Identity Theft Protection Services Market- Global Industry Analysis 2023-2029

Identity Theft Protection Services Market was valued at US$ 11.36 Bn. in 2022. Global Identity Theft Protection Services Market size is expected to grow at a CAGR of 13.6 % through the forecast period.

Identity Theft Protection Services Market Overview:

Theft of personal information in order to fake a person's identity is known as identity theft. The stolen information might be exploited for personal benefit as well as sold on the underground market, causing much more damage. Hacking of a wide range of information, including social security numbers, financial details, child identities, criminal identities, medical records, and a few others, is considered identity theft. Identity theft causes severe financial and personal harm, making it one of the most serious concerns for consumers and businesses around the world. This is largely due to the fast-rising volume of public records that are being made available on the internet. As a result, individuals and businesses are spending more on identity theft protection services to secure their workers' and corporate data from hackers, as well as to achieve business development, recruitment goals, and staff retention.Identity Theft Protection Services MarketTo know about the Research Methodology :- Request Free Sample Report

Identity Theft Protection Services Market COVID-19 Insights:

The effect of the COVID-19 pandemic has been unexpected and astonishing, with demand for identity theft protection services exceeding pre-pandemic levels in all areas. The transfer of onsite staff to remote home-based sites during the COVID-19 pandemic raised the risk of cyber-attacks. The increased sharing of personal and corporate information using home networks and personal and work devices makes it simpler for hackers to breach the enterprise security framework, resulting in a spike in coronavirus fraud focused on workers, clients, and consumers. Fraudsters take advantage of the chance to steal financial information, personally identifiable information, and medical information from those seeking treatment, information, and prevention against viral infection. Furthermore, with the dramatic growth in online shopping to prevent COVID-19 exposure, demand for credit card fraud protection services has raised. According to a TransUnion fraud study, one out of every 10 people in the United States has been a victim of identity theft since the outbreak began. In reaction to COVID-19, fraudsters have been active in stealing information and making quick changes in tax due-date extensions and direct stimulus payments. As Americans have begun receiving letters, emails, and phone calls from scammers posing as the IRS, the FBI has issued a warning about several coronavirus hoaxes.

Identity Theft Protection Services Market Dynamics:

The rise in communications and corporate digitalization has raised the danger of cyber-attacks and created a slew of new threats to enterprises. Identity theft is the fastest-growing financial crime in the United States, impacting around 10 million people each year. According to our study, around 67% of individuals in the United States have had their identities stolen. Over 20.7 million people have been victims of identity theft. In addition, according to the Identity Theft Research Centre study, there were 1,862 data compromises in the United States in 2021, up 68% from the previous year. Trends: Attacks on government agencies, non-profit organisations, and other institutions in the public sector have increased dramatically in recent years. As government agencies have begun to rely on computer networks and electronic data for day-to-day operations, larger pools of financial and personal data are being moved and kept online. If and when identity theft happens, government departments and public entities could be exposed to potentially massive liability. In the government sector, identity theft is one of the fastest-growing kinds of crime. Furthermore, as state and federal government organisations assist millions of customers affected by the coronavirus epidemic, fraudsters have found it simpler to access cash and accounts intended to assist those in need. Governments and public-sector entities that use cyberspace are always battling to provide proper protection for their data and assets as cybercrime becomes more prevalent. As a result, the demand for these services is likely to rise as the number of fraudulent activities in government and public entities increases. Driving Factors: Online financial transactions have grown rapidly in popularity in recent years, owing to considerations such as ease and quickness. Banks have been able to grow their offerings of value-based services by using internet transactions, which has allowed them to enhance consumer experiences. However, fraudsters have turned to technology-driven financial transactions as a weapon of choice. The introduction of this market is forecasted to be necessitated by the snowballing of malicious data breaches connected to internet-based financial activities. These services track intruders' data, monitor users' personal data, and provide full protection by concealing sensitive information. As a result, increased worries about identity theft and data breaches are forecast to propel this market forward in the near future. Restraining Factors: Depending on how fully consumers want their assets safeguarded, identity theft protection services can be costly. The monthly plans for these services range from roughly USD 10 to USD 30, depending on the services selected. For example, identity theft insurance coverage may only cover a few insurance-related services and may not cover legal costs or time away from work. The cost of the plan rises as more services are added. As a result, SMEs that are less vulnerable to fraud avoid paying for these services and instead opt for free ones.

Identity Theft Protection Services Market Segment Analysis:

Based on Type: With the growing number of credit card holders, the credit card fraud category has the biggest market share. Due to banking transactions that are driven by speed and convenience, the bank fraud category is expected to increase at the fastest rate through the forecast period. Furthermore, con artists have been preying on utility customers by using growing power and phone costs to obtain financial and personal information. Because of the increased frequency of identity thefts linked to rewards and loyalty programmes as well as retirement accounts, the employment and tax-related fraud market is expected to rise significantly. Based on the Application: Consumer is the most popular category, with an increasing number of people creating online shopping accounts, social networking accounts, and online banking accounts. However, due to the rising number of data breaches, frauds, and thefts in sectors, the enterprise is predicted to grow at the fastest rate throughout the forecast period.

Identity Theft Protection Services Market Regional Insights:

The North America region dominated the market with 30 % share in 2022. As an e-commerce market, North America controls the identity theft protection services market share and is growing rapidly, creating new online accounts. The US government has lately taken initiatives to combat identity theft, including the BuySecure project, which is a specialised task force in the country to combat identity theft. Identity theft is the fastest-growing financial crime in the United States, impacting around 10 million people each year. According to our study, around 67% of individuals in the United States have had their identities stolen. Over 20.7 million people have been victims of identity theft. In addition, according to the Identity Theft Research Centre study, there were 1,862 data compromises in the United States in 2021, up 68% from the previous year. The APAC region is expected to witness significant growth at a CAGR of 13.6% through the forecast period. Due to the increasing number of credit card holders and the growing usage of digital payment options in the region, APAC is forecast to have the highest CAGR throughout the forecast period. Due to an increase in the number of fraudulent actions occurring as a result of stealing postal mailings and a jump in the number of phishing events to fool individuals and get their personal information, Europe ranks second in terms of market share. The objective of the report is to present a comprehensive analysis of the Identity Theft Protection Services Market to the stakeholders in the market. The past and current status of the market with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the market with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the market to the decision-makers. The reports also help in understanding the Identity Theft Protection Services Market dynamic, structure by analyzing the market segments and forecasting the Identity Theft Protection Services Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Identity Theft Protection Services Market make the report investor’s guide.

Identity Theft Protection Services Market Scope: Inquiry Before Buying

Identity Theft Protection Services Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 11.36 Bn.
Forecast Period 2023 to 2029 CAGR: 13.6% Market Size in 2029: US $ 27.73 Bn.
Segments Covered: by Type • Credit Card Fraud • Bank Fraud • Phone or Utility Fraud • Employment or Tax Related Fraud
by Booking Type • Online Booking • Direct Booking • Phone Booking
by Tourist Type • Domestic • International
by Application • Consumer • Enterprise

Identity Theft Protection Services Market, by Region

North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)

Identity Theft Protection Services Market, Key Players are:

• Lifelock Inc. • Experian Information Solutions, Inc. • Equifax Inc. • Affinion Group • FICO • LexisNexis Risk Solutions Inc. • TransUnion LLC • Intersections Inc. • All Clear ID Inc. • Fair Isaac Corporation • IdentityForce, Inc. • Identity Guard • Privacy Guard • Cyberscout, LLC • Kroll Frequently Asked Questions: 1. Which region has the largest share in Global Identity Theft Protection Services Market? Ans: North America region held the highest share in 2022. 2. What is the growth rate of Global Identity Theft Protection Services Market? Ans: The Global Identity Theft Protection Services Market is growing at a CAGR of 13.6% during forecasting period 2023-2029. 3. What is scope of the Global Identity Theft Protection Services Market report? Ans: Global Identity Theft Protection Services Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Identity Theft Protection Services Market? Ans: The important key players in the Global Identity Theft Protection Services Market are – Lifelock Inc., Experian Information Solutions, Inc., Equifax Inc., Affinion Group, FICO, LexisNexis Risk Solutions Inc., TransUnion LLC, Intersections Inc., All Clear ID Inc., Fair Isaac Corporation, IdentityForce, Inc., Identity Guard, Privacy Guard, Cyberscout, LLC, and Kroll 5. What is the study period of this Market? Ans: The Global Identity Theft Protection Services Market is studied from 2022 to 2029.
1. Global Identity Theft Protection Services Market: Research Methodology 2. Global Identity Theft Protection Services Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Identity Theft Protection Services Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Identity Theft Protection Services Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Identity Theft Protection Services Market Segmentation 4.1 Global Identity Theft Protection Services Market, by Type (2022-2029) • Credit Card Fraud • Bank Fraud • Phone or Utility Fraud • Employment or Tax Related Fraud 4.2 Global Identity Theft Protection Services Market, by Booking Type (2022-2029) • Online Booking • Direct Booking • Phone Booking 4.3 Global Identity Theft Protection Services Market, by Tourist Type (2022-2029) • Domestic • International  4.4 Global Identity Theft Protection Services Market, by Application (2022-2029) • Consumer • Enterprise 5. North America Identity Theft Protection Services Market(2022-2029) 5.1 North America Identity Theft Protection Services Market, by Type (2022-2029) •  Credit Card Fraud • Bank Fraud • Phone or Utility Fraud • Employment or Tax Related Fraud 5.2 North America Identity Theft Protection Services Market, by Booking Type (2022-2029) • Online Booking • Direct Booking • Phone Booking 5.3 North America Identity Theft Protection Services Market, by Tourist Type (2022-2029) • Domestic • International  5.4 North America Identity Theft Protection Services Market, by Application (2022-2029) • Consumer • Enterprise 5.5 North America Identity Theft Protection Services Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Identity Theft Protection Services Market (2022-2029) 6.1. European Identity Theft Protection Services Market, by Type (2022-2029) 6.2. European Identity Theft Protection Services Market, by Booking Type (2022-2029) 6.3. European Identity Theft Protection Services Market, by Tourist Type (2022-2029) 6.4. European Identity Theft Protection Services Market, by Application (2022-2029) 6.5. European Identity Theft Protection Services Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Identity Theft Protection Services Market (2022-2029) 7.1. Asia Pacific Identity Theft Protection Services Market, by Type (2022-2029) 7.2. Asia Pacific Identity Theft Protection Services Market, by Booking Type (2022-2029) 7.3. Asia Pacific Identity Theft Protection Services Market, by Tourist Type (2022-2029) 7.4. Asia Pacific Identity Theft Protection Services Market, by Application (2022-2029) 7.5. Asia Pacific Identity Theft Protection Services Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Identity Theft Protection Services Market (2022-2029) 8.1 Middle East and Africa Identity Theft Protection Services Market, by Type (2022-2029) 8.2. Middle East and Africa Identity Theft Protection Services Market, by Booking Type (2022-2029) 8.3. Middle East and Africa Identity Theft Protection Services Market, by Tourist Type (2022-2029) 8.4. Middle East and Africa Identity Theft Protection Services Market, by Application (2022-2029) 8.5. Middle East and Africa Identity Theft Protection Services Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Identity Theft Protection Services Market (2022-2029) 9.1. South America Identity Theft Protection Services Market, by Type (2022-2029) 9.2. South America Identity Theft Protection Services Market, by Booking Type (2022-2029) 9.3. South America Identity Theft Protection Services Market, by Tourist Type (2022-2029) 9.4. South America Identity Theft Protection Services Market, by Application (2022-2029) 9.5. South America Identity Theft Protection Services Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Lifelock Inc 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Experian Information Solutions, Inc. 10.3 Equifax Inc. 10.4 Affinion Group 10.5 FICO 10.6 LexisNexis Risk Solutions Inc. 10.7 TransUnion LLC 10.8 Intersections Inc. 10.9 All Clear ID Inc. 10.10 Fair Isaac Corporation 10.11 IdentityForce, Inc. 10.12 Identity Guard 10.13 Privacy Guard 10.14 Cyberscout, LLC 10.15 Kroll
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