The insurance fraud detection market 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 the forecast period. The major factors driving the growth of the market are the need to manage huge volumes of identities by organisations effectively; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. Fraud analytics is a discipline which involves a set of analytical techniques that analyse enterprises’ systems and databases to identify the vulnerabilities where fraud can happen.