Ever-Rising E-Commerce Sector Worldwide to Bolster the Demand for Identity Theft Protection Services

The global identity theft protection services market was valued at US$ 8.62 Bn in 2019 expanding at a CAGR of 12.7% from 2020 to 2028.  Identity theft is rising at an alarming rate resulting in heavy financial losses to business enterprises as well as individuals. Factor such as rising e-commerce sector, online payment, digitization of government records & IDs has made data privacy and security more vulnerable. The identity theft protection services market is highly governed by the consistently growing instances of identity thefts worldwide. Similarly, increasing inclination towards online payment is another prominent factor in supporting market growth. Due to the growing internet user base along with the rapid adoption of digital payment modes, the market would witness promising growth over the forecast period.

Demand for Identity Theft Protection Services to Swell for Credit Card Frauds

In 2019, the credit cards segment was the largest value contributor to the global identity theft protection services market. Financial identity theft is the most popular type of theft carried out across the globe. Due to the growing number of credit cardholders globally, the demand for related protection services expected to remain strong throughout the forecast period thereby retaining the dominant position. Further, with increasing inclination towards online banking transactions, the bank frauds segment is set to demonstrate promising growth during the forecast period.

North America Leads the Market; the Asia Pacific to Emerge as the Fastest Growing Regional Market

Presently, the overall identity theft protection services market worldwide is led by North America. The U.S. represents the highest number of identity theft cases worldwide. In addition, due to the high number of credit card holders, identity theft has become rampant in the nation. The Asia Pacific is set to register the highest growth rate during the forecast period. This is primarily due to the growing adoption of digital payment modes along with credit cardholders in the region. The rapid growth of internet usage in the Asia Pacific region, including a tenfold or more increase in access in countries like China, Japan, and India has also accompanied by significant increases in identity theft. In China, identity theft has been on a consistent rise and takes on a growing trend year by year as organizations and individuals peddle personal information attained illegally by intruding into systems of banks or public institutions.

Data Breach Prevention Ability to Define the Key Strategy

The overall identity theft protection services market is quite fragmented and characterized by several international players. These players have a strong financial backup and offer several individuals as well as corporate services in identity theft sectors. Owing to the fragmented nature of the market, these companies have to confront intense competition among each other in order to win the confidence of their customers. Besides this, companies strive extensively in order to upgrade their existing protection service portfolio to tackle the perpetual sophistication and diversified avenues adopted by hackers. Breach prevention is of prime importance and keenly observed by these companies to maintain their market position and reputation. Some of the major players profiled in the report include LifeLock, Inc., Experian PLC, Equifax, Inc., TransUnion, LLC., FICO (Fair Isaac Corporation), Affinion Security Center, LexisNexis Risk Solutions, Intersections, Inc., CSIdentity (CSID) Corporation, AllClear ID and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Identity Theft Protection Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Identity Theft Protection Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Identity Theft Protection Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Identity Theft Protection Services market?
• Which is the largest regional market for Identity Theft Protection Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Identity Theft Protection Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Identity Theft Protection Services market worldwide?