Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global identity theft protection services market is anticipated to increase from $11.40 billion to $28.91 billion in 2029, with a forecasted CAGR of 14.8%.
The growing threat associated with cybersecurity is one of the primary drivers of the global identity theft protection services market growth. Demand for excellent identity theft protection services is increased as a result of enterprises moving to online platforms and making use of these services. The adoption of theft protection services may also be facilitated by rising identity theft in the public and government sectors. These elements could contribute to the expansion of the global market for identity theft protection services throughout the predicted period.
It is anticipated that the ease and quickness of internet services will increase consumer uptake of the product. It enables banks to expand the scope of their value-based offerings and improve the experiences of customers. However, the growing possibility of fraud made identity theft protection services necessary. Services that defend against identity theft are intended to assist people in preventing the theft and unauthorized use of their personal information. These services frequently provide features like identity theft insurance, credit monitoring, and fraud warnings. Some businesses may provide support for regaining your identity after identity theft.
Global identity theft protection services market scope:
| Metrics | Details |
| Study Period | 2019-2029 |
| Market Size in 2029 | USD 28.91 billion |
| Segment Covered | By Type, by Application, By Region, |
| by Type Covered | Employment or tax-related fraud, credit card fraud, utility or phone fraud, bank fraud |
| by Application Covered | enterprise, consumer |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | McAfee, Fair Isaac Corporation, Kroll, AllClearID, LexisNexis Risk Solution, Malwarebytes, TransUnion LLC, NortonLifeLock, Equifax |
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The identity theft protection service keeps an eye on personal data in credit applications, public records, websites, license plates, and other places to spot any unusual behavior that could indicate identity theft. A preventive technique called identity theft protection service safeguards bank information. Data theft as well as data misuse can be prevented with these solutions. Services for preventing identity theft often comprise data monitoring, theft warning, data control, and information recovery. Any unusual activity will be immediately reported to the agency providing theft alerts. Consumers are not eligible for theft insurance, and identity theft protection service providers do not cover client data from breaches since these privacy concerns might restrain market expansion.
The credit card fraud segment has the largest market share due to the rise in credit card users. Through the forecast period, the bank fraud category is anticipated to grow at the fastest pace due to financial activities that are motivated by speed and convenience. In addition, con artists have been exploiting utility users by utilizing rising phone and power rates to steal money and personal data. The employment and tax-related fraud industry is anticipated to grow significantly due to the surge in identity thefts connected to rewards and loyalty programs as well as retirement funds.
With a 30% share of the market in 2020, the North American area dominated. North America has a dominant position in the identity theft protection services industry as an e-commerce region, and it is expanding quickly and adding new online accounts. Recently, the US government has taken steps to combat identity theft, including the BuySecure project, a specialized task force in the nation to do so.
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For instance, in order to secure consumer PCs, Fujistu Client Computing Ltd. and McAfee, LLC teamed up in May 2021. The partnership enables the quick and easy deployment of McAfee technologies to safeguard digital life.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Identity Theft Protection Services Market by Type, 2019-2029 (USD Billion)
5. Identity Theft Protection Services Market by Application, 2019-2029 (USD Billion)
6. Identity Theft Protection Services Market by Region 2019-2029 (USD Billion)
7. Competitive Landscape
8. Company Profiles
9. Appendix
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