Asia Pacific Insurance Fraud Detection Market By Component (Solution and Services) By Organization Size (Large Enterprises and Small & Medium Enterprises)
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The Asia Pacific Insurance Fraud Detection Market would witness market growth of 29.2% CAGR during the forecast period (2019-2025).
Asia Pacific exhibited a rapid market growth and is expected to continue this trend over the forecast period. This growth can be attributed to the penetration of the Internet, and the growing use of mobile data for various applications including social media and mobile banking. The growing adoption indirectly boosts insurance fraud detection market growth. Insurance fraud detection solutions and services are being widely deployed over on-premises and cloud environments.
The APAC insurance fraud detection market is gaining traction, as the number of smart devices and BYOD trend are increasing in the developed and developing nations in APAC. The SMEs, as well as large enterprises in APAC, are becoming increasingly aware of the rising instances claims fraud, identity thefts, payment frauds, and have now started adopting insurance fraud detection solutions and services to combat them.
Based on Component, the market is segmented into Solution and Services. Solution segment is further segmented into Fraud Analytics, Authentication, Governance, and Risk, and Compliance and others. Authentication solution segment is bifurcated into Multi Factor Authentication, Single Factor Authentication and Risk-Based Authentication. Services segment is segmented into Integration and Consulting Services, Training and Education, and Support and Maintenance. Based on Organization Size, the market is segmented into Large Enterprises and Small and Medium Enterprises. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Fair Issac Corporation (FICO), SAP SE, PayPal Holdings, Inc., BAE Systems PLC, RELX PLC, Fiserv, Inc., Software AG, ACI Worldwide, Inc. and TransUnion LLC.
Scope of the Asia Pacific Insurance Fraud Detection Market Analysis
Market Segmentation: By Component
- Fraud Analytics
- Multi Factor Authentication
- Single Factor Authentication
- Risk-Based Authentication
- Governance, Risk, and Compliance
- Integration and Consulting Services
- Training and Education
- Support and Maintenance
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- South Korea
- Rest of Asia Pacific
- IBM Corporation
- Fair Issac corporation (FICO)
- SAP SE
- PayPal Holdings, Inc.
- BAE Systems PLC
- RELX PLC
- Fiserv, Inc.
- Software AG
- ACI Worldwide, Inc.
- TransUnion LLC
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