Global Value of Identity Theft Protection Services Market Is Estimated To Be Worth over USD 10 Billion In 2022

The market for identity theft protection services is expected to reach USD 10 billion in 2022 and USD 24 billion in 2032, growing at a CAGR of 9.4% in that time.

 

In 2022, the global market for cybersecurity services will comprise 5% of the market for identity theft protection services. During the assessment period of 2022–2032, the market for identity theft protection services is predicted to have an absolute $ opportunity of USD 14 billion.

 

Technology for preventing financial losses to people and businesses due to identity theft is developing quickly. The growing e-commerce industry, the digitization of government records, and other factors have increased the vulnerability of security and privacy, which is what is driving this market's expansion.

 

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The rapid digitization of public records and the introduction of electronic identification cards, according to the report, have put data privacy spectrums in a very vulnerable position. The use of identity theft protection services is steadily growing in popularity due to the growing vulnerability of private data to potential threats. Because of the convenience of online shopping, there is also a higher risk of ecommerce fraud, which expands the need for widespread use of identity theft protection services.

 

In addition to the alarming situation of frauds experienced by credit-card holders worldwide, credit card fraud, valued at US$ 2,906 Mn in 2018, is likely to be a significant type. More than 32% of Americans filed complaints with the Federal Trade Commission about credit card fraud in 2016, which is double the rate seen in 2015. Additionally, the adoption of identity theft protection services by banks is being sparked by the growing popularity of internet-based financial transactions, and this adoption rate is expected to show encouraging growth over the forecast period.

 

Report Attributes	Details
Base Year Value (2021A)	USD 9 Billion
Estimated Year Value (2022E)	USD 10 Billion
Projected Year Value (2032F)	USD 24 Billion
Global Growth Rate (2022-2032)	9.4%
Asia-Pacific Market Share in 2021	~37%
Asia-Pacific Growth Rate in 2021	11.2%
Collective Value Share (US, China, India) 2022: Top 3 Countries	~ 31%

 

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Electronic IDs Generating Significant Demand

 

One of the most important technological trends is electronic IDs. Digital identity has completely changed how people communicate with public stakeholders. As governments around the world place more and more emphasis on electronic IDs, the number of data breaches and identity theft cases has risen alarmingly. This will likely result in a 1.3X increase in market size over the forecast period (2022-2032).

 

Top Companies in the Market for Identity Theft Protection Services

As a result of the presence of numerous domestic and regional players, the market for identity theft protection services is highly fragmented and competitive.

 

Additionally, the top businesses use new product development as a strategic approach to enhance their market presence among consumers. Modern identity theft protection services have been incorporated as a result of these strategies.

 

Key Companies Profiled

·         Lifelock Inc.

·         Experian Information Solutions, Inc.

·         Equifax Inc.

·         Affinion Group

·         FICO

·         LexisNexis Risk Solutions Inc.

·         TransUnion LLC

·         Intersections Inc.

·         AllClear ID Inc.

·         Fair Isaac Corporation

·         IdentityForce, Inc.

·         Identity Guard

·         Privacy Guard

·         Cyberscout, LLC

·         Kroll

 

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Global Identity Theft Protection Services Market by Category

• By Type :
• Credit Card Fraud
• Employment & Tax Related Fraud
• Phone or Utility Fraud
• Band Fraud

 

• By End-Use :
• Consumers
• Enterprises

 

• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

* This article was originally published here