According to a new market research report published by Acute Market Reports “Identity Theft Protection Services Market (Identity Theft Type – Credit Card Fraud, Employment or Tax-Related Fraud, Phone or Utility Fraud and Bank Fraud; End-User Application Type – Consumer and Enterprises) Market – Growth, Future Prospects, and Competitive Analysis, 2020 - 2028”, the global identity theft protection services market expected to surpass US$ 25.29 Bn in 2028, expanding at a CAGR of 12.7% from 2020 to 2028.
Browse the full report at https://www.acutemarketreports.com/report/identity-theft-protection-services-market
Market Insights
Identity theft involves stealing personal information to impersonate a person’s identity. The stolen data may not only be used for personal gain but also be sold on the online black market, further creating severe damages. Identity theft includes hacking a wide array of information including social security identity, financial details, child identity, criminal identity, medical records, and a few others. Such identity theft results in severe financial as well as personal damage making it one of the most serious concerns faced by consumers as well as enterprises worldwide. This is primarily supported due to the rapidly increasing amount of public records (such as financial information) being exposed over the internet. In the U.S., identity theft has emerged as the fastest growing crime over the period. Subsequently, identity theft protection services are expected to continue witnessing promising growth over the forecast period.
The overall identity theft protection services market is highly driven by the continually growing instances of identity theft across the world. On average, business enterprises worldwide bear a loss of over US$ 200 Bn every year due to identity theft. On the other hand, consumers lose more than US$ 16 Bn due to identity theft every year. A consistently growing number of identity theft instances can be attributed to the rapidly growing penetration of internet services worldwide. A wide array of public records including motor vehicle records, professional & business licenses, court files, property details, and several others are posted on government websites, making them more vulnerable to a data breach. Due to the growing emphasis by the national governments worldwide towards electronic IDs, instances of identity theft and data breach may rise at an alarming rate over the following years. This is further expected to generate substantial demand for related identity theft protection services in the years to come.
In addition, a vital factor driving the identity theft protection services market is continually growing online payment mode worldwide along with associated frauds. With the flourishing e-commerce sector, online payment has witnessed widespread growth over the period. Online payment constitutes nearly 2/3rd of the total payment made in e-commerce transactions. Of the total online payment frauds, over 60% of the total instances are channeled through e-commerce transactions. Due to factors such as growing internet user penetration and adoption of e-commerce services, identity theft from the sector is expected to continue rising, thereby driving the market growth.
Strategic partnerships and alliances are one of the common strategy adopted by identity theft protection services providers. Private and public organizations are forming alliances with other companies to strengthen its market presence. For instance, recently in May 2018, Experian PLC entered into a partnership with a non-profitable organization, Small Business Financial Exchange, Inc. (SBFE). The company aimed to capitalize on the growing sector of small and medium scale business division with this partnership.
