Pune India, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Identity Theft Protection Services Market Size By Theft Type (Bank Fraud, Credit Card Fraud, Employment and Tax, Phone and Utility, and Others), By End-User (Consumer and Enterprise), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the identity theft protection services market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the identity theft protection services market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as theft type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global identity theft protection services market are IDShield, McAfee, LLC, Allstate Insurance Company, Chubb, GEICO, Aura, Nationwide Mutual Insurance Company, Experian, IdentityForce, Inc., NortonLifeLock In among others. To achieve a substantial market share in the worldwide identity theft protection services market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An identity theft protection service monitors personal data stored on credit applications, public records, and other places to look for any unusual behaviour that may indicate identity theft. Bank information is safeguarded using a preventative technique called identity theft protection services. One of the primary drivers of growth in the global identity theft protection services market is the growing threat associated with cybersecurity. In addition to enterprises moving to online platforms and using these services, the demand for excellent identity theft protection services is increasing. In recent years, the theft of sensitive personal information, including addresses, bank account numbers, social security numbers, and passwords, has increased the demand for theft protection tools. Digitalization and speed of transactions have increased the number of online financial transactions rapidly. The convenience of using the online mode for financial transactions can be done instantly without visiting banks and standing in long lines for a small financial task, but technology-driven financial transactions have become a weapon for cyber attackers as well. Among the fastest-growing financial crimes is identity theft, and cyberattacks and similar threats to organizations are on the rise as a result of increasing communications and digitalization. Moreover, there is a lack of knowledge and awareness of identity theft protection services and what they can do for individuals and businesses, which is hampering the market growth.
Scope of Identity Theft Protection Services Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Theft Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | IDShield, McAfee, LLC, Allstate Insurance Company, Chubb, GEICO, Aura, Nationwide Mutual Insurance Company, Experian, IdentityForce, Inc., NortonLifeLock In among others |
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Segmentation Analysis
Credit card fraud is expected to be the fastest-growing segment in 2022.
The theft type segment is bank fraud, credit card fraud, employment and tax, phone and utility, and others. The credit card fraud segment is expected to witness the highest growth rate during the forecast period. It is expected that the credit card fraud segment will grow rapidly during the forecast period due to the growing demand for credit cards, which offer several benefits and discounts. As a result of cardholders' growing need for identity theft protection services, the segment is also expected to grow.
Enterprise is expected to be the fastest-growing segment in 2022.
The end-user segment is consumer and enterprise. The enterprise segment is expected to witness the highest growth rate during the forecast period. The enterprise segment is expected to grow over the forecast period. As a result of data breaches and cyberattacks, the market has been growing, which forces enterprises to take steps to protect their confidential data from identity theft.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the identity theft protection services market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. North America dominates the identity theft protection services market due to the flourishing e-commerce market in that region. There is a growing demand for identity theft protection services in this region due to the penetration of internet services into most fields. It is a digital world, and few people use offline banking transactions, which leaves their data more vulnerable to cyberattacks and identity theft. This increases the need for identity theft protection services.
Country Analysis
- Germany
Germany's identity theft protection services market size was valued at USD 0.87 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 8.2% from 2023 to 2030.
The growing awareness of identity theft and data breaches in the country has increased the demand for identity theft protection services.
- China
China’s identity theft protection services market size was valued at USD 0.91 billion in 2022 and is expected to reach USD 1.7 billion by 2030, at a CAGR of 8.5% from 2023 to 2030.
Businesses and individuals are investing in identity theft protection services in the country due to the rising costs of resolving a data breach or identity theft incident.
- India
India's identity theft protection services market size was valued at USD 0.7 billion in 2022 and is expected to reach USD 1.33 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Since consumers are increasingly using online and mobile banking services, identity theft is becoming more common. In addition, as more data breaches expose millions of consumers' personal information to hackers, the market is driven by these breaches.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising incidences of cyber-crimes.
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