Insurance Fraud Detection Market To Achieve A High CAGR Of 25.8% by 2024

1. Downloaded from: justpaste.it/758lm Insurance Fraud Detection Market To Be Fueled By Rising Demand Due To Tremendous Growth In Industry till 2024 By MarketsandMarkets™ Insurance Fraud Detection Market According to a research report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" published by MarketsandMarkets, The global insurance fraud detection market is expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector. Browse 84 market data Tables and 36 Figures spread through 155 Pages and in-depth TOC on "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=139715396 s Authentication solution segment to grow at the highest CAGR during the forecast period The authentication technology refers to the process of verifying the identity of the users, devices, or systems. Authentication plays a crucial role in the insurance fraud detection market. Fraud authentication helps enterprises to protect customer identity from the fraudsters. While fraud analytics helps detect fraudulent activities and the possibilities of fraud incidents happening in the future, fraud authentication is more inclined toward the prevention of such cases. Fraud authentication helps enterprises maintain the credibility of transactions/information by blocking unauthorized access to the information or identifying false inputs from the users. Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex SFA and MFA authentication solutions will fuel the demand for authentication solutions. Managed services to grow at the highest CAGR during the forecast period

2. An increase in the number of customers demanding for managed services across the globe is expected to result in higher growth of these services. Managed services, which include managing databases and collecting data, are outsourced to managed service providers (MSP). Managed security service providers (MSSPs) offer specialized security services to other companies. Managed Security Services (MSS) are available in many forms such as pure system management, sophisticated fraud investigators, on-premises device monitoring and management services, and cloud services. Since these services require attention regularly, it becomes difficult for insurance organizations to manage them along with their core business operations. As a result, these companies are rapidly outsourcing their insurance fraud detection services to specialized service providers known as MSSPs. Market Players Major vendors that offer insurance fraud detection services across the globe are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and acquisitions, to expand their offerings in the market. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model —GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra

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