The global insurance fraud detection market size 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 2019–2024. Major driving factors for the market include various factors, such as the need to the need to effectively manage huge volumes of identities by organizations, improving operational efficiency & enhancing customer experience, increasing adoption of advanced analytics techniques, and stringent regulatory compliances.