The global identity theft protection services market size reached US$ 9.21 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.3 Billion by 2028, exhibiting a growth rate (CAGR) of 10.92% during 2023-2028. The growing service utilization to prevent bank frauds, increasing service adoption to address utility frauds, extensive research and development (R&D) activities, and the implementation of strict regulations by several governments are some of the major factors propelling the market.
|Identity Theft Protection Services Market Market Size in 2022
||US$ 9.21 Billion
|Identity Theft Protection Services Market Forecast in 2028
||US$ 17.3 Billion
|Identity Theft Protection Services Market Growth Rate (2023-2028)
Identity theft protection services refer to comprehensive solutions designed to safeguard individuals from the perils of identity theft. It encompasses a range of sophisticated tools and practices aimed at detecting, preventing, and resolving identity theft incidents. Identity theft protection services are widely used for proactive monitoring of personal data, alerts for suspicious activities, credit monitoring, and assistance in recovering from identity theft incidents. They provide early detection, swift response, and resolution, thereby minimizing the potential damage caused by identity theft. They also offer a vital layer of defense against the ever-evolving threats in digital space.
The rising incidence of identity theft across the globe is facilitating service demand to prevent data breaches and provide additional security layers. Along with this, the increasing awareness of data privacy and the potential consequences of identity theft among the masses is acting as another growth-inducing factor. Furthermore, the implementation of strict regulations by several governments to protect consumer data and prevent identity theft is contributing to the market growth. Additionally, the widespread service utilization to secure personal information in online banking, shopping, and social networking is strengthening the market growth. Moreover, the growing service demand to ensure secure online transactions and safeguard sensitive financial information due to the rapid expansion of e-commerce and fintech industries is providing a considerable boost to the market growth. Other factors, including rising incidences of cyberattacks, increasing investment in improving identity theft protection services, and rapid digitalization activities, are anticipated to drive the market growth.
Identity Theft Protection Services Market Trends/Drivers:
The growing service utilization to prevent bank frauds.
Identity theft protection services continuously monitor bank account activity, analyzing transactions, transfers, and account changes in real time, which allows individuals and financial institutions to take immediate action to prevent fraudulent transactions. Furthermore, they provide proactive fraud alerts and notifications through various channels, such as emails, SMS, and mobile app notifications, which enable individuals to quickly identify and report any fraudulent transactions to their bank. Moreover, identity theft protection services offer enhanced security features, including two-factor authentication (2FA), which provides an additional verification factor, such as a unique code sent to the mobile device, in addition to login credentials. This helps prevent unauthorized access to bank accounts and strengthens the overall security of online banking. Apart from this, they assist banks in verifying the identities of their customers and ensuring compliance with Know Your Customer (KYC) regulations.
The increasing service adoption to address utility frauds.
Identity theft protection services are extensively used in preventing utility frauds as they monitor unauthorized changes in account details, unusual usage patterns, or sudden fluctuations in billing amounts. By promptly detecting anomalies, these services can alert individuals and utility providers to potential cases of utility fraud. Furthermore, they provide timely notifications regarding suspicious activities, which enable individuals to quickly report any unauthorized activities to their utility provider and take necessary actions to prevent further fraudulent actions. Moreover, identity theft protection services assist utility providers in verifying the identities of their customers through biometric authentication, document verification, and data matching, which aids in preventing identity theft for fraudulent utility account creation or unauthorized access. Apart from this, they provide educational resources and awareness campaigns to individuals and utility providers to promote knowledge about utility fraud prevention.
Extensive research and development (R&D) activities
The adoption of machine learning (ML) algorithms and artificial intelligence (AI) to assess vast amounts of data and detect patterns indicative of identity theft and enable proactive alerts and timely responses is positively influencing the market growth. Furthermore, the integration of biometric authentication methods, such as iris scanning, fingerprint scanning, and facial recognition, to verify individuals' identities and reduce the reliance on traditional passwords that can be vulnerable to theft or hacking is contributing to the market growth. Additionally, the introduction of behavioral analytics technology to analyze user behavior, such as browsing patterns, online transactions, and device usage, to establish a baseline and detect deviations that may indicate fraudulent activities is strengthening the market growth. Moreover, the recent development of dedicated mobile applications that provide users easy access to monitoring tools, alerts, and resolution assistance is propelling the market growth.
Identity Theft Protection Services Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global identity theft protection services market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
- Credit Card Fraud
- Bank Fraud
- Phone or Utility Fraud
- Employment or Tax-Related Fraud
Credit card fraud holds the largest market share.
The report has provided a detailed breakup and analysis of the market based on the type. This includes credit card fraud, bank fraud, phone or utility fraud, and employment or tax-related fraud. According to the report, credit card fraud represented the largest market segment.
Identity theft protection services employ advanced monitoring systems to analyze credit card transactions in real time, including monitoring for unusual or suspicious activities, such as out-of-pattern purchases, multiple transactions within a short period, and transactions from unfamiliar locations. Furthermore, they provide proactive fraud alerts and notifications to cardholders when suspicious activities are detected, which allows them to take immediate action, such as freezing their cards or contacting their financial institution to report the fraud. Additionally, identity theft protection services continuously monitor credit card activity, keeping a record of all transactions and account changes, which allows cardholders to review the activity and legitimacy of each transaction. Moreover, they offer assistance in the event of a lost or stolen credit card, including reporting the loss to the issuing bank, canceling the card, and obtaining a replacement.
Breakup by Application:
Consumer holds the largest market share.
The report has provided a detailed breakup and analysis of the market based on application. This includes consumer and enterprise. According to the report, consumer represented the largest market segment.
The increasing incidence of identity theft incidents has fueled consumer demand for Identity theft protection services as a means of safeguarding their personal information and financial well-being. Furthermore, consumers have a vested interest in protecting their personal finances and assets, as identity theft can result in unauthorized access to bank accounts, fraudulent credit card transactions, and even loan applications in the victim's name. Additionally, the rapid growth of online transactions and digital interactions has exposed consumers to a higher risk of identity theft. In line with this, identity theft protection services offer consumers a layer of defense against such risks by actively monitoring their digital footprint and alerting them to any suspicious activities. Moreover, the proliferation of online platforms and mobile apps has made it convenient for consumers to access and manage their identity theft protection services, which is contributing to the market growth.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market, accounting for the largest identity theft protection services market share.
The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represented the largest market segment.
North America is dominating the market due to the widespread prevalence of identity theft incidents. The region has witnessed a significant increase in identity theft incidents owing to its advanced technological infrastructure and widespread utilization of online services. Furthermore, the imposition of strict requirements by regional governments on businesses to protect personal and financial information is acting as another growth-inducing factor. Additionally, the rapid technological advancement in North America gives companies a competitive advantage in delivering innovative and effective services. Moreover, the presence of a well-established and thriving financial sector comprising numerous banks, credit card companies, and financial institutions is facilitating service adoption to safeguard clients’ financial information.
The top companies in the market are focusing on enhancing their existing services and developing new and innovative solutions. They are incorporating advanced technologies, such as big data analytics, machine learning (ML) algorithms, and artificial intelligence (AI), to improve fraud detection capabilities, enhance user experience, and provide more comprehensive protection against identity theft. Furthermore, several key players are forming partnerships with financial institutions, insurance providers, employers, and other organizations to offer their services as bundled or add-on solutions, which aids in accessing a larger customer base and increasing market penetration through existing distribution channels. Additionally, top companies are investing in marketing and branding efforts to increase their visibility and differentiate themselves from competitors. They are utilizing various channels such as digital advertising, social media campaigns, content marketing, and public relations to reach their target audience and build brand awareness.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- AllClear ID.
- Equifax Inc.
- Experian Information Solutions Inc (Experian PLC)
- Gen Digital Inc
- Kroll LLC
- LexisNexis Risk Solutions (Relx Group)
- McAfee LLC
- TransUnion LLC (Union Tank Car Company)
Identity Theft Protection Services Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-Related Fraud
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AllClear ID., Equifax Inc., Experian Information Solutions Inc (Experian PLC), FICO, Gen Digital Inc, Kroll LLC, LexisNexis Risk Solutions (Relx Group), Malwarebytes, McAfee LLC, TransUnion LLC (Union Tank Car Company), etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global identity theft protection services market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global identity theft protection services market?
- What is the impact of each driver, restraint, and opportunity on the global identity theft protection services market?
- What are the key regional markets?
- Which countries represent the most attractive identity theft protection services market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the identity theft protection services market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the identity theft protection services market?
- What is the competitive structure of the global identity theft protection services market?
- Who are the key players/companies in the global identity theft protection services market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the identity theft protection services market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global identity theft protection services market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the identity theft protection services industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.