The global insurance fraud detection market was valued at USD 2.3 Billion in 2018 and is expected to reach USD 8.8 Billion in 2026, growing at a CAGR of 17.8% during the forecast period.
Cloud-based fraud detection solutions; a force to reckon with the insurance fraud detection market.
The deployment of cloud-based insurance fraud detection solutions includes software, infrastructure, platforms, devices, and other resources, that are provided as services on a pay-per-use basis by consumers. The rise in adoption of cloud computing services with increasing security issues will motivate the organizations to shift their attention towards the cloud security. IBM is one of the key players in cloud security. The company offers a wide range of enterprise-grade security services to safeguard an organization’s cloud environments.
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Identity theft occurs in stealing personal identifying information including name, address, banking account number, ID number, username or password to commit fraud. According to the Council On Foreign Relations, Brazil ranks second in the world for online banking fraud and financial malware. The number and intensity of cyber-attacks have risen at a very fast pace over the past few years and this will augment the market in the near future. Moreover, the rate at which online banking increased has affected the security of their transactions. The attackers have been continuously trying to attack the bank and its customers to create either financial or data loss. Recently, in 2017, Lloyds Banking Group reported a 48-hour online attack in which cybercriminals attempted to block access to 20 Billion UK accounts.
However, the lack of integration of advanced technologies expected to hamper the market during the forecast period. Moreover, the limited awareness of insurance fraud detection solutions in emerging and underdeveloped economies is the prime challenges for the growth of the global insurance fraud detection market during the forecast period.
Based on the component, the solutions segment is expected to dominate the market with nearly 65% share in the global insurance fraud detection market in 2018.
Based on the deployment mode, the on-premise segment accounts for the largest share in the market and is expected to grow at a CAGR of 21% during the forecast period.
Based on the application, the payment and billing fraud segment is expected to dominate the market during the forecast period.
North America accounted for nearly 44% share of the global insurance fraud detection market in 2018.
In July 2019, iOvation signed a partnership agreement with Praxis, a Cyprus-based software company. Through the partnership, Praxis will provide its merchants an advanced, real-time fraud detection solution by using iOvation’s device intelligence technology.
In February 2019, FRISS announce the opening of an office in Germany in order to provide efficient solutions that can fight against insurance fraud.