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Global Identity Theft Protection Services Market to reach USD 33.44 billion by the end of 2030

Global Identity Theft Protection Services Market Size Study & Forecast, by Type (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud), By Application (Consumer, Enterprise), and Regional Analysis, 2023-2030

Product Code: ICTICTS-78816505
Publish Date: 20-01-2024
Page: 200

Global Identity Theft Protection Services Market is valued at approximately USD 11.56 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.2% over the forecast period 2023-2030. 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 (ITRC) 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.

Major market players included in this report are:
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.)
AllClearID (U.S.)
Kroll (U.S.)
Fair Isaac Corporation (U.S.)
McAfee, LLC (U.S.)

Recent Developments in the Market:
Ø In February 2023, Bitdefender, a leading cybersecurity solutions provider, introduced a new product called Bitdefender Premium Security Plus. This innovative cybersecurity solution is designed to deliver advanced threat detection and prevention capabilities to users across various industries. It includes features such as 24/7 digital identity protection and monitoring, as well as a secure Virtual Private Network (VPN) for enhanced online privacy.
Ø In January 2023, McAfee Corp. announced the launch of the McAfee+ Family plan. This comprehensive plan is designed to safeguard the privacy, identity, and devices of entire families under a single subscription. Available in the U.S., the plan extends online protection to accommodate up to six family members.
Ø In February 2021, Sontiq, a provider of Intelligent Identity Security, completed the acquisition of CyberScout, a company specializing in identity theft resolution. This strategic move aims to enhance Sontiq’s presence in the insurance industry by incorporating forensic investigation and cyber protection solutions into their portfolio.
Ø In May 2022, Bitdefender introduced a new consumer service, ‘Bitdefender Identity Theft Protection,’ exclusively for its U.S. customers. This service provides continuous monitoring of credit and financial accounts, ensuring 24/7 surveillance. It also includes real-time identity threat detection and immediate alert capabilities.

Global Identity Theft Protection Services Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Credit Card Fraud
Bank Fraud
Phone or Utility Fraud
Employment or Tax-related Fraud

By Application:
Consumer Enterprise
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Identity Theft Protection Services Market, by region, 2020-2030 (USD Billion)
1.2.2. Identity Theft Protection Services Market, by Type, 2020-2030 (USD Billion)
1.2.3. Identity Theft Protection Services Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Identity Theft Protection Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Identity Theft Protection Services Market Dynamics
3.1. Identity Theft Protection Services Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growing focus on financial protection
3.1.1.2. Rising proliferation of communication networks and the digitalization of businesses
3.1.2. Market Challenges
3.1.2.1. Unavailability of skilled professionals
3.1.2.2. High costs associated with identity theft protection services
3.1.3. Market Opportunities
3.1.3.1. Rising number of identity thefts in government and public sectors
3.1.3.2. Emerging trend of integrating identity theft protection services with insurance and financial products
Chapter 4. Global Identity Theft Protection Services Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Identity Theft Protection Services Market, by Type
5.1. Market Snapshot
5.2. Global Identity Theft Protection Services Market by Type, Performance – Potential Analysis
5.3. Global Identity Theft Protection Services Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Identity Theft Protection Services Market, Sub Segment Analysis
5.4.1. Credit Card Fraud
5.4.2. Bank Fraud
5.4.3. Phone or Utility Fraud
5.4.4. Employment or Tax-related Fraud
Chapter 6. Global Identity Theft Protection Services Market, by Application
6.1. Market Snapshot
6.2. Global Identity Theft Protection Services Market by Application, Performance – Potential Analysis
6.3. Global Identity Theft Protection Services Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Identity Theft Protection Services Market, Sub Segment Analysis
6.4.1. Consumer
6.4.2. Enterprise
Chapter 7. Global Identity Theft Protection Services Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Identity Theft Protection Services Market, Regional Market Snapshot
7.4. North America Identity Theft Protection Services Market
7.4.1. U.S. Identity Theft Protection Services Market
7.4.1.1. Type breakdown estimates & forecasts, 2020-2030
7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Identity Theft Protection Services Market
7.5. Europe Identity Theft Protection Services Market Snapshot
7.5.1. U.K. Identity Theft Protection Services Market
7.5.2. Germany Identity Theft Protection Services Market
7.5.3. France Identity Theft Protection Services Market
7.5.4. Spain Identity Theft Protection Services Market
7.5.5. Italy Identity Theft Protection Services Market
7.5.6. Rest of Europe Identity Theft Protection Services Market
7.6. Asia-Pacific Identity Theft Protection Services Market Snapshot
7.6.1. China Identity Theft Protection Services Market
7.6.2. India Identity Theft Protection Services Market
7.6.3. Japan Identity Theft Protection Services Market
7.6.4. Australia Identity Theft Protection Services Market
7.6.5. South Korea Identity Theft Protection Services Market
7.6.6. Rest of Asia Pacific Identity Theft Protection Services Market
7.7. Latin America Identity Theft Protection Services Market Snapshot
7.7.1. Brazil Identity Theft Protection Services Market
7.7.2. Mexico Identity Theft Protection Services Market
7.8. Middle East & Africa Identity Theft Protection Services Market
7.8.1. Saudi Arabia Identity Theft Protection Services Market
7.8.2. South Africa Identity Theft Protection Services Market
7.8.3. Rest of Middle East & Africa Identity Theft Protection Services Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Equifax, Inc. (U.S.)
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. NortonLifeLock Inc. (U.S.)
8.3.3. TransUnion LLC (U.S.)
8.3.4. Experian Information Solutions, Inc. (U.S.)
8.3.5. Malwarebytes Ltd (U.S.)
8.3.6. LexisNexis Risk Solutions (U.S.)
8.3.7. AllClearID (U.S.)
8.3.8. Kroll (U.S.)
8.3.9. Fair Isaac Corporation (U.S.)
8.3.10. McAfee, LLC (U.S.)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

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Data Collection:
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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
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Shifts in consumer preferences and behaviors.
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The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
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