Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Healthcare Fraud Analytics Market size is expected to reach $6.6 Billion by 2028, rising at a market growth of 23.0% CAGR during the forecast period.
The Cloud segment is showcasing a CAGR of 24.7% during (2022 - 2028). The cloud-based category has been the developing delivery option since it gives a greater virtual area to store data for a variety of patients. This is a more cost-effective and commercially feasible choice for businesses. More small and medium-sized firms are able to adopt cloud-based services for healthcare fraud analytics.
The Insurance Claim Review segment acquired maximum revenue share in the Global Healthcare Fraud Analytics Market by Application in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.5 billion by 2028. The expanding acceptance of health insurance by people also results in an increase in the number of fraudulent claims. In addition, there are many healthcare companies that are investing in the adoption of advanced solutions and hence, propelling the growth of the segment.
The Public & Government Agencies segment is growing at a CAGR of 22.3% during (2022 - 2028). A greater amount of patients in government hospitals, as well as the increased vulnerability of government organizations to fraudulent operations because of a lack of technologically updated infrastructure, specifically in developing countries, are two significant factors leading to the big percentage.
The Predictive Analytics market has the high growth rate of 23.3% during (2022 - 2028). Detecting fraud before claims are paid in the most efficient way of preventing it. As a result, healthcare payers have begun to use predictive analytics systems. These technologies discover potentially fraudulent tendencies and then design rules to flag specific claims. The main motive of predictive analytics is to find probable fraudulent activities.
The North America market dominated the Global Healthcare Fraud Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.47 billion by 2028. The Europe market is estimated to witness a CAGR of 22.8% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 23.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wipro Limited, IBM Corporation, DXC Technology Company, SAS Institute, Inc., Conduent, Incorporated, HCL Technologies Ltd., UnitedHealth Group, Inc. (Optum, Inc.), OSP Labs, Cotiviti, Inc., and ExlService Holdings, Inc.
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