Findings from Facts and Factors report “Identity Theft Protection Service Market By Theft Type (Bank Fraud, Phone and Utility, Employment and Tax, Credit Card Fraud, and Others) and By Application (Consumer, and Enterprise Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”
Global Identity Theft Protection Service market in 2019 was approximately USD 5879.6 Million. The market is expected to grow at a CAGR of 5.8% and is anticipated to reach around USD 9565.6 Million by 2026.
Identity theft protection services mainly refer to monitoring services and recovering services. Monitoring services helps in identifying and observing unauthorized use of an individual’s personal information in credit applications, websites, and public records whereas recovery service refers to the service which helps in assisting after occurrence of an identity theft. Both monitoring and recovery services may consist of options which involve regular access to one’s data.
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Rise in internet penetration and growing digitization has raised the internet-based financial transactions over the past few years. Moreover, rise in usage of handheld devices such as smart phones, tablets and notebook across the globe has also fueled online payment market. Furthermore, the corporate profit margins are also seeing a significant increase with the revival of corporate capacities. Also the desire to invest in identity theft security services is growing, with the goal of safeguarding the increased revenue. As a result, certain factors are bolstering the demand for identity theft protection services market.
The identity theft protection services market is segmented based on theft type and application. The theft type segment has been bifurcated into bank fraud, phone and utility, employment and tax, credit card fraud, and others. Credit card fraud is the leading the identity theft protection service market owing to the increasing usage of credit cards for several online transactions. Bank fraud segment is witnessed to be the fastest growing market over the forecast period. The application segmented has been classified into consumer and enterprise services. Consumer service application is the holding the largest market share as the consumers are not taking any precautions to protect their identity and thereby, hackers can easily extract individuals data.
On the basis of geography, the identity theft protection service market has been analyzed into five major regions including North America, Europe, Asia Pacific, Latin America, and MEA. In 2019, North America holds the major market share in the regional segment as it is digitally advanced region. Moreover, growing usage of social media has enabled individuals to shop online. Online payments are making individuals more exposed to lose their valid identity details. Europe holds the second largest position in the market. Furthermore, the regions are analyzed in major countries such as U.S, Canada, Mexico, Italy, South Korea, India, Japan, Brazil, UAE, Egypt, France, China, Kuwait, and South Africa among others.
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Some of the essential market players operating in the identity theft protection service market are Europ Assistance USA, Inc., Experian Information Solutions, Inc., ID Watchdog, IDENTITY FRAUD, INC., IdentityForce, Inc., IdentityIQ, Symantec Corporation, TransUnion LLC, LifeLock, Inc., Equifax, Inc., Trilegiant Corporation, and LexisNexis Risk Solutions Inc. amongst others.
This report segments the Identity Theft Protection Service market as follows:
Global Identity Theft Protection Service Market: By Theft Type Segmentation Analysis
- Bank Fraud
- Phone and Utility
- Employment and Tax
- Credit Card Fraud
Global Identity Theft Protection Service Market: By Application Segmentation Analysis
Global Identity Theft Protection Service Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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