-specific requirements, and an increase in the incidence of fraud further supplement the fraud detection & prevention market growth.

Based on Component, the market is segmented into Solution and Services. Solution segment is further segmented into Fraud Analytics, Authentication, Governance, and Risk, & Compliance and others. Authentication solution segment is bifurcated into Multi Factor Authentication, Single Factor Authentication and Risk-Based Authentication. Services segment is segmented into Integration & Consulting Services, Training & Education, and Support & Maintenance. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Fair Issac Corporation (FICO), SAP SE, PayPal Holdings, Inc., BAE Systems PLC, RELX PLC, Fiserv, Inc., Software AG, ACI Worldwide, Inc. and TransUnion LLC.

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