Pune, India, July 13, 2021 (GLOBE NEWSWIRE) — The global identity theft protection services market size is projected to reach USD 24.90 billion by 2028, exhibiting a CAGR of 13.7% during the forecast period. Fortune Business Insights™
shares this information in its report, titled “Identity Theft Protection Services Market, 2021-2028“. As per the report, the value of the market stood at USD 8.94 billion in 2020.
We have categorized the market on the basis of type, application, and geography. In terms of type, the market is divided into credit card fraud, bank fraud, phone or utility fraud, and employment or tax-related fraud. Based on application, it is fragmented into consumer and enterprise. By region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
The emergence of the COVID-19 pandemic brought heavy traffic on the internet as people have been working, surfing, and shopping from home. On the other hand, cyber-attacks have experienced a sudden rise during the lockdown phase. According to Deloitte, phishing attacks, ransomware attacks, and Malspams, showcased rapid increase as cybercriminals used COVID-19 as bait to target employees and customers. The incidents have had a positive impact on the market for identity theft protection services. Based on our findings, the market will exhibit a significant growth of 13.1% in 2021.
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In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers & acquisitions, new product launches, and research & development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
Drivers & Restraints
Increasing Adoption of Online Payments to Drive Growth
Internet-based financial transactions have become highly popular among the current generation. Leading companies offering such fund transfer services have witnessed massive engagement in recent times. For instance, in 2020, Paytm, one of the leading e-commerce payment companies, registered a 50% increase in overall transactions. The increasing adoption of online payments among tech-savvy millennials is expected to drive the identity theft protection services market growth. In addition, the rising awareness regarding identity theft among people backed by the increasing occurrences of the same is estimated to further strengthen their demand in the future. For instance, as reported by the Indian Express, in February 2021, Vodafone had lost INR 94 lakh due to identity theft in India.
Government Initiatives in the U.S. to Accelerate Service Demand in North America
North America is projected to dominate the identity theft protection services market share during the forecast period. Several initiatives taken by the U.S. government to minimize identity thefts and security breaches are anticipated to strengthen the demand for the services. For instance, in 2014, the U.S. government introduced a new initiative called BuySecure, which will help the citizens protect themselves against security threats such as credit card fraud or identity theft.
The market in Asia Pacific is estimated to showcase robust growth. The region is expected to register the highest CAGR during the forecast period. The increasing population of credit card holders coupled with the rising adoption of online payments is expanding the market share of identity theft protection services in the region.
Strategic Partnerships to Help Key Enterprises Develop Novel Protection Services
Key players operating in this market are focusing on strategic partnerships with other enterprises. This will help them better protect their customers from potential threats. For instance, in October 2020, Nationwide announced a partnership agreement with Generali Global Assistance (GGA), a leading player specialized in offering protection services. With this partnership, the company is aiming to develop its cyber protection services under the identity theft protection services program.
January 2020 – CBIA, one of the leading business enterprises in Connecticut, signed a partnership agreement with Defend-id, Inc., an identity theft protection service provider. The partnership will help the company provide recovery and protection services for identity theft to small businesses.
August 2018 – The Allstate Corp., an insurance company based in the U.S., announced the acquisition of InfoArmor. The agreement will aid the company further expand its business as well as customer base.
List of Key Companies Covered in this Market Report:
• Equifax, Inc. (Georgia, United States)
• LexisNexis Risk Solutions (Georgia, United States)
• AllClear ID (London)
• Experian Information Solutions, Inc. (New York, United States)
• Fair Isaac Corporation (California, United States)
• NortonLifeLock Inc. (Arizona, United States)
• TransUnion LLC (Illinois, United States)
• IdentityForce, Inc. (Framingham, United States)
• IdentityIQ (California, United States)
• LifeLock, Inc. (Symantec) (Arizona, United States)
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