Overview and Scope
Identity theft protection service refers to any service that assists people in protecting themselves against the illegal acquisition of their personal data, such as their name, birthday, and social security number, and the use of that information to steal money or perpetrate other crimes. Identity theft protection services can alert clients to questionable activity and assist them in minimize the damages.
Sizing and Forecast
The identity theft protection services market size has grown rapidly in recent years. It will grow from $11.84 billion in 2023 to $13.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to financial fraud incidents, increased digitalization, high-profile data breaches, data privacy concerns, rise in cyber threats..
The identity theft protection services market size is expected to see rapid growth in the next few years. It will grow to $20.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to consumer awareness and demand, cybercrime trends and patterns, growth of digital transactions, market competition and innovation.. Major trends in the forecast period include ai and machine learning integration, biometric authentication advancements, rise in cybersecurity threats, regulatory changes and compliance, expansion of digital footprint protection..
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Segmentation & Regional Insights
The identity theft protection services market covered in this report is segmented –
1) By Service: Monitoring Services, Credit Monitoring, Identity Monitoring, Identity Recovery And Theft Insurance Services
2) By Type: Credit Card Fraud, Employment And Tax Related Fraud, Phone Or Utility Fraud, Bank Fraud
3) By End-Use: Consumers, Enterprises
North America was the largest region in the identity theft protection services market in 2023. The regions covered in the identity theft protection services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increasing number of fraudulent activities is expected to propel the growth of the identity theft protection services market moving forward. Fraud is defined as any conduct that uses deceit to obtain an advantage, and it becomes a crime when there is a knowing distortion of the truth or concealment of a substantial fact to convince someone to act to his or her harm. Identity theft protection services monitor personally identifiable information in credit applications, public records, websites, and other locations for any unusual behavior that might indicate identity theft. For instance, in February 2022, according to the Federal Trade Commission, a US-based independent organization that enforces civil antitrust law and promotes consumer protection, approximately 2.8 million fraud claims were filed, with 25% indicating money was lost. People reported losing more than $5.8 billion to fraud in 2021, a $2.4 billion increase over the previous year. Therefore, the increasing number of fraudulent activities is driving the growth of the identity theft protection services market.
Key Industry Players
Major companies operating in the identity theft protection market are developing innovative products such as comprehensive solutions to meet larger customer bases, more sales, and increase revenue. Comprehensive solutions refer to integrated and all-encompassing approaches that address multiple aspects or facets of a particular problem, challenge, or need. For instance, in October 2023, Malwarebytes, a US-based cybersecurity company, launched an identity theft protection service. The unique feature of Malwarebytes’ Identity Theft Protection service lies in its comprehensive approach, which involves scanning the dark web for personal information, safeguarding social media accounts against hacking, and monitoring credit activities. Additionally, users benefit from up to $2 million in identity theft insurance for added security. The service is further enhanced by Malwarebytes’ Browser Guard, a desktop browser extension compatible with Chrome, Edge, Firefox, and Safari. Browser Guard stands out by offering protection against third-party ad trackers, blocking malicious websites, and preventing in-browser cryptojackers, providing users with a robust and multifaceted defense against various online threats.
The identity theft protection services market report table of contents includes:
1. Executive Summary
2. Identity Theft Protection Services Market Characteristics
3. Identity Theft Protection Services Market Trends And Strategies
4. Identity Theft Protection Services Market – Macro Economic Scenario
5. Global Identity Theft Protection Services Market Size and Growth
…
31. Global Identity Theft Protection Services Market Competitive Benchmarking
32. Global Identity Theft Protection Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Identity Theft Protection Services Market
34. Identity Theft Protection Services Market Future Outlook and Potential Analysis
35. Appendix
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