This Identity Theft Protection Services Market research report contains a complete background analysis of the industry, which includes an assessment of the parental market. All the statistical and numerical that have been forecasted in this report is represented with the help of graphs, charts, or tables which makes this report more user-friendly. This Identity Theft Protection Services Market report contains a thorough description, competitive scenario, wide product portfolio of key vendors, and business strategy adopted by competitors along with their SWOT analysis and porter’s five force analysis. Whether it is about renewing a business plan, preparing a presentation for a key client, or giving recommendations to an executive, this Identity Theft Protection Services Market report will surely help you to a degree.
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Global identity theft protection services market was valued at US$ 5156.96 million in 2022 and is expected to reach US$ 8522.07 million by 2030, growing at an estimated CAGR of 5.8% over the forecast period. Europ Assistance USA, Inc., Experian Information Solutions, Inc., ID Watchdog, IDENTITY FRAUD, INC., IdentityForce, Inc., IdentityIQ, Symantec Corporation, TransUnion LLC, Trilegiant Corporation, amongst others.
Identity Theft Protection Services Market:
- By Theft Type
- Bank Fraud
- Phone and Utility
- Employment and Tax
- Credit Card Fraud
- By Application
- By Geography
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
Identity theft protection services aims towards protecting individuals and enterprises from having their personal information stolen. Identity theft can occur at an organization level, where large amounts of sensitive personal information are stored or, in an individual level wherein, they are tricked to share their own or others sensitive data. The two types consists of monitoring services and recovery services. The former type use certain technologies to protect personal information by monitoring the public and private records. On the other hand, the latter one is mainly designed to control the impacts of identity theft in the aftermath.
Rising cases of identity theft due to mass proliferation of internet is expected to boost the identity theft protection services market. Due to high exposure of internet and mass usage of social media sites, personal information is circulated widely. This gives an opportunity to the fraudsters to misuse such information. These fraudsters use someone else’s identity or information such as education qualification, financial detail, photographs, and credentials amongst others. Identity theft is becoming a problem in developed as well as developing nations as the fraudsters discover new way to get information, thus increasing the demand of identity theft protection services.
In 2018, the Starwood Marriott breach compromised the personal information of more than 380 million guests which included over 5 million passport numbers. In 2016, the United States accounted for more than US$ 10 million identity fraud cases, in which identity theft victims lost more than US$ 15 million. As the internet services are growing worldwide, public records consisting of motor vehicle records, court files, business licenses, property details and others are posted on government websites, making them vulnerable to data breach. Growing emphasis by government towards issuing electronic ID’s will assist the global identity theft and data breach Identity Theft protection Services Market over the future years.
An identity theft protection service provider does not actually protect against identity theft but these services merely alert the end users if they catch something. Also, free services are available as an alternative to the paid services. Such a factor is expected to critically impact the global industry. Moreover, increasing government initiatives towards identity theft protection is expected to boost the Identity Theft protection Services Market in future. This is done through awareness drives and campaigns, furthermore governments are helping the victims of identity theft with swift judicial and correctional procedures. Governments across the world have also appealed to private companies for collaborative efforts which would help in limiting instances of identity theft in the future.
Based on fraud type the Identity Theft protection Services Market is segmented into bank fraud, phone and utility, employment and tax, credit card fraud and others. There are rising cases of bank frauds. These frauds occur when the fraudsters gain access to bank or credit card accounts, usually because of data breach, phishing scams or malware attack. Bank frauds are generally frauds related to loans, debit card, account information amongst others. These frauds can be reduced by with the help of identity theft protection services.
North America held the largest Identity Theft protection Services Market share in 2018 in the identity theft protection services market and is expected to continue the same trend over the next eight years. As the penetration of identity theft in this region is very high, this provides considerable opportunities for the identity theft protection service vendors.
In November, 2018, EZShield, one of the leaders in digital identity protection and resolution announced a breakthrough in protection Mobile Threat Defense through Mobile Defense Suite and Personally Identifiable Information (PII). Mobile devices are possible gateway to identity theft and corporate data breaches. The company is also extending the value of ID theft protection to IT and InfoSec teams. The Mobile Defense Suite provides compact visibility into mobile devices accessing the network for both individuals and enterprises.
Key Questions Answered with this Study
1) What makes Identity Theft Protection Services Market feasible for long term investment?
2) Know value chain areas where players can create value?
3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Identity Theft Protection Services market?
6) Risk side analysis connected with service providers?
7) How influencing factors driving the demand of Identity Theft Protection Services in next few years?
8) What is the impact analysis of various factors in the Identity Theft Protection Services market growth?
9) What strategies of big players help them acquire share in mature market?
10) How Technology and Customer-Centric Innovation is bringing big Change in Identity Theft Protection Services Market?
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