Global Insurance Fraud Detection Market Data 2024, Forecast To 2033

The insurance fraud detection market has seen exponential growth, rising from $6.23 billion in 2023 to $7.66 billion in 2024, reflecting a CAGR of 22.8%. This growth is attributed to factors such as the increasing instances of insurance fraud, the complexity of fraud schemes, regulatory compliance requirements, customer demand for security, and globalization of insurance markets. The market is expected to continue its strong growth, reaching $18.04 billion in 2028, with a CAGR of 23.9%. The forecasted growth is driven by global data sharing platforms, regulatory emphasis on fraud prevention, insider threat detection, enhanced identity verification, and increased cybersecurity measures. Major trends in the forecast period include the rise of advanced analytics and machine learning, collaboration with insurtech companies, a focus on real-time fraud prevention, digital identity verification, the use of geospatial data for risk assessment, and regulatory compliance and reporting.