Identity Theft Protection Services Global Market Report 2024

The identity theft protection services market size has grown rapidly in recent years. It will grow from $11.84 billion in 2023 to $13.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be attributed to various factors, including incidents of financial fraud, the increased pace of digitalization, high-profile data breaches, concerns about data privacy, and a rise in cyber threats. These elements collectively contributed to the demand for identity theft protection services during this period.

The identity theft protection services market size is expected to see rapid growth in the next few years. It will grow to $20.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth in the forecast period can be attributed to increasing consumer awareness and demand, evolving trends and patterns in cybercrime, the continued growth of digital transactions, market competition, and ongoing innovation in the identity theft protection services sector. Major trends expected in the forecast period include the integration of AI and machine learning, advancements in biometric authentication, a rise in cybersecurity threats, changes in regulatory requirements and compliance standards, and an expansion of protection measures for digital footprints.

The anticipated growth of the identity theft protection services market is expected to be driven by an increasing number of fraudulent activities. Fraud is characterized by any deceptive behavior aimed at gaining an advantage, and it becomes criminal when deliberate misrepresentation or significant facts' concealment leads someone to act to their detriment. Identity theft protection services play a vital role in monitoring personally identifiable information across credit applications, public records, websites, and other sources for any unusual activity indicative of identity theft. As reported by the Federal Trade Commission in February 2022, approximately 2.8 million fraud claims were filed, with 25% indicating financial losses. Individuals reported losing over $5.8 billion to fraud in 2021, reflecting a $2.4 billion increase from the previous year. Thus, the rise in fraudulent activities is a significant driver for the growth of the identity theft protection services market.

The anticipated growth of the identity theft protection market is also attributed to the increasing cybersecurity threats. Cybersecurity threats encompass potential events or actions capable of harming computer systems, networks, devices, or data by exploiting vulnerabilities and posing risks to digital assets' confidentiality, integrity, or availability. The surge in cybersecurity threats acts as a catalyst for the identity theft protection market, prompting individuals and organizations to invest in preventive measures and proactive monitoring against evolving cyber risks. According to AAG's September 2023 report, 39% of UK companies reported experiencing a cyber-attack in 2022, with cybercrime impacting 53.35 million individuals in the US during the first half of 2022. Therefore, the increasing cybersecurity threat is driving the growth of the identity theft protection market.

Major companies in the identity theft protection market are innovating products and services, such as identity protection and restoration services, to cater to larger customer bases, boost sales, and increase revenue. Identity protection and restoration services constitute a comprehensive suite of offerings designed to safeguard individuals against identity theft and fraud, along with assisting in the recovery process if identity compromise occurs. In May 2022, Bitdefender, a Romania-based cybersecurity company, introduced Bitdefender Identity Theft Protection, offering continuous monitoring for identity threats, 24/7 surveillance of credit and financial accounts, and exclusive recovery services in case of identity takeover. This service empowers consumers to engage in online activities with confidence, ensuring the protection of their financial identity and personal data. The unique feature is swift credit repair in response to identified threats, providing users with peace of mind.

Major companies operating in the identity theft protection market are developing innovative products such as comprehensive solutions to address a wider customer base, drive more sales, and increase revenue. Comprehensive solutions entail integrated approaches addressing multiple facets of a particular problem, challenge, or need. In October 2023, Malwarebytes, a US-based cybersecurity company, launched an identity theft protection service with a comprehensive approach involving dark web scans, social media account protection, credit activity monitoring, and up to $2 million in identity theft insurance. The service is further fortified by Malwarebytes' Browser Guard, a browser extension offering protection against ad trackers, malicious websites, and in-browser threats. This multifaceted defense enhances users' security against various online threats.

In December 2021, TransUnion, a US-based consumer credit reporting agency, completed the acquisition of Sontiq Inc. for $638 million. This acquisition is aimed at integrating Sontiq into TransUnion, enhancing TransUnion's growth potential through a more complete set of solutions. Sontiq Inc., a US-based IT consulting firm, specializes in mobile security, identity restoration, breach response, and digital identity protection.

Major companies operating in the identity theft protection services market report are NortonLifeLock Inc., TransUnion LLC, Experian Information Solutions Inc., LexisNexis Risk Solutions, AllClearID Inc., Kroll Inc., Fair Isaac Corporation, McAfee LLC, Identity Force Inc., Equifax Inc., Malwarebytes Ltd., Lifelock Inc., Cyberscout LLC, Intersections Communications Inc., Symantec Corporation, RELX PLC, PrivacyGuard Holdings Inc., F-Secure Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Holdings Inc., Fortinet Inc., Palo Alto Networks Inc., Rapid7 Inc., SentinelOne Inc., Sophos Group plc, Tenable Holdings Inc., Trend Micro Incorporated, Zscaler Inc., ID Watchdog.

North America was the largest region in the identity theft protection services market in 2023. The regions covered in the identity theft protection services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the identity theft protection services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of identity theft protection services include monitoring services, credit monitoring, identity monitoring, and identity recovery, along with theft insurance services. Monitoring services involve software or tools that help individuals and system administrators track their identity across various platforms, including credit applications, public records, websites, and other sources. These services cover various types of identity theft, such as credit card fraud, employment fraud, tax-related fraud, phone or utility fraud, and bank fraud. These services cater to end-users, including both consumers and enterprises.

The identity theft protection services market research report is one of a series of new reports that provides identity theft protection services market statistics, including the identity theft protection services industry global market size, regional shares, competitors with an identity theft protection services market share, detailed identity theft protection services market segments, market trends and opportunities, and any further data you may need to thrive in the identity theft protection services industry. This identity theft protection services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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