The global identity theft protection services market was valued at US$ 8.62 Bn in 2019 expanding at a CAGR of 12.7% from 2020 to 2028.
Ever-Rising E-Commerce Sector Worldwide to Bolster the Demand for Identity Theft Protection Services
Identity theft is rising at an alarming rate resulting in heavy financial losses to business enterprises as well as individuals. Factor such as rising e-commerce sector, online payment, digitization of government records & IDs has made data privacy and security more vulnerable. The identity theft protection services market is highly governed by the consistently growing instances of identity thefts worldwide. Similarly, increasing inclination towards online payment is another prominent factor in supporting market growth. Due to the growing internet user base along with the rapid adoption of digital payment modes, the market would witness promising growth over the forecast period.
Demand for Identity Theft Protection Services to Swell for Credit Card Frauds
In 2019, the credit cards segment was the largest value contributor to the global identity theft protection services market. Financial identity theft is the most popular type of theft carried out across the globe. Due to the growing number of credit cardholders globally, the demand for related protection services expected to remain strong throughout the forecast period thereby retaining the dominant position. Further, with increasing inclination towards online banking transactions, the bank frauds segment is set to demonstrate promising growth during the forecast period.
North America Leads the Market; the Asia Pacific to Emerge as the Fastest Growing Regional Market
Presently, the overall identity theft protection services market worldwide is led by North America. The U.S. represents the highest number of identity theft cases worldwide. In addition, due to the high number of credit card holders, identity theft has become rampant in the nation. The Asia Pacific is set to register the highest growth rate during the forecast period. This is primarily due to the growing adoption of digital payment modes along with credit cardholders in the region. The rapid growth of internet usage in the Asia Pacific region, including a tenfold or more increase in access in countries like China, Japan, and India has also accompanied by significant increases in identity theft. In China, identity theft has been on a consistent rise and takes on a growing trend year by year as organizations and individuals peddle personal information attained illegally by intruding into systems of banks or public institutions.
Data Breach Prevention Ability to Define the Key Strategy
The overall identity theft protection services market is quite fragmented and characterized by several international players. These players have a strong financial backup and offer several individuals as well as corporate services in identity theft sectors. Owing to the fragmented nature of the market, these companies have to confront intense competition among each other in order to win the confidence of their customers. Besides this, companies strive extensively in order to upgrade their existing protection service portfolio to tackle the perpetual sophistication and diversified avenues adopted by hackers. Breach prevention is of prime importance and keenly observed by these companies to maintain their market position and reputation.
This research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
Some of the major players profiled in the report include