Identity Theft Protection Services Market is Estimated to Reach USD 24 Billion by 2032 - Fact.MR Analysis

NEW YORK, Jan. 28, 2022 /PRNewswire/ --  The latest research report by Fact.MR provides detailed information on key factors affecting growth in the global identity theft protection services market. It presents valuable insights on analysis of the different segments of the global identity theft protection services market.  For the purpose of study, the market has been segmented in terms of Type, Region and End Use Industry. 

The global identity theft protection services market is estimated at USD 10 Billion in 2022 and is forecast to surpass USD 24 Billion by 2032, growing at a CAGR of 9.4% during 2022-2032. The global identity theft protection services market is estimated to have an absolute $ opportunity of USD 14 Billion during the assessment period of 2022-2032.

Identity theft technology is escalating at a rapid pace for preventing financial losses to individuals and business enterprises. Multiple factors such as digitization of government records, the rising trend towards online payment, growing e-commerce sector have made security and privacy more vulnerable which further drives growth of this market.

Theft of sensitive personal information such as an address, bank account numbers, social security numbers, passwords etc. being used by fraudsters uplifts the demand of theft protection tools. Identity theft Protection Services are one of the fastest-growing financial crimes and the risks of cyberattacks and other similar threats to organizations are rising due to the surge in communications and the digitalization of businesses. 

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Monitoring services that help in observing unauthorized use of personal information and recovery services which deals with the ripple effects of post-identity theft are anticipated to increase the identity theft protection services market growth of by ~23% in upcoming half-decade. 

Ransomware attacks, phishing attacks, and mail spams witnessed rapid increase during COVID-19, as cybercriminals targeted employees and customers, according to Deloitte. These cases had a positive impact on the identity theft protection services market by 1.2X.

Key Takeaways: 

• The global identity theft protection services market is estimated to have an absolute $ opportunity of USD 14 Billion.
• The Identity Theft Protection services market is expected to witness exhibiting growth at 9.4% CAGR during 2022-2032.

Growth Drivers:

• Consumers and enterprises are using data protection software's and are deploying Network Access Control (NAC) across their enterprises, which is increasing the demand.
• The intensifying emphasis on electronic IDs by global government, present market size is likely to multiply by 1.3X of present market valuation in the forecast period (2022-2032).

Key Restraints: 

• Identity theft protection services depends upon on the services being chosen which then prove very expensive.
• These services may range from USD 10 to USD 30 per month & may not cover legal expenses and time spent away.

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Competitive Landscape  

Key manufacturers are constantly innovating product designs to meet the modern-day challenges pertaining to components placement in the engine environment.  

• An identity security service provider in 2020 partnered with Breach Clarity, a Fintech provider to provide services against data breaches and identity vulnerabilities with unprecedented personalized breach risk intelligence.
• An insurance and financial services company, Nationwide, partnered with Generali Global Assistance in 2020 to offer personal cyber protection services under Theft Protection Program. It will help protect nationwide users from cybersecurity attacks and threats.
• Connecticut's largest business organization, CBIA partnered with defend-id, Inc. in 2020, to deliver identity theft and recovery protection solutions to small businesses.

Key Companies Profiled:  

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

More Valuable Insights into the Identity Theft Protection Services Market:  

Fact.MR provides an unbiased analysis of the Identity Theft Protection Services Market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Identity Theft Protection Services Market a detailed segmentation on the basis of: 

Segmentation of Identity Theft Protection Services Market:

• By Type:
• Credit Card Fraud
• Employment & Tax Related Fraud
• Phone or Utility Fraud
• Band Fraud
• By End-Use:
• Consumers
• Enterprises
• By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in The Identity Theft Protection Services Market Report:   

• The report offers insight into the Identity Theft Protection Services Market for 2022-2032.  
• The market study also highlights projected sales growth Identity Theft Protection Services Market between 2022 and 2032.  
• Identity Theft Protection Services Market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.   
• Identity Theft Protection Services Market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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