Insurance Fraud Detection Market to Reach a Market Size of $10 Billion by 2025 - KBV Research

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KBV Research

20 Aug, 2019, 19:00 IST

NEW DELHI, Aug. 20, 2019 /PRNewswire/ -- According to a new report Global Insurance Fraud Detection Market, published by KBV research, 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. Data science and analytics have come up as a powerful tool for the insurance industry. Insurers have now been empowered to improve their pricing accuracy through a judicious analysis of big data. The analysis has further helped in creating customized products and services, forging stronger customer relationships, and facilitating more effective loss prevention.

The Fraud Analytics market dominated the Global Insurance Fraud Detection Market by Solution Type 2018, growing at a CAGR of 25 % during the forecast period. The Authentication market is expected to witness a CAGR of 25% during (2019 - 2025). Additionally, The Governance, Risk, & Compliance market is expected to witness highest CAGR of 28% during (2019 - 2025).

Access Full Report: https://www.kbvresearch.com/insurance-fraud-detection-market/

The Large Enterprises market dominated the Global Insurance Fraud Detection Market by Organization Size 2018, growing at a CAGR of 25.9 % during the forecast period. The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidences of insurance frauds and cyber-attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally

The North America market dominated the Global Multi Factor Authentication Insurance Fraud Detection Market by Region 2018, growing at a CAGR of 22.5 % during the forecast period. The Europe market is expected to witness a CAGR of 23% during (2019 - 2025). Additionally, The Asia Pacific market is expected to witness a CAGR of 26.4% during (2019 - 2025). The APAC insurance fraud detection market is gaining traction, as the number of smart devices and BYOD trend are increasing in the developed and developing nations in APAC. The SMEs, as well as large enterprises in APAC, are becoming increasingly aware of the rising instances claims fraud, identity thefts, payment frauds, and have now started adopting insurance fraud detection solutions and services to combat them.

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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Insurance Fraud Detection Market Segmentation

By Component

  • Solution
    • Fraud Analytics
    • Authentication
      • Multi Factor Authentication
      • Single Factor Authentication
      • Risk-Based Authentication
    • Governance, Risk, & Compliance
    • Others
  • Services
    • Integration & Consulting Services
    • Training & Education
    • Support & Maintenance

By Organization Size

  • Large Enterprises
  • Small & Medium Enterprises

 By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America 
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe 
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • IBM Corporation
  • Fair Issac corporation (FICO)
  • SAP SE
  • PayPal Holdings, Inc.
  • BAE Systems PLC
  • RELX PLC
  • Fiserv, Inc.
  • Software AG
  • ACI Worldwide, Inc.
  • TransUnion LLC

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  • Highest number of market tables and figures
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  • Guaranteed best price
  • Assured post sales research support with 10% customization free

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