The 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 factors driving the growth of the market are the need to manage huge volumes of identities by organizations effectively; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidences of insurance frauds and cyber attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally.
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