With the emergence and long-term Impact of COVID-19, the Global Identity Theft Protection Services Market is to reach USD 33.44 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Identity Theft Protection Services Market is poised to raise up to USD 33.44 Billion by 2030. Identity Theft Protection Services encompass holistic solutions created to protect both individuals and organizations against the illicit utilization of personal information in the commission of fraudulent activities. The primary objectives of these services include the detection, prevention, and alleviation of risks associated with identity theft. Identity theft involves unauthorized access to and exploitation of an individual’s personal information for nefarious purposes, spanning financial, criminal, or other malicious activities.
The Identity Theft Protection Services Market is expanding because of factors such as the regulatory compliance requirements, rising focus on financial protection and the widespread use of smartphones and other mobile devices for various online activities. Additionally, the proliferation of communication networks and the digitalization of businesses have raised the vulnerability of organizations to a range of new risks, particularly the escalating threat of cyberattacks. According to the U.S. government, identity theft accounts as the fastest-growing financial crime, impacting approximately 15 million Americans annually. A survey by Security.org revealed that 67% of U.S. adults reported incidents of identity theft during 2019-2020. The number of identity theft victims surged to over 20.7 million in 2020.
Moreover, the Identity Theft Research Center reported a record 1,862 data compromises in the U.S. in 2021, marking a substantial 68% increase from the previous year and approximately 23% higher than the preceding all-time high of 1,506. Thus, these aforementioned factors are propelling the growth of the Identity Theft Protection Services Market during the estimated period.
Moreover, the rising number of identity thefts in government and public sectors, as well as the emerging trend of integrating identity theft protection services with insurance and financial products present various lucrative opportunities over the forecast years. However, the unavailability of skilled professionals and the high costs associated with identity theft protection services are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Identity Theft Protection Services Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the growing incidences of the identity theft, which is resulting in raising awareness and creates a demand for solutions.
Also, surge in online transactions, e-commerce, and digital financial activities, as well as stringent data protection regulations and compliance standards, are further attributing to the market demand across the region. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The increase in malicious software incidents, surge in cyberattacks, rising credit card users coupled with surging online payments are significantly propelling the market demand across the region.
The global Identity Theft Protection Services Market is highly competitive owing to the presence of several key manufacturers such as Equifax, Inc. (U.S.), NortonLifeLock Inc. (U.S.), TransUnion LLC (U.S.), Experian Information Solutions, Inc. (U.S.), Malwarebytes Ltd (U.S.), LexisNexis Risk Solutions (U.S.), and others.
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Key findings of the study suggest:
- Global Identity Theft Protection Services Market is anticipated to grow with a healthy growth rate of more than 14.2 % over the forecast period 2023-2030.
- In the type segment, Credit Card Fraud emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to surge in online transactions, e-commerce, and digital financial activities.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Credit Card Fraud
- Bank Fraud
- Phone or Utility Fraud
- Employment or Tax-related Fraud
By Application:
- Consumer
- Enterprise
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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