Newark, June 16, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global identity theft protection services market is expected to grow from USD 10.1 Billion in 2021 to USD 21.5 Billion by 2030, at a CAGR of 8.8% during the forecast period 2022-2030.
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The rising prevalence of financial thefts and cyberattacks due to the emergence of technology has given rise to identity theft protection services and drives the market. These services provide coverage for such thefts and ensure that the damages caused due to these threats can be refurbished. The hackers or attackers use the user’s nameand address, bank account details or credit card details, medical insurance account numbers, and social security numbers for doing the fraud. Moreover, identity theft protection services also protect the sensitive information of the enterprise and customers from hackers, thus ensuring that the customer’s data is safe and protected from scammers and fraudsters on the internet. However, lack of awareness and significantly fewer features in the identity theft protection services is a restraint for the market growth. The key market players can expand their offerings in growing economies due to increased awareness regarding online platforms among the younger generation, rapid urbanization, growth in the middle-class segment, and rise in literacy level, which is an opportunity for market growth.
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To enhance their market position in the global identity theft protection services market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In 2020, Breach Clarity, a Fintech provider, partnered with Sontiq, an identity security service provider, to protect the data against identity vulnerabilities and data breaches with unprecedented personalized breach risk intelligence.
● Nationwide, an insurance and financial services company, partnered with Generali Global Assistance in 2020 to offer personal cyber protection services under Theft Protection Program. It plans to protect users from cybersecurity threats and attacks worldwide.
Market Growth & Trends
The need for identity theft protection services has risen due to the internet’s growing end-users and the increasing acceptance of digital payments among merchants. Furthermore, because of the ever-increasing population and rapid urbanization, smartphones increased, allowing fraudsters to misuse the information. As per the report of FTC, consumers lost almost around USD 3 billion in financial fraud in 2020. Thus, the rising incidents of data breaches related to financial scams necessitate the deployment of identity theft protection services. The worst data breach occurred in 2019 when the data of 7 billion people were exposed by Adobe creative cloud, and Capital One Financial Corp revealed 100 billion records. Thus, rising concerns of data breaches and identity breaches are likely to boost the market growth during the forecast period.
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● In 2021, the credit card fraud segment dominated the market with the largest market share of 33% and market revenue of 3.3 billion.
The theft type segment is divided into bank fraud, phone and utility, employment and tax, credit card fraud, and others. In 2021, the credit card fraud segment dominated the market with a market share of around 33% and market revenue of 3.3 billion. The increasing number of credit cardholders and increasing cases of identity theft and cyberattacks is driving the segment growth. Credit cards are usually used to purchase products online, becoming more vulnerable to cyberattacks, increasing the need for identity theft protection services.
● In 2021, the enterprise segment accounted for the largest share of the market, with 52% and market revenue of 5.2 billion.
The end-user segment is divided into consumer and enterprise. In 2021, the enterprise accounted for the largest share of the market, with 52% and market revenue of 5.2 billion. Enterprises have a considerable amount of data that needs to be protected from data theft and cyber-attacks as these data are more vulnerable to identity theft. So, the need for identity theft protection services increases rapidly in enterprises.
Regional Segment Analysis of the Identity Theft Protection Services Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global identity theft protection services market, with a market share of around 42.8% and 4.3 billion of the market revenue in 2021. The region’s growth can be attributed to the rising demand for e-commerce in the regions, and the rise in the use of the internet increases the chances for more fraud and theft. Most of the people in the US use only online bank transactions, which makes their data readily available to the fraudster who keeps a regular check on the data entered on digital platforms. It increases the demand for identity theft protection services, thus driving the market’s growth.
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Key players operating in the global identity theft protection services market are:
● Allstate Insurance Company
● IdentityForce, Inc.
● McAfee, LLC
● Nationwide Mutual Insurance Company
● NortonLifeLock In
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. The Brainy Insights has segmented the global identity theft protection services market based on the below-mentioned segments:
Global Identity Theft Protection Services Market by Theft Type:
● Credit Card Fraud
● Employment and Tax
● Phone or Utility
● Bank Fraud
Global Identity Theft Protection Services Market by End-User:
About the report:
The global identity theft protection service market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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