#Identity Theft Protection #Market Size, Share, Trends, & COVID-19 Impact Analysis, By Type (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-Related Fraud), By Application (Consumer, Enterprise), and Regional Forecast, 2022-2029
The global identity theft protection services market size was USD 10.07 billion in 2021. The market is expected to grow from USD 11.39 billion in 2022 to USD 27.90 billion by 2029, exhibiting a CAGR of 13.7% during the forecast period. Increasing cybersecurity and identity theft risks in government and public sectors to boost the market growth. Fortune Business Insights™ mentions this information in its report titled “Identity Theft Protection Services Market, 2022-2029.”
The spike in digitalization and communications of businesses has boosted cyberattack risks and introduced a range of new risks to organizations. The rising risks of cybersecurity may propel the demand for the product from business organizations. The shift of businesses to online platforms facilitates the adoption of effective identity theft protection services, thereby boosting demand. Furthermore, increasing identity thefts in government and public sectors may facilitate adopting protection services. These factors may boost market development during the pandemic.
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Identity Theft Protection Market Size Overview:
- USD 27.90 Billion in 2029
- USD 11.39 Billion in 2022
- CAGR: (2022-2029) 13.7%
- Base Year: 2020
What Does the Report Offer?
In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
Drivers and Restraints
Increasing Internet Financial Transactions to Drive Market Growth
The convenience and speed of internet services are expected to boost the product’s adoption. It empowers banks to widen their value-based services and augment consumers’ experiences. However, the increasing fraud risks necessitated the demand for identity theft protection services. For example, as per the FTC report, consumers lost nearly USD 3.3 billion in 2020, higher than the USD 1.5 billion in 2019. Furthermore, malicious data breaches in internet-based financial transactions may necessitate deploying these services. In addition, the incorporation of a united payments interface (UPI) may boost the adoption of
identity theft protection. These factors may drive the identity theft protection services market growth.
However, high costs associated with the services may impede the market development during the upcoming years.
Opening of New Accounts to Boost Market Growth in North America
North America is expected to dominate the identity theft protection services market share because of the opening of new accounts. The market in North America stood at USD 4.25 billion in 2021 and is expected to gain a huge portion of the market share globally. Furthermore, government initiatives to prevent identity theft may boost identity theft protection services’ adoption.
In Asia Pacific, increasing credit card holders and extensive adoption of digital payment modes may boost the adoption of digital payment modes. Furthermore, the rising development of 5G services may fuel the identity theft protection services industry.
In Europe, increasing activities such as stealing postal mails, increasing malicious activities, and rising phishing activities may boost industry development.
Manufacturers Acquire Major Players to Expand their Activities
Prominent companies operating in the market acquire major players to improve business and expand their market reach. For example, Sontiq completed the acquisition of CyberScout in February 2021. This development may enable the company to expand into cyber and forensic investigations solutions. Furthermore, companies utilize mergers, partnerships, novel product launches, research and development, and collaborations to propel their market position.
May 2021: McAfee, LLC partnered with Fujistu Client Computing Ltd. for securing consumer PCs. The agreement allows for the effortless deployment of McAfee solutions to protect digital lives.
Companies Profiled in the Global Identity Theft Protection Services Market
- Equifax, Inc. (Georgia, U.S.)
- NortonLifeLock Inc. (Arizona, U.S.)
- TransUnion LLC (Illinois, U.S.)
- Experian Information Solutions, Inc. (New York, U.S.)
- Malwarebytes Ltd (California, U.S.)
- LexisNexis Risk Solutions (Georgia, U.S.)
- AllClearID (Texas, U.S.)
- Kroll (New York, U.S.)
- Fair Isaac Corporation (California, U.S.)
- McAfee, LLC (California, U.S.)