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Global Insurance Fraud Detection Market Report 2023 to 2031: Growing Prevalence of the Use of Digitalization Fuels the Sector - ResearchAndMarkets.comThe "Insurance Fraud Detection Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering. Throughout the forecast period 2023-2031, analysts anticipate the global market for insurance fraud detection to demonstrate a CAGR of 15.21%. Because of the rapid adoption of insurance fraud detection technology among organizations in this region, North America is anticipated to hold the largest market size in the detection of insurance fraud and is anticipated to hold the maximum market during the forecast period. The presence of a large number of insurance fraud detection solutions and service providers in this region is also expected to drive market growth during the forecast period. Additionally, the rise in threats and vulnerabilities, as well as government compliances, are expected to drive the market. While the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, this is expected to be driven by increasing awareness about the benefits of insurance fraud detection solutions among small and medium enterprises as well as in large enterprises to prevent various types of fraud such as payment frauds, identity theft, claim fraud, and other types of fraud that drive the market growth. The Expansion of cyberattacks, a large number of identities, and resulting financial losses drive the market for fraud detection services and solutions The expansion of cyberattacks, the astronomical number of identities that businesses need to manage, and the considerable financial losses that have resulted from attacks on the insurance industry are all factors that are driving the growth of the market. For example, the Federal Bureau of Investigation reports that insurance fraud is the second most common type of white-collar crime in the United States and that it is responsible for losses totalling approximately $300 million annually. The growing prevalence of the use of digitalization The growing use of technologies within the Banking, financial services, and insurance (BFSI) sector, including artificial intelligence, machine learning, and blockchain, has led to enormous data security vulnerabilities. In addition, as this sector of the economy becomes increasingly digitalized, the demand for data protection in the BFSI security market is continuing to increase due to the prevalence of cyberattacks and thefts. Additionally, financial organizations such as banks, financial institutions, and other financing organizations are rapidly making the transition to digitalizing their business operations. This has led to a massive increase in the adoption and implementation of various security solutions and services. Risk of data leak by third-party services The BFSI industry makes use of various security solutions and services due to its susceptibility to external as well as internal security threats. On the other hand, BFSI security organizations are typically third-party service providers that offer security solutions to several clients and industry verticals all at the same time. In addition to this, it may make it difficult for businesses to manage the data coming from several different companies. As a consequence of this, issues in trusting security solutions and services, as well as the possibility of engaging third parties, both of which could result in the disclosure of sensitive data, restrict the expansion of the industry. Historical & Forecast Period This study report represents an analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031. Market Segmentation Component
Deployment Mode
Application
End-use Vertical
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