Research Nester has released a report titled “Identity Theft Protection Services Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The Federal Trade Commission (FTC), in one of its statistics, stated that in the year 2019, over 20% of all the complaints received were recorded as identity thefts. Moreover, the National Crime Victimization Survey of the Bureau of Justice Statistics, in one of its statistics, stated that the average financial loss associated with identity theft cases was recorded to USD 3500.
Several end users, such as businesses, enterprise and governmental agencies are increasingly relying on the internet along with related advanced technologies, such as the use of electronic IDs. This information are usually stored in the secured cloud servers for easy access and operationality. Yet, with the increasing concerns for cybercrimes and identity thefts that has increased significantly in the recent years, along with the fear of misuse of these important data, are raising the need amongst the end users to increasingly adopt identity theft protection services, which in turn is anticipated to drive the growth of the global identity theft protection services market.
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The global identity theft protection services market is anticipated to achieve a CAGR of 13.06% during the forecast period, i.e. 2020-2028. The market, which reached a value of USD 4733.2 million in the year 2019, is thriving on account of the increasing occurrences of cybercrime and identity thefts around the globe, backed by the growing utilization of electronic identity, and is therefore contributing to the rising demand for identity theft protection services amongst the enterprises and other end users. The Internet Crime Complaint Centre (IC3), in one of its statistics, stated that over 467361 cybercrime complaints were filed in the year 2019. Additionally, the market is also anticipated to reach a value of USD 13972.8 million by the end of 2028.
The global identity theft protection services market is segmented by theft type into criminal, financial, credit card fraud, government identity and others. Among these segments, the credit card fraud segment, which registered the largest market share of 26.76% in the year 2019, is anticipated to grow on account of the growing incidences of credit card fraud thefts as these type of thefts are also recognized as one of the most common forms of identity thefts. The Federal Trade Commission, in one of its statistics, stated that 271,823 reports were registered in the year 2019 as compared to 55,553 reports in the year 2014.
Geographically, the global identity theft protection services market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa, out of which, the market in North America, which registered the largest share of 41.29% in the year 2019, is anticipated to grow on account of the increasing use of electronic IDs, rising number of identity theft cases across the countries in North America and the increasing reliance on internet-based financial transactions. Additionally, the North America identity theft protection services market reached a value of USD 1954.3 million in the year 2019 and is further anticipated to reach a value of USD 5731.7 million by the end of 2028 by growing at a CAGR of 12.98% during the forecast period.
However, concerns for the imitations in the functionalities provided by identity theft protection services and the high costs of deployment of these services are anticipated to hinder the growth of the global identity theft protection services market.
This report also studies existing competitive scenario of some of the key players of the global identity theft protection services market, which includes profiling of Equifax, Inc. (NYSE: EFX), LexisNexis Risk Solutions, AllClear ID, Experian Information Solutions, Inc., Fair Isaac Corporation (NYSE: FICO), NortonLifeLock Inc. (NASDAQ: NLOK), TransUnion LLC, IdentityForce, Inc. and Identity Intelligence Group LLC.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Identity Theft Protection Services Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall identity theft protection services industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global identity theft protection services market in the near future.
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