The global fraud detection & prevention market currently $9.62 billion is expected to touch $21.4 billion by 2022, at a CAGR of 17.4% from 2016-2022

Emerging markets like Asia Pacific and Latin America are growing due to liberalization and better regulatory norms. Also new players are entering developing countries giving the market a wider base. The MENA region i.e. the Middle East and the North Africa region has shown a lot of growth potential in this sector, despite having some of the lowest insurance penetration rate which is less than 1% of their annual GDP in the world. Asian countries like India have a penetration of around 0.65% in the insurance sector, according data available with reinsurance giant Swiss RE. With new private sector players emerging in the market over the decade, the market continues to attract more capital and depth.

Fraud detection technology consists of software which are used to track fraudulent activities and is of special significance in the financial sector. Non-life insurance is the major area where fraudulent activities are on rise as it is considered as the second most costly white -collar crime after tax evasion in the US. Fraud detection software use different types of analytics namely predictive analytics, data visualization, social and sentiment analysis tools.

Emerging trend in non-life insurance market in emerging economies

Non-life insurance is an emerging field and market penetration is still very low as compare to life insurance, but will increase in the coming decade because of changing policies and innovation that is taking place in the market. Emerging markets like Asia Pacific and Latin America are growing due to liberalization and better regulatory norms. Also new players are entering developing countries giving the market a wider base. The MENA region i.e. the Middle East and the North Africa region has shown a lot of growth potential in this sector, despite having some of the lowest insurance penetration rate which is less than 1% of their annual GDP in the world. Asian countries like India have a penetration of around 0.65% in the insurance sector, according data available with reinsurance giant Swiss RE. With new private sector players emerging in the market over the decade, the market continues to attract more capital and depth. In countries where norms for foreign players are liberalized, new foreign companies are entering the market and new ideas to stand out are being offered to existing and prospective customers. Insurance fraud can be classified as either hard fraud or soft fraud. Hard fraud occurs when someone purposely invents or plans a loss, such as an accident, fire or auto theft that is covered by their insurance policy so that they can get payment for damages. Fraud detection and mitigation technology forms a part of business intelligence software. According to recent reports in the sector, global business intelligence market is expected to grow around 18% every year and reach $14000 million by 2015. Fraud detection and prevention solutions are offerings from IT vendors to enterprises which help them detect fraud or prevent occurrences of fraud at early stages.
Rise in the enterprise data and its complexity, industry specific requirements, and increase in cost of fraud, are some of the factors acting as drivers for FDP market. Apart from these, technological advancements and regulatory changes will also drive the demand for FDP. However, high cost involvement, low level of awareness, and unavailability of pre-deployment measures are expected to hinder the growth of the FDP market. The limited capability of legacy system has also led to the enterprises switching to FDP. The technological advancements and new FDP solutions will lead to increase in demand. The upcoming new visualization tools and applications along with customer analytics and predictive analytics will further increase the demand for FDP. Growing size of enterprise data and globalization has made it difficult to analyze real time data by legacy systems. This has led the companies to adopt FDP, subsequently pushing up the demand.

Emergence of e-banking and e-commerce is boosting the growth in the FDP market

With increasing entrance of e-banking and e-commerce people are involving more into online transactions are data sharing making them vulnerable. Using their bank accounts details in e commerce websites to purchase things or getting services is risking themselves in the internet. These are the reasons why online frauds are increasing day by day and hence the demand is increasing for the global fraud detection and prevention (FDP) market.

Big Data Platforms are providing the base for the FDP market.

As the global need for fraud detection is increasing, analyzing the large data size has become the need of the hour. And to analyze and provide solution BIG DATA technology is providing the base to the FDP market. Big data helps in FDP system to travel the information all over the world. And to give access whenever and wherever they needed. Claim reports across multiple analytics include the use of text analytics and sentiment analytics to look at the big data fraud. Big data analytics helps to shift from unstructured data available previous

Customer-centric fraud prevention has ample opportunities

Customers are using more and more channels and they are demanding more services at the same time criminals are evolving to exploit customer’s weakest link. While, regulators are increasing their focus on cybersecurity, and fraud operations models. That is why constantly evolving market trends requires adaptation and quick from the leading fraud & cybercrime management solutions that enables real-time delivery and customer-centric prevention.


Contact Details

Company Name: Occams Business Research & Consulting Pvt. Ltd.
Issued By: Occams Business Research
Phone: 0731 2575400
Address: Indore
City: Indore
State: M.P
Zip: 452001
Country: India
Website: Visit the website

Keywords : Banking, General insaurence,

by Occams Business Research (few years ago!)

Latest Press Releases

The Mad Hatter Now Offer a Full Line of Hearth Products and Full Line of Grills

Diabetes Insulin Delivery Pens Market Research Report 2018

Dr Kapadia Provides Tips to Patients Interested in Hair Transplant Procedures

love vashikaran specialist

Solar Blanket Sales Market Report 2018

Spring Bottled Water Market Insights, Forecast to 2025

Biochemical Incubator Sales Market Report 2018

Quinine Sulphate Sales Market Report 2018

Automotive Chassisc System Market Insights, Forecast to 2025

2,6-Dicarboxypyridine market size in key regions like North America, Europe, Asia Pacific an..

Remove this press release ?

Due to extra work required to remove the press-releases we have started charging $1.99 for press release removal.

Your press release will be removed in 24 hours, once the payment has been received.

Search Press Release
e.g. Business, Computer, etc.