Fastest growing cyber-crimes, digitalization, unique identification systems implemented by countries worldwide, increase and development of technology, growing online payment trends is driving the global identity theft protection service market.

The global Identity Theft Protection Service market worth USD 24 Billion by 2032, growing at a CAGR of 9.4%

Covid-19 Impact & Market Status

Because of the quick transition to digitization, the COVID-19 pandemic will have a favorable effect on the expansion of the market for identity theft protection services. Businesses were pushed to use digital channels to conduct business as a result of the significant increase of COVID cases. Additionally, the closure of online retail stores prompted the use of e-commerce platforms, raising consumer demand for efficient data protection services. The service was also more widely used as a result of the spread of the "work from home" ethos. These elements could boost market growth during the epidemic.

The Rise In Credit Card Users Will Fuel Market Expansion

Based on type, the global identity theft protection market has been classified into employment or tax-related fraud, credit card fraud, utility or phone fraud and bank fraud. Due to the growing number of credit cardholders and the rising demand for credit-related protection services, the credit card fraud category holds the biggest market share among these. However, due to consumers' growing preference for speed and convenience in online banking transactions, the bank fraud segment is predicted to increase at the highest rate during the projected period. Due to the increased incidence of tax fraud, as well as the rising incidence of identity theft linked to rewards and loyalty programs and retirement accounts, the employment and tax-related fraud category is also anticipated to experience considerable growth.

The Biggest Growing Category is Consumers Segment

Based on application, the global identity theft protection service market is categorized into enterprises and customer. The consumer market is the largest among them due to the rapid increase in customers opening online banking, social media, and shopping accounts. However, due to the rising incidence of data breaches, frauds, and theft activities across industries, the enterprise is anticipated to have the greatest CAGR throughout the forecast period.

North America Leading With The Highest Market Share

The Middle East and Africa, North America, Europe, Asia-Pacific, and South America make up the five major geographic segments that make up the global market for identity theft protection services. With more people opening online banking, social media, and shopping accounts than ever before, the consumer category is the one that is growing the fastest. The enterprise is anticipated to display the highest CAGR over the projected period due to the increasing frequency of data breaches, frauds, and theft activities across various industries.

Growing financial crimes, organized identify theft, financial scams, weaknesses in specific technologies and information systems have increased the need of systems, technologies, and services that reduce and prevent identity theft. This has improved the reliance on identify theft protection service furthering remarkable progress of global identity theft protection service market.

The identity theft protection services make sure to protect credit, name, and financial future. The services provide credit monitoring, identify restoration, detailed alerts, fraud alerts, and more such services. Owing to these benefits, the identity theft protection services are experiencing rapid adoption. These factors collectively influence thumping growth of global identity theft protection service market.

Technology for global identity theft protection is developing quickly to stop personal and commercial entities from suffering financial damages. Security and privacy have become more vulnerable as a result of numerous factors including the digitalization of government documents, the growing tendency toward online payment, and expanding e-commerce, which is further propelling the expansion of this industry.

Major factors driving the global market for identity theft protection services include the use of electronic identification and the increase in users on online platforms brought on by technical improvements.

Identity theft is the fraudulent act of utilizing someone else's identity and information without that person's consent in order to benefit financially or otherwise. In addition to being sold on the online black market, the stolen data may also be utilized for personal benefit, causing much more serious harm. Hacking of sensitive information, including images, identities, credentials, educational history, relationships, financial information, child identities, medical records, and other sensitive data, is referred to as identity theft.

Aside from providing essential services that can assist consumers in preventing identity theft and recovering identity, identity theft protection services provides peace of mind. The identity theft protection tools keep an eye on your credit and the dark web and will warn you if your sensitive data is in the wrong hands. The global identify theft protection service market is expected to reach USD 12.92 billion in size by 2029, growing at a CAGR of 13.71% over the forecast period (2022–2029).

Major global identity theft protection service market drivers include a growth in the usage of electronic identification and an increase in online platform users as a result of technological improvements. Fraudsters stealing sensitive personal information like addresses, bank account numbers, social security numbers, passwords, etc. increases the demand for theft prevention technologies. One of the fastest-growing financial crimes is identity theft, and as communications have increased and businesses have gone digital, so have the hazards of cyberattacks and other comparable threats to enterprises.

Additional benefits of global identity theft protection services include decreased risk of corporate identity theft, decreased productivity loss due to identity theft and restoration services, protection against targeted cyberattacks, protection against employee blackmail, increased employee productivity, morale, and retention, and employee cyber awareness and training. All of these reasons are accelerating the expansion of the global market.

The growth of global identity theft protection service market may be hampered by the high costs connected with those services. Depending on how thoroughly consumers want their assets safeguarded against identity theft, protection services can be pricey. Depending on the services selected, the monthly plans for these services range from approximately USD 10 to USD 30, depending on chosen services. The cost of the plan goes up when extra services are added. Small and medium-sized businesses that are less prone to fraud avoid paying for these services and use free ones instead.

Furthermore, recent developments and regulations imposed by regulatory bodies involving security of sensitive information, advanced digital solutions ensuring protection of sensitive information are opportunities for the growth of global identity theft protection service market.

McAfee, Fair Isaac Corporation, Kroll, AllClearID, LexisNexis Risk Solution, Malwarebytes, TransUnion LLC, NortonLifeLock, Equifax, and other leading companies are among those providing identity theft prevention services on a global scale leading the global identity theft protection service market. A service that Discover Financial Services had previously made available to holders of its credit cards was now available to all consumers in the United States. This expanded service seeks to give its current and prospective customers a better understanding of the business as a full-service digital bank.

Latest Innovations in the Global Identity Theft Protection Services Market: a Snapshot

• To safeguard consumer PCs, Fujistu Client Computing teamed up with McAfee, LLC in May 2021. The agreement makes it simple to implement McAfee technologies to safeguard digital life.
• In order to further develop into the insurance business with forensic investigation and cyber solutions, Sontiq, a supplier of Intelligent Identity Security, bought CyberScout in February 2021.

Identity Theft Protection Service Market Scope

Key Segments of the Global Identity Theft Protection Services Market

Type Overview (USD Billion)

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

Application Overview (USD Billion)

• Enterprises
• Consumers

Regional Overview (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa