New York, Nov. 12, 2020 (GLOBE NEWSWIRE) -- As a result of employees working from home, the cyberattacks amidst COVID-19 pandemic witnessed a sharp jump worldwide, thereby resulting in setting up of robust security services among organisations. As per FTC, the total fraud loss accounted for USD 180.09 Million in the United States between January 1 and November 8, 2020. Overall 35,244 identity theft cases were recorded during the same time period.
Research Nester examined the statistical and analytical approach that is required for the growth of the global identity theft protection services market between the years 2019 and 2028. The key industrial insights provided in the report offer a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on opportunities, challenges, current and future market trends that are associated with the growth of the market.
With millions of identity fraud cases, billions in terms of assets are lost every year. The scenario has turned even worse during the pandemic of 2020. This has driven many identity theft protection services to come up with enhanced solutions in an attempt to keep fraudsters at bay. The global identity theft protection services market was valued at US$ 4,733.2 million in 2019. On the back of growing number of cybercrimes across the globe, the market is estimated to garner US$ 13,972.8 million by 2028, by growing at a CAGR of 13.06% during the forecast period, i.e., 2020-2028.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Regionally, the global identity theft protection services market has been segmented into 5 major regions covering North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among the markets in these regions, the North America market is estimated to be the highest revenue generating segment throughout the forecast period and is estimated to bring in revenue of around USD 5,73o Million in 2028, whereas, the Asia Pacific market is estimated to witness highest growth rate of 14.31% during the forecast period. Pivotal factors that are influencing the business growth in North America include the growing use of electronic IDs, increasing reliance on internet-based financial transactions coupled with the increasing number of identity theft cases across various countries in the region. On the back of rising number of internet-based transactions, the U.S. identity theft protection services market is estimated to hold leading stance during the forecast period and by 2020, the market is projected to bring in revenue of around USD 1841 Million. According to the Federal Trade Commission, in 2019, 650,572 identity theft reports were registered in the U.S., accounting for almost 20% of the total reports. Credit card type of identity theft accounted for nearly 41% of the overall theft types in 2019, an increase of almost 88% as compared to the previous year. Moreover, identity thefts related to business or personal loan and federal student loans increased by 116% and 188%, respectively, as compared to 2018.
Similarly, the European countries are exposed to growing number of identity fraud cases among other fraudulent activities. Over the last 2 years (2018 & 2019), the affected victims bore severe financial burden which accounted for around USD 28 Billion. The UK is among the leading countries that witnessed highest fraction of identity theft frauds. On the back of growing focus towards the security of consumers in European countries in safeguarding their data and identity coupled with growing demand for fraud detection services based on artificial intelligence and machine learning, the Europe identity theft protection services market is estimated to witness notable growth in upcoming years. The market in Europe is anticipated to touch the valuation of US$ 3,012.5 million by 2028.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The companies are continuously working towards strengthening their security measures and are enhancing their identity theft protection and monitoring services through efficiently monitoring and protecting the identity of their customers along with assisting them during the time of crisis. Based on end-users, the global identity theft protection services market is bifurcated into enterprise and consumer segment, out of which, the enterprise segment accounted for over 29% of the market share in 2019 and is anticipated to grow at a CAGR of 12.34% over the forecast period. According to the Identity Theft Resource Centre (ITRC), a U.S. based non-profit organization, the enterprise sector faced the highest number of security breaches, i.e., 644 in 2019, amounting to nearly 44% of the overall breaches recorded. This is anticipated to boost the adoption of identity theft management services across the enterprise sector over the coming years.
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The global identity theft protection services market is also segmented on the basis of theft type and services
Global Identity Theft Protection Market, Segmentation by Theft Type
- Criminal Identity Theft
- Financial Identity Theft
- Credit Card Fraud
- Government Identity Theft
- Employment Identity Theft
- Others
Global Identity Theft Protection Market, Segmentation by Services
- Monitoring Services
- Identity Recovery and Theft Insurance Services
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Some of the leading players in the global identity theft protection services market are AllClear ID, Experian Information Solutions, Inc., Equifax Inc., Fair Isaac Corporation, LexisNexis Risk Solutions, Norton LifeLock Inc., TransUnion, IdentityForce, Inc. and IdentityIQ. With pandemic adding on to the identity theft and fraud incidence rate worldwide, the identity theft service providers are coming up with efficient monitoring and recovery plans providing number of features to help monitor unusual activities and avoid further damages.
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