Digital Ad Fraud Detection Software Market Insight | Outlook | Growth Analysis Report 2022-2028

Fraud Detection and Prevention Industry 2021With rising incidences of fraud across a variety of industries, enterprises and government bodies are losing large amounts of capital every year.

Furthermore, increased use of digital data mode, high usage of internet enabled devices, and cloud services has rapidly increased the vulnerability of enterprises towards fraud, further fueling the Fraud Detection and Prevention Industry.With growing digitization, Fraud Detection and Prevention Industry has witnessed the replacement of traditional methods of fraud detection by advanced techniques.

The introduction of key technologies namely big data analytics, cloud computing services, AI and machine learning are driving the growth of Fraud Detection and Prevention Industry.

For instance, LexisNexis offers fraud detection solutions leveraging advanced analytics and robust data to combat insurance fraud.

This solution helps insurance carriers identify and investigate potentially fraudulent claims and questionable provider behavior more efficiently.

On the other hand, deepsense.ai builds machine learning algorithms that are more efficient than rules-based systems for fraud detection.

The report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024", The global 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 aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances.

The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=139715396The authentication technology refers to the process of verifying the identity of the users, devices, or systems.

Fraud authentication helps enterprises to protect customer identity from the fraudsters.

Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex SFA and MFA authentication solutions will fuel the demand for authentication solutions.Major insurance fraud detection vendors include FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India).

These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global insurance fraud detection market.