United States and United Kingdom Identity Theft Protection Services Market Highlights Over 2019 - 2028
The United States identity theft protection services market is estimated to garner a revenue of USD 5345.34 Million by the end of 2028 from USD 2203.51 Million in 2019 by growing at a CAGR of 10.81% over the forecast period, i.e., 2020 – 2028. The growth of the market can be attributed to the increasing use of electronic IDs, increasing reliance on internet-based financial transactions, along with the rising number of identity thefts across the country. According to the statistics by the Federal Trade Commission (FTC), in the year 2020, more than 2.1 Million fraud reports were reported from consumers. Moreover, fraud worth USD 3.3 Billion were reported as losses borne by consumers in the year 2020, a value which was up from USD 1.8 Billion in 2019. The United Kingdom identity theft protection services market, on the other hand, registered a value of USD 304.93 Million in 2019, and is further anticipated to reach USD 1060.07 Million by the end of 2028 by growing at a CAGR of 14.96% during the forecast period. Increasing number of phishing activities in the region, along with the growing concern for data breaches in UK is anticipated to drive the market growth in the coming years.
United States Identity Theft Protection Services Market Regional Synopsis
Regionally, the United States identity theft protection services market is segmented into five major regions including West U.S., Northeast U.S., Southeast U.S., Southwest U.S., and Midwest U.S. region. The market in the Southeast U.S. region is anticipated to hold the largest market share throughout the forecast period and further reach a value of USD 1545.34 Million by the end of 2028. The growth of the market in the region can be attributed to the growing awareness amongst individuals for identity theft protection services, along with increasing requirement for such services in several states in the region, such as Tennessee, Florida, Virginia, and others, as these states reported a large number of identity theft cases. In other statistics by the FTC, the number of identity thefts reported in Florida, Georgia, Tennessee, South Carolina, and Virginia in the year 2020 was 101368, 69487, 19180, 19192, and 15632 respectively. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the United States and United Kingdom Identity Theft Protection Services Market
Growth Drivers
- Increasing Incidents of Identity Thefts and Cyber-Crimes
- Growing Awareness Amongst Individuals for Identity Theft Protection Services
Challenges
- Availability of Low-Cost Alternatives
United States and United Kingdom Identity Theft Protection Services Market Segmentation Synopsis
The U.S. and UK identity theft protection services market is segmented by theft type into criminal, financial, governmental, and employment identity thefts, credit card fraud, and others. In the U.S., the credit card fraud segment is projected to grab the largest market share throughout the forecast period and further reach a value of USD 1938.11 Million by the end of 2028. The segment is also anticipated to grow with the highest CAGR of 11.59% during the forecast period. In the UK, the credit card fraud segment is anticipated to register the largest market value of USD 294.81 Million by the end of 2028 by growing at a CAGR of 16.65% during the forecast period. Credit card fraud is one of the most common forms of fraud across the U.S. and UK regions. In other statistics by the FTC, credit card fraud reports in the United States was 393,207 in the year 2020. Based on services, the market is segmented into monitoring services and identity theft recovery & theft insurance services. In the U.S., the monitoring services segment is projected to grow with the highest CAGR of 10.87% during the forecast period, whereas, in the UK, the segment is projected to grow with the highest CAGR of 15.35% during the forecast period. Based on end-user, the market is segmented into individual and enterprise, out of which, the individual segment in the U.S. is anticipated to grow with the highest CAGR of 11.10% during the forecast period. Moreover, the individual segment in the UK is anticipated to grow with the highest CAGR of 15.09% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the United States and United Kingdom identity theft protection services market that are included in our report 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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