Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global identity theft protection services market size was USD 10.07 billion in 2021. The market is expected to grow from USD 11.39 billion in 2022 to USD 27.90 billion by 2029, exhibiting a CAGR of 13.7% during the forecast period. Increasing cybersecurity and identity theft risks in government and public sectors to boost the market growth. Fortune Business Insights™ mentions this information in its report titled “Identity Theft Protection Services Market, 2022-2029.”
The spike in digitalization and communications of businesses has boosted cyberattack risks and introduced a range of new risks to organizations. The rising risks of cybersecurity may propel the demand for the product from business organizations. The shift of businesses to online platforms facilitates the adoption of effective identity theft protection services, thereby boosting demand. Furthermore, increasing identity thefts in government and public sectors may facilitate adopting protection services. These factors may boost market development during the pandemic.
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COVID-19 Pandemic
Rising Shift to Digitization to Propel Market Development
The COVID-19 pandemic will have a positive impact on the identity theft protection services market growth because of the rapid shift to digitization. The sudden spike in COVID cases forced businesses to adopt digital platforms to run their businesses. Further, the shutdown of online retail stores led to the adoption of e-commerce platforms, thereby increasing the demand for effective data protection services from the audiences. Moreover, the adoption of work-from-home culture fueled the adoption of the service. These factors may propel market development during the pandemic.
Segmentation
By type, the market is segmented into credit card fraud, bank fraud, utility or phone fraud, and tax or employment-related fraud. Based on application, it is bifurcated into enterprise and consumer. Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Companies Profiled in the Global Identity Theft Protection Services Market
- Equifax, Inc. (Georgia, U.S.)
- NortonLifeLock Inc. (Arizona, U.S.)
- TransUnion LLC (Illinois, U.S.)
- Experian Information Solutions, Inc. (New York, U.S.)
- Malwarebytes Ltd (California, U.S.)
- LexisNexis Risk Solutions (Georgia, U.S.)
- AllClearID (Texas, U.S.)
- Kroll (New York, U.S.)
- Fair Isaac Corporation (California, U.S.)
- McAfee, LLC (California, U.S.)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 13.7 % |
| 2029 Value Projection | USD 27.90 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 10.07 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 130 |
| Segments covered | Type; Application; Regional; |
| Growth Drivers | Rising Internet-based Financial Transactions to Necessitate Identity Theft Protection Services Deployment |
| Pitfalls & Challenges | High Costs Associated with Identity Protection Services Might to Impede Identity Theft Protection Services Market Growth |
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Increasing Internet Financial Transactions to Drive Market Growth
The convenience and speed of internet services are expected to boost the product’s adoption. It empowers banks to widen their value-based services and augment consumers' experiences. However, the increasing fraud risks necessitated the demand for identity theft protection services. For example, as per the FTC report, consumers lost nearly USD 3.3 billion in 2020, higher than the USD 1.5 billion in 2019. Furthermore, malicious data breaches in internet-based financial transactions may necessitate deploying these services. In addition, the incorporation of a united payments interface (UPI) may boost the adoption of identity theft protection. These factors may drive the identity theft protection services market growth.
However, high costs associated with the services may impede the market development during the upcoming years.
Regional Insights
Opening of New Accounts to Boost Market Growth in North America
North America is expected to dominate the identity theft protection services market share because of the opening of new accounts. The market in North America stood at USD 4.25 billion in 2021 and is expected to gain a huge portion of the market share globally. Furthermore, government initiatives to prevent identity theft may boost identity theft protection services’ adoption.
In Asia Pacific, increasing credit card holders and extensive adoption of digital payment modes may boost the adoption of digital payment modes. Furthermore, the rising development of 5G services may fuel the identity theft protection services industry.
In Europe, increasing activities such as stealing postal mails, increasing malicious activities, and rising phishing activities may boost industry development.
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Competitive Landscape
Manufacturers Acquire Major Players to Expand their Activities
Prominent companies operating in the market acquire major players to improve business and expand their market reach. For example, Sontiq completed the acquisition of CyberScout in February 2021. This development may enable the company to expand into cyber and forensic investigations solutions. Furthermore, companies utilize mergers, partnerships, novel product launches, research and development, and collaborations to propel their market position.
Industry Development
- May 2021: McAfee, LLC partnered with Fujistu Client Computing Ltd. for securing consumer PCs. The agreement allows for the effortless deployment of McAfee solutions to protect digital lives.
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Identity Theft Protection Services Key Players Market Share Insights and Analysis, 2021
- Global Identity Theft Protection Services Market Size Estimates and Forecasts , By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Credit Card Fraud
- Bank Fraud
- Phone or Utility Fraud
- Employment or Tax-Related Fraud
- By Application (USD)
- Consumer
- Enterprise
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Identity Theft Protection Services Market Size Estimates and Forecasts , By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Credit Card Fraud
- Bank Fraud
- Phone or Utility Fraud
- Employment or Tax-Related Fraud
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