Europe Insurance Fraud Detection Market By Component (Solution and Services) By Organization Size (Large Enterprises and Small & Medium Enterprises)
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The Europe Insurance Fraud Detection Market would witness market growth of 25.6% CAGR during the forecast period (2019-2025).
Insurers have a tendency of taking a reactive approach to fraud, and they fail to use the data that has been collected to stay ahead. As an alternative, they must adopt machine learning and artificial intelligence. Across the automotive sector, disability worker compensation, and homeowner insurance claims, this revolutionary approach to data analytics has enabled insurers to assess many more claims. This assessment would not have been possible with traditional rules-based and statistical models.
An increase in the number of customers demanding for managed services across the globe is expected to result in higher growth of these services. Managed services, which include managing databases and collecting data, are outsourced to manage service providers (MSP). Managed security service providers (MSSPs) offer specialized security services to other companies. Managed Security Services (MSS) are available in many forms such as pure system management, sophisticated fraud investigators, on-premises device monitoring and management services, and cloud services.
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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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 Europe Insurance Marketing Platform 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
- Rest of Europe
- 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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