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.

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GMI research offers business bits of knowledge and
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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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