Research Nester has released a report titled “Identity Theft Protection Services Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global identity theft protection services market in terms of market segmentation by theft type, services, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global identity theft protection services market is segmented by theft type into criminal, financial, credit card fraud, government identity and others, out of which, the credit card fraud segment registered the largest market share of 26.76% in the year 2019 owing to the increasing incidences of credit card fraud theft, which according to the statistics by the Federal Trade Commission, registered 271,823 reports in the year 2019 as compared to 55,553 reports in the year 2014. Moreover, such thefts are also recognized as one of the most common forms of identity thefts.
The global identity theft protection services market is anticipated to achieve a CAGR of 13.06% during the forecast period, i.e. 2020-2028 owing to the increasing occurrences of cybercrime and identity thefts around the globe, backed by the growing utilization of electronic identity, and is therefore contributing to the rising demand for identity theft protection services amongst the enterprises and other end users. In the statistics by the Internet Crime Complaint Centre (IC3), in the year 2019, over 467361 cybercrime complaints were filed. The global identity theft protection services market is further anticipated to reach a value of USD 13972.8 million by the end of 2028 from a value of USD 4733.2 million in the year 2019.
Regionally, the global identity theft protection services market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in North America registered the largest share of 41.29% in the year 2019 owing to the increasing use of electronic IDs, rising number of identity theft cases across the countries in North America and the increasing reliance on internet-based financial transactions. The market in the region is further expected to reach a value of USD 5731.7 million by the end of 2028 from a value of USD 1954.3 million in the year 2019 by growing at a CAGR of 12.98% during the forecast period.
Increasing Incidents of Identity Thefts and Cybercrime
In the statistics by the Federal Trade Commission (FTC), over 20% of all the complaints received in the year 2019 were recorded as identity thefts. Additionally, in the statistics by the National Crime Victimization Survey of the Bureau of Justice Statistics, around USD 3500 was recorded as the average financial loss associated with identity theft cases.
The increasing occurrences of cybercrime and identity theft, backed by the increasing utilization of advanced technologies, such as electronic IDs and the growing reliance on the internet is one of the major factors which is raising the need for the deployment of identity theft protection services. Individuals are increasingly storing important files in the cloud. Theft of these data and the concern for misuse of the important data, that might include data from businesses, enterprise and governmental agencies among other end users are additionally anticipated to drive the growth of the global identity theft protection services market during the forecast period.
However, concerns regarding the high costs of deployment of identity theft protection services and the limitations in the functionalities provided by these services are some of the additional factors anticipated to hamper the growth of the global identity theft protection services market.
This report also provides the existing competitive scenario of some of the key players of the global identity theft protection services market, which includes company profiling of Equifax, Inc. (NYSE: EFX), LexisNexis Risk Solutions, AllClear ID, Experian Information Solutions, Inc., Fair Isaac Corporation (NYSE: FICO), NortonLifeLock Inc. (NASDAQ: NLOK), TransUnion LLC, IdentityForce, Inc. and Identity Intelligence Group LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global identity theft protection services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.