Identity Theft Protection Services Market to Surpass US Dollar

Newark, June 16, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global identity theft protection services market is expected to grow from $10.1 billion in 2021 to $21.5 billion in 2021. by 2030, at a CAGR of 8.8% over the forecast period 2022-2030.

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The growing prevalence of financial theft and cyber attacks due to the emergence of technology has given rise to identity theft protection services and is driving the market. These services provide coverage for such thefts and ensure that the damage caused by these threats can be repaired. Hackers or attackers use user’s name and address, bank account details or credit card details, medical insurance account numbers and social security numbers to commit the fraud. Additionally, identity theft protection services also protect sensitive company and customer information from hackers, ensuring that customer data is safe and protected from internet scammers and fraudsters. However, the lack of awareness and much less functionality in identity theft protection services is restraining the growth of the market. The major market players can expand their offerings in the growing economies owing to increased awareness of online platforms among the younger generation, rapid urbanization, growth of middle class segment and increase in the literacy level, which is an opportunity for market growth.

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Competitive Strategy

To strengthen their position in the global Identity Theft Protection Services market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.

● In 2020, Breach Clarity, a Fintech provider, partnered with Sontiq, an identity security service provider, to protect data against identity vulnerabilities and data breaches with unprecedented personalized intelligence on the risks of violation.

● Nationwide, an insurance and financial services company, partnered with Generali Global Assistance in 2020 to offer personal cyber protection services as part of the Theft Protection Program. It plans to protect users from cyber security threats and attacks around the world.

Market growth and trends

The need for identity theft protection services has increased due to the growing number of Internet end users and the growing acceptance of digital payments by merchants. Additionally, due to the ever-increasing population and rapid urbanization, smartphones have proliferated, allowing fraudsters to misuse information. According to the FTC report, consumers lost nearly $3 billion in financial fraud in 2020. Thus, the rise in data breach incidents related to financial scams necessitates the deployment of identity theft protection services . The worst data breach happened in 2019 when the data of 7 billion people was exposed by Adobe Creative Cloud, and Capital One Financial Corp exposed 100 billion records. Thus, growing concerns over data breaches and identity breaches are expected to drive the market growth over the forecast period.

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Main findings

● In 2021, the credit card fraud segment dominated the market with the largest market share of 33% and revenue of 3.3 billion.

Theft type segment is divided into bank fraud, telephone and utilities, employment and taxation, credit card fraud and others. In 2021, the credit card fraud segment dominated the market with a market share of around 33% and revenue of 3.3 billion. Growing number of credit card holders and increasing instances of identity theft and cyber attacks are driving the growth of the segment. Credit cards are commonly used to purchase products online, becoming more vulnerable to cyberattacks, increasing the need for identity theft protection services.

● In 2021, the enterprise segment accounted for the largest market share, with 52% and revenue of 5.2 billion.

The end user segment is divided into consumer and enterprise. In 2021, the company accounted for the largest share of the market, with 52% and a turnover of 5.2 billion. Businesses have a huge amount of data that needs to be protected against data theft and cyberattacks, as this data is more vulnerable to identity theft. Thus, the need for identity theft protection services is rapidly increasing in businesses.

Regional Segment Analysis of Identity Theft Protection Services Market

● North America (United States, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North America region has emerged as the largest market for the global identity theft protection services market, with a market share of approximately 42.8% and 4.3 billion in revenue. of the market in 2021. The growth of the region can be attributed to the growing demand. for e-commerce in the regions, and the increase in Internet use increases the risk of fraud and theft. Most people in the United States only use online banking, which makes their data easily accessible to the fraudster who regularly checks the data entered on digital platforms. It increases the demand for identity theft protection services, thereby driving the growth of the market.

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Key players operating in the global Identity Theft Protection Services Market are:

● ID Shield
● Chubb
● GEICO
● Auras
● Allstate Insurance Company
● Experian
● IdentityForce, Inc.
● McAfee, LLC
● National Mutual Insurance Company
● NortonLifeLock In

This study forecasts revenue at global, regional and country level from 2022 to 2030. The Brainy Insights has segmented the global Identity Theft Protection Services market based on the segments mentioned below:

Global Identity Theft Protection Services Market by Theft Type:

● Credit card fraud
● Employment and taxation
● Telephone or utility
● Bank fraud
● Others

Global Identity Theft Protection Services Market by End User:

● Consumer
● Company

About the report:

The global identity theft protection services market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides businesses with actionable insights through data analytics to improve their business acumen. They have a robust forecasting and estimating model to achieve customer goals of high quality production in a short period of time. They provide both custom (customer specific) and syndicated reports. Their repository of union reports is diverse across all categories and subcategories of domains. Custom solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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