New York, Dec. 13, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the Internet Crime Complaint Center (IC3) of the Federal Bureau of Investigation of the United States, the total cybercrime complaints registered in the year 2020 was 791,790, which was an increase by 69% from the year 2019. Additionally, the total reported losses due to such crimes exceeded USD 4.1 Billion in the same year. The statistics also stated that the number of complaints grew from 298728 in 2016 to 791790 in 2020, adding to a total of 2211396 complaints over the last five years. Furthermore, identity theft-related complaints received by IC3 grew from 16878 in 2016 to 43330 in 2020, whereas in terms of lost value, it grew from USD 100429691 in 2018 to USD 219484699 in 2020. On the other hand, according to the statistics by the Federal Trade Commission of the United States, total identity theft reports in the 1st quarter of 2021 in the country were recorded to 516,967.
Research Nester, in its repository of market research reports, has recently added a report on “United States & United Kingdom Identity Theft Protection Services Market” which includes a detailed analysis on the latest market trends, along with the market growth factors associated with the growth of the market in the coming years. Moreover, the report also includes the list of players operating in the market along with their growth strategies adopted over the years for greater competitiveness.
Amidst the growing concern for the COVID-19 pandemic, people around the globe have adopted to the new normal of working from home. To keep oneself busy amidst the pandemic, most people spent almost 75% of their days’ time by remaining connected to the internet. Due to the lack of awareness for online security applications and online safety, it has been observed that there has been a surge in the number of cyberattacks and other cyber-related crimes. According to the statistics by the Identity Theft Resource Center, during the 2nd quarter of 2021 in the U.S., publicly reported data breaches in the country went up by 38% as compared to the 1st quarter. Moreover, the statistics also stated that during the 1st half of 2021, the total number of compromises for data safety made up to 76% of the share of total compromises in the year 2020. Backed by the rising concerns for such cases, and for the rising need amongst individuals and organizations to keep fraudsters at bay, the demand for identity theft protection services is anticipated to grow significantly, which in turn is anticipated to drive the market growth in the coming years. The identity theft protection services market in the United States is anticipated to register a market revenue of USD 5345.34 Million in 2028, up from a revenue of USD 2203.51 Million in 2019. The market in the country is also anticipated to grow with a CAGR of 10.81% during the forecast period, i.e., 2020-2028. Alternatively, the market in the United Kingdom registered a revenue of USD 304.93 Million in 2019 and is expected to garner USD 1060.07 Million in 2028, by growing with a CAGR of 14.96% during the forecast period.
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The United States identity theft protection services market is segmented by region into West U.S., Northeast U.S., Southeast U.S., Southwest U.S., and Midwest U.S., out of which, the market in Southeast U.S. is anticipated to hold the largest market share throughout the forecast period and also attain revenue of USD 1545.34 Million in 2028. By the end of 2021, the market in the region is expected to reach USD 779.95 Million. The rise in awareness for such thefts and the need amongst the individuals to protect themselves is one of the major factors anticipated to drive the market growth in the region. In other statistics by the FTC, identity thefts reported (reports per 100K population) in the 1st quarter of 2021 in Tennessee, Georgia, Florida, South Carolina, and Virginia recorded to 83 numbers, 160 numbers, 143 numbers, 95 numbers, and 59 numbers respectively. The region is further segmented by states into Tennessee, South Carolina, Florida, Virginia, Georgia, and the Mid-Southeast U.S. Amongst these, the market in Florida is anticipated to garner the largest revenue of USD 574.40 Million in 2028, up from a revenue of USD 247.47 Million in 2019. The market in the state is also expected to grow with the highest CAGR of 10.26% during the forecast period.
On the other hand, the market in the West U.S. is anticipated to grow with the highest CAGR of 12.43% during the forecast period. In the year 2021, the market in the region is projected to garner a revenue of USD 527.73 Million. Amongst the states in this region, the market in California is expected to hold the largest market share throughout the forecast period and further reach a revenue of USD 726.25 Million by the end of 2028. Further, the market in Washington is expected to grow with the highest CAGR of 15.58% during the forecast period.
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The U.S. & U.K. identity theft protection services market is segmented by theft type into criminal identity theft, financial identity theft, credit card fraud, governmental identity theft, employment identity theft, and other types. Amongst these segments, the credit card fraud segment in the United States is anticipated to register the largest market throughout the forecast period. The segment garnered a market revenue of USD 750.13 Million in 2019 and is further expected to reach USD 1938.11 Million in 2028. The segment is also anticipated to grow with the highest CAGR of 11.59% during the forecast period. In the Southeast U.S., the segment is expected to garner the largest market revenue throughout the forecast period. Moreover, by the end of 2021, the segment is expected to reach USD 290.82 Million. In the United Kingdom, the segment garnered the largest market revenue of USD 74.31 Million in 2019 and is further projected to reach USD 294.81 Million in 2028. The segment is also anticipated to grow with the highest CAGR of 16.65% during the forecast period.
The U.S. & U.K. identity theft protection services market is also segmented on the basis of services and by end user
U.S. & U.K. Identity Theft Protection Services Market, Segmentation by Services
- Monitoring
- Credit Monitoring
- Identity Monitoring
- Identity Recovery & Theft Insurance Services
U.S. & U.K. Identity Theft Protection Services Market, Segmentation by End User
- Individual
- Enterprises
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Some of the leading players in the U.S. & U.K. identity theft protection services market are Experian Information Solutions, Inc., Equifax, Inc., NortonLifeLock Inc., LexisNexis Risk Solutions Group, IdentityForce, Inc., AllClear ID, Identity Intelligence Group LLC, ADT Inc., Fair Isaac Corporation, and others.
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