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 into the analysis of the different segments of the global identity theft protection services market.  For the purpose of this 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 to prevent financial losses to individuals and businesses. Multiple factors, such as the digitization of government records, the rising trend towards online payment, and the growing e-commerce sector, have made security and privacy more vulnerable, which further drives the growth of this market.

The theft of sensitive personal information such as addresses, bank account numbers, social security numbers, passwords, etc. being used by fraudsters uplifts the demand for 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.

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

Ransomware attacks, phishing attacks, and mail spam witnessed a 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 exhibit growth at 9.4% CAGR during 2022–2022.

Growth Drivers:

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

Key Restraints:

• Identity theft protection services depend 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.

Competitive Landscape

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

• In 2020, an identity security service provider 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 the 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.

ldentity Theft Key Companies Profiled: