Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global identity theft protection services market size was valued at USD 11.56 billion in 2022 and is projected to grow from USD 13.13 billion in 2023 to USD 33.35 billion by 2030, exhibiting a CAGR of 14.2% during the forecast period. Rising Online Financial Transactions to Boost Market Progress. Fortune Business Insights presents this information in their report titled "Global Identity Theft Protection Services Market Forecast, 2023–2030."
Digitization of businesses and strong expansion of communication infrastructure have raised the risk of cyberattacks and exposed companies to several new risks and threats. Identity threats are one of the fastest-growing financial crimes and involve the stealing of private information, such as bank account numbers, credit card information, personal addresses, and other types of data. This data is then misused to take massive loans or empty the victim’s bank balance. The growing awareness of these threats is expected to boost the identity theft protection services market growth.
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Key Industry Development:
May 2023 – MasterCard introduced an open banking API named ‘Open Banking for Account Opening’. This solution would help users tackle fraud by integrating the ownership of customer accounts with identity insights and creating a single API.
Key Takeaways
- The identity theft protection services market size in North America was USD 4.95 Billion in 2022
- Introduction of New Programs During Pandemic Improved Adoption of Identity Theft Protection Services
- Customers to Increase Usage of Identity Theft Protection Services with Their Rising Online Presence
- Growing Number of Credit Card Holders to Augment Adoption of Credit Card Fraud Protection Services
Discover the Leading Players Featured in the Report:
“Companies leading the global identity theft protection services market are Equifax, Inc. (U.S.), NortonLifeLock Inc. (U.S.), TransUnion LLC (U.S.), Experian Information Solutions Inc. (U.S.), Malwarebytes Ltd (U.S.), LexisNexis Risk Solutions (U.S.), AllClearID (U.S.), Kroll (U.S.), Fair Isaac Corporation (U.S.), McAfee, LLC (U.S.)"
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.2% |
| 2030 Value Projection | USD 33.35 Billion |
| Base Year | 2022 |
| Identity Theft Protection Services Market Size in 2022 | USD 11.56 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Type, Application and Geography |
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Drivers and Restraints:
Growing Number of Online Transactions to Boost Product Adoption
More number of customers are opting for online transactions as they offer a lot of conveniences and facilitate quicker payments. Online payment modes have not only helped banks expand their customer bas, but also allowed them to refine their customer experience. However, these transactions can make both banks and customers more vulnerable to fraud and other online risks. This factor will prompt them to adopt identity theft protection services, thereby fueling the market development.
However, the high costs related to the deployment of these solutions can impede market progress.
Segmentation:
By Type
- Credit Card Fraud
- Bank Fraud
- Phone or Utility Fraud
- Employment or Tax-related Fraud
By Application
- Consumer
- Enterprise
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Market Due to Ever-Expanding E-Commerce Sector
North America is set to dominate the global market as the region’s e-commerce industry is witnessing robust growth and more people are opening their accounts on various online platforms. Asia Pacific is predicted to record the highest CAGR during the forecast period as more people across the region are purchasing credit cards and opting for online payment modes.
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Competitive Landscape:
Companies to Use Key Growth Strategies to Strengthen Market Competition
This industry is showcasing rapid growth due to the growing introduction of technological advancements, rising competition, and using key growth strategies, such as mergers and acquisitions. These strategies will help them boost their market presence.
FAQs
How big is the identity theft protection services market?
The identity theft protection services market size was USD 11.56 billion in 2022. It is expected to reach USD 33.35 billion by 2030.
How fast is the identity theft protection services market growing?
The identity theft protection services market will exhibit a CAGR of 14.2% during the forecast period, 2023-2030.
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Identity and Access Management Market Size, Share, Revenue Forecast and Opportunities
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Out-of-Band Authentication Market Size, Share, Opportunities & Analysis
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