Rapid growth in insurance fraud detection market due to AI and big data integration

From GlobeNewswire: 2024-12-16 09:00:00

The Insurance Fraud Detection Market is projected to reach USD 32.2 billion by 2032, with a CAGR of 24.6% from 2024-2032. Insurance fraud accounted for 5-10% of all claims globally in 2023, causing significant losses. The integration of AI and big data analytics is crucial in combating fraudulent activities and protecting insurers’ bottom line.

Regulatory frameworks like GDPR are driving the need for comprehensive fraud detection systems. AI-driven systems have reduced insurance fraud claims by 10-30%. Major players in the market include FICO, IBM, SAS Institute, Oracle, SAP, and more. Strict regulations like KYC and AML are fueling demand for advanced fraud detection solutions.

In 2023, North America dominated the market with a 45% revenue share. FICO, IBM, and Oracle are key players in the region. Asia Pacific is expected to experience the fastest CAGR in the insurance fraud detection market. Companies are investing in advanced technology to combat insurance fraud effectively, emphasizing the importance of innovative solutions to protect against financial losses. Investment in fraud detection solutions is expected to drive regional expansion and improve consumer satisfaction. Recent developments include SAS Institute’s AI-powered fraud detection solution and FICO’s upgraded platform. The market dynamics impact analysis covers key points like deployment, organization, and end-user industry segmentation. SNS Insider offers consulting services and market research reports for clients seeking growth.



Read more at GlobeNewswire: Insurance Fraud Detection Market to Reach USD 32.2 Billion