The Insurance Fraud Detection Market size is estimated at USD 5.69 billion in 2024, and is expected to reach USD 21.61 billion by 2029, growing at a CAGR of 26.01% during the forecast period (2024-2029).
The increasing number of fraud claims and their burden on insurance businesses, the need to efficiently manage large amounts of policyholder data, and improved operational efficiency to enhance customer experience are the key factors fueling the market's growth.
The insurance fraud detection market is highly fragmented with the presence of major players like Fair Isaac Corporation (FICO), BAE Systems Inc., IBM Corporation, SAS Institute Inc., and Experian Information Solutions Inc. Players in the market adopt strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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