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Identity Theft Protection Services Market Size to Surpass USD 33.35 Billion by 2030, exhibiting a CAGR of 14.2%

Pune, India, June 27, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global identity theft protection services market size was valued at USD 11.56 billion in 2022 and is projected to grow from USD 13.13 billion in 2023 to USD 33.35 billion by 2030, exhibiting a CAGR of 14.2% during the forecast period. Rising Online Financial Transactions to Boost Market Progress. Fortune Business Insights presents this information in their report titled “Global Identity Theft Protection Services Market Forecast, 2023–2030.”

Digitization of businesses and strong expansion of communication infrastructure have raised the risk of cyberattacks and exposed companies to several new risks and threats. Identity threats are one of the fastest-growing financial crimes and involve the stealing of private information, such as bank account numbers, credit card information, personal addresses, and other types of data. This data is then misused to take massive loans or empty the victim’s bank balance. The growing awareness of these threats is expected to boost the identity theft protection services market growth.

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Key Industry Development:

May 2023 – MasterCard introduced an open banking API named ‘Open Banking for Account Opening’. This solution would help users tackle fraud by integrating the ownership of customer accounts with identity insights and creating a single API.

Key Takeaways

  • The identity theft protection services market size in North America was USD 4.95 Billion in 2022
  • Introduction of New Programs During Pandemic Improved Adoption of Identity Theft Protection Services
  • Customers to Increase Usage of Identity Theft Protection Services with Their Rising Online Presence
  • Growing Number of Credit Card Holders to Augment Adoption of Credit Card Fraud Protection Services

Discover the Leading Players Featured in the Report:

“Companies leading the global identity theft protection services market are Equifax, Inc. (U.S.), NortonLifeLock Inc. (U.S.), TransUnion LLC (U.S.), Experian Information Solutions Inc. (U.S.), Malwarebytes Ltd (U.S.), LexisNexis Risk Solutions (U.S.), AllClearID (U.S.), Kroll (U.S.), Fair Isaac Corporation (U.S.), McAfee, LLC (U.S.)”

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 14.2%
2030 Value Projection USD 33.35 Billion
Base Year 2022
Identity Theft Protection Services Market Size in 2022 USD 11.56 Billion
Historical Data for 2019 to 2021
No. of Pages 130
Segments covered Type, Application and Geography


Browse Complete Report Details: https://www.fortunebusinessinsights.com/identity-theft-protection-services-market-105125

Drivers and Restraints:

Growing Number of Online Transactions to Boost Product Adoption

More number of customers are opting for online transactions as they offer a lot of conveniences and facilitate quicker payments. Online payment modes have not only helped banks expand their customer bas, but also allowed them to refine their customer experience. However, these transactions can make both banks and customers more vulnerable to fraud and other online risks. This factor will prompt them to adopt identity theft protection services, thereby fueling the market development.

However, the high costs related to the deployment of these solutions can impede market progress.

Segmentation:

By Type

  • Credit Card Fraud
  • Bank Fraud
  • Phone or Utility Fraud
  • Employment or Tax-related Fraud

By Application

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Regional Insights:

North America to Dominate Market Due to Ever-Expanding E-Commerce Sector

North America is set to dominate the global market as the region’s e-commerce industry is witnessing robust growth and more people are opening their accounts on various online platforms. Asia Pacific is predicted to record the highest CAGR during the forecast period as more people across the region are purchasing credit cards and opting for online payment modes.

Quick Buy – Identity Theft Protection Services Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/105125

Competitive Landscape:

Companies to Use Key Growth Strategies to Strengthen Market Competition

This industry is showcasing rapid growth due to the growing introduction of technological advancements, rising competition, and using key growth strategies, such as mergers and acquisitions. These strategies will help them boost their market presence.

FAQs

How big is the identity theft protection services market?

The identity theft protection services market size was USD 11.56 billion in 2022. It is expected to reach USD 33.35 billion by 2030.

How fast is the identity theft protection services market growing?

The identity theft protection services market will exhibit a CAGR of 14.2% during the forecast period, 2023-2030.

Related Reports:

Identity and Access Management Market Size, Share, Revenue Forecast and Opportunities

Threat Intelligence Market Overview, Industry Share and Forecast

Out-of-Band Authentication Market Size, Share, Opportunities & Analysis

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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