Market Overview

The Global Identity Theft Protection Services Market Size was USD 10.07 billion in 2021. The Market is Expected to Grow from USD 11.39 billion in 2022 to USD 31.72 billion by 2030, Exhibiting At A CAGR of 13.7% during the forecast period.

The increasing threat related to cyber security is one of the major drivers for the growth of the global identity theft protection services market. As businesses move to online platforms and use these services, the demand for quality identity theft protection services is increasing. Adoption The increase in anti-theft services may be fueled by increasing identity theft in the public and government sectors, which may contribute to the expansion of the global market for identity theft prevention services during the forecast period.

The ease and promptness of Internet services are expected to increase consumer understanding of products. This allows banks to expand the reach of their value-based offerings and improve the customer experience. However, the increasing possibility of fraud has made identity theft prevention services necessary. The identity theft prevention service is intended to help prevent theft and unauthorized use of personal information. These services frequently offer features such as identity theft insurance, credit monitoring, and fraud alerts. Some companies may offer assistance in regaining your identity after identity theft.

The Identity Theft Protection Services Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Identity Theft Protection Services market.

Significant Market Dynamics

Drivers

Increase in Credit Card User Community

The overwhelming majority of market share is attributable to credit card fraud, as customer demand for credit card-related security products and services has increased alongside the number of credit card users. Moreover, as the demand for online financial transactions increases, bank fraud is anticipated to increase at the maximum rate. Moreover, hackers have exploited utility customers by using rising energy and telephone charges to obtain personal and financial data. Consequently, as the quantity of credit card holders increases, so does the demand for identity theft insurance. This is a significant factor in a market's expansion.

Accelerate Digitalization in Developing Nations

Increased smartphone and other device penetration has contributed to the digitalization of developing economies. In addition, the widespread utilization of digital payment methods and e-commerce has created lucrative growth opportunities for the identity theft policy market. In addition, the rise in cybercrimes and data breaches caused by accelerated digitalization will be a major factor in the expansion of the identity theft insurance market in developing nations. In the approaching years, this factor is anticipated to create opportunities for market expansion. 

Restraints

Expensive Identity Protection Services

Depending on how comprehensively users wish to secure their assets, identity theft protection services can be costly. Plans for these services range between $10 and $30 per month, depending on the services selected. For instance, identity theft insurance may only cover a limited number of insurance-related services and may exclude legal fees and time away from work. Adding additional services increases the plan's price. Consequently, the SME's that are less susceptible to fraud avoid purchasing these services and instead select for free services.

Opportunities

Increasing Identity Theft in Government and Public Sectors Will Increase Demand

In recent years, crimes on government departments, non-governmental organizations, and other public sector institutions have increased drastically. As government agencies have begun to rely on networks of computers and electronic data to conduct daily operations, greater quantities of financial and personal data are being transmitted and stored online. If and when theft of identity occurs, this factor could expose government departments and agencies to potentially substantial liability. Identity fraud is one of the most rapidly expanding crimes in the government sector. Government records can be used in a variety of ways, with fraud on taxes being one of the most prevalent types of identity theft over the past few years.

Increased cybercrime

The growth of the global identity theft insurance policies market is anticipated to be fueled by factors such as the increasing prevalence of cybercrime and identity theft, along with the increasing use of digital identification and other modern technologies. In addition, growing concerns about internet crimes and identity theft, as well as the dread of data exploitation, are likely to propel the growth of the global identity theft insurance industry.

Key Market Updates

May 2021: McAfee, LLC partnered with Fujistu Client Computing Ltd. for securing consumer PCs. The agreement allows for the effortless deployment of McAfee solutions to protect digital lives.

May 2021 – Discover Financial Services, Inc. introduced a service to prevent identity theft for all U.S. consumers, extending a service that the organization has made available to its credit card members. This expanded service seeks to enable the company's current and prospective customers to perceive it as a digital bank offering comprehensive services.

November 2020 – Sontiq, a provider of Intelligent Identity Security, partnered with Breach Clarity, a provider of Fintech, to empower individuals in their fight against identity vulnerabilities and data exposures with exceptional personalized breach risk intelligence.

2020's October – Nationwide, an Insurance and Financial Services Company, collaborated with Generali Global Assistance (GGA) to introduce personal cyber protection services as part of its Identity Theft Protection Program. These services will be made accessible to Nationwide users in an effort to safeguard them from the rising number of cyberattacks and threats.

Sontiq, a provider of Intelligent Identity Security, acquired CyberScout, a provider of identity theft resolution, in February 2021 in order to expand further into the insurance industry with investigation services and cyber solutions.

January 2020- CBIA, the largest business association in Connecticut, has partnered with defend-id, Inc., an identity theft protection service provider, to provide recovery and identity theft protection services for small businesses and their employees beginning.

Market Segmentation

By Type

As the number of consumers with credit cards continues to rise, credit card fraud has the largest market share. Due to the importance of speed and convenience in banking transactions, the category of bank fraud is anticipated to grow at the quickest rate over the forecast period. In addition, fraudsters have preyed on utility consumers by using rising electricity and cell phone prices to obtain their personal and financial data. The employment and tax-related fraud market is anticipated to increase substantially due to the rising incidences of identity thefts linked to rewards and loyalty schemes as well as retirement accounts.

The bank fraud segment, which currently accounts for 26.1% of the market, is anticipated to grow at a CAGR of 5.3% between 2022 and 2030. The growth is attributable to consumers' increased preference for online banking transactions, online utility bill payment, phone bill payment, etc.

By Application

On the basis of application, the market has been divided into consumer, business and other segments.

The number of consumers opening online purchasing, social media, and online bank accounts is increasing at a rapid rate, making the consumer segment the largest. The expanding number of data leaks, frauds, and thefts in industries is anticipated to propel the enterprise to the greatest compound annual growth rate (CAGR) during the forecast period.

Regional Insights

North America is expected to dominate the identity theft protection services market share due to new account openings. The North American market is expected to account for a significant portion of the global market share at $4.25 billion in 2021.
Additionally, government initiatives to combat identity theft could increase the adoption of identity theft protection services.
In the Asia-Pacific region, the adoption of digital payment modes may increase due to the growing number of credit card holders and the widespread adoption of digital payment modes. In addition, the increasing development of 5G services may boost the identity theft prevention service industry.
In Europe, increased activity such as mail theft increased malicious activity, and increased phishing activity may spur industry development.

Geographically, the global Identity Theft Protection Services market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The global region is dominating this market in the upcoming future.
Scope of the Report

Key Vendors

Equifax Inc. Knowledge is the foundation of growth, according to Equifax (NYSE: EFX). They contribute significantly to the global economy as a global data, analytics, and technology corporation by assisting financial institutions, businesses, employers, and governmental organizations in making crucial decisions with more assurance. Insights are generated to power decisions that advance society thanks to the special combination of specialized data, analytics, and cloud technologies.

With its global headquarters in Atlanta and more than 14,000 workers, Equifax runs operations or has financial interests in 24 nations in North America, Central and South America, Europe, and the Asia-Pacific area. Visit Equifax.com for further details.

Affinion Group Companies may connect and interact with their clients using Affinion, forging fruitful bonds and boosting consumer loyalty.  Affinion offers programs in subscription-based lifestyle services, personal protection, insurance, and other areas to help generate increased customer loyalty and significant incremental revenue for more than 5,550 marketing partners worldwide, including many of the largest and most reputable businesses in financial services, retail, travel, and online commerce. Affinion has more than 35 years of experience in customer engagement, product development, and targeted marketing. Visit http://www.affiniongroup.com for additional details.

FICO® (NYSE:FICO), an industry leader in analytics software, has its corporate headquarters in Bozeman, Montana, and serves businesses in over 80 countries by assisting them in making better decisions that increase their levels of growth, profitability, and customer happiness. Entire industries have been revolutionized by the company's innovative use of Big Data and mathematical algorithms to forecast consumer behavior.

FICO offers analytics tools and software that are applied across a variety of industries to manage risk, combat fraud, foster more lucrative client relationships, streamline processes, and adhere to stringent legal requirements.

TransUnion is a multinational provider of information and insights that enables trust in the contemporary economy. It is a business that offers IT consulting and services. As a result, both consumers and enterprises may conduct business with confidence and accomplish amazing things.  Big data, information technology, loan data, identification, fraud protection, risk management, credit data, and financial inclusion are some of their areas of expertise.

Intersections Inc. was a well-known supplier of customer subscription services for identity risk management, privacy protection, and other services. Burlington, Massachusetts serves as the company's headquarters. Intersections was acquired in January 2019 and amalgamated with iSubscribed to become WC SACD One, Inc., a joint venture company established by iSubscribed, WndrCo, and General Catalyst. Under the moniker Aura, the merged companies have changed their branding.

With the use of adaptive technology, Aura develops a unified platform for digital threat protection that enables users to easily handle a variety of cybersecurity requirements.

Key Market Players

• Lifelock Inc.
• Experian Information Solutions, Inc.
• Equifax Inc.
• Affinion Group
• FICO
• LexisNexis Risk Solutions Inc.
• TransUnion LLC
• Intersections Inc.
• All Clear ID Inc.
• Fair Isaac Corporation
• IdentityForce, Inc.
• Identity Guard
• Privacy Guard
• Cyberscout, LLC
• Kroll

Major Market Segments Covered

On the Basis of Type:

• Credit Card Fraud
• Employment or Tax-Related Fraud
• Phone or Utility Fraud
• Bank Fraud
• Others

On the Basis of Application:

• Consumer
• Enterprise
• Others

On the Basis of Region:

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia-Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Conclusion

The escalating cyber security threat is one of the main growth drivers for the global identity theft protection services market. Contrive Datum Insights has recently added the Identity Theft Protection Services Market to its vast database, which aids businesses in shaping their futures by making informed business decisions. Due to new account openings, North America is anticipated to dominate the identity theft protection services market share. In the Asia-Pacific region, the expanding number of credit card holders and the widespread adoption of digital payment methods may lead to a rise in the use of digital payment methods.