Insurance fraud detection market to hit $31.8b by 2032

APAC demand for fraud detection tech surges.

The global insurance fraud detection market, valued at $4.2b in 2023, is projected to grow at a compound annual growth rate (CAGR) of over 25% between 2024 and 2032, reaching $31.8b, according to a Global Market Insights report.

Growth is being driven by advancements in artificial intelligence (AI), machine learning (ML), and big data analytics, enabling real-time monitoring and predictive fraud detection across the insurance sector.

Regionally, Europe held over 35% of the market share in 2023, driven by stringent regulatory mandates and digital adoption in countries like France, Germany, and the UK.

North America is also seeing significant growth, with insurers investing heavily in AI and ML technologies to counter evolving fraud tactics.

In the Asia-Pacific region, rapid digitisation and rising fraud cases are propelling demand for advanced fraud detection technologies, particularly in markets like China, India, and Japan.

The global market's expansion is closely tied to the surge in digital insurance transactions, which increases the complexity of detecting fraudulent activities. Insurers are adopting advanced technologies to analyse vast datasets in real-time and identify suspicious patterns.

However, high initial investment costs for integrating these technologies remain a significant challenge, particularly for smaller firms.

The adoption of blockchain technology is also gaining traction. Blockchain’s decentralised and immutable ledger offers enhanced security and transparency, allowing insurers to verify transaction authenticity and prevent fraud.

In 2023, the solution segment accounted for 70% of the market share due to the rising demand for modular, customisable fraud detection platforms that can integrate seamlessly with existing systems.

Cloud-based deployments are becoming increasingly popular, representing 72% of the market, as they offer cost-effective and scalable solutions for insurers.

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