Travelers Identity Protection Services Market Report 2024

This Travelers Identity Protection Services market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The travelers identity protection services market size has grown strongly in recent years. It will grow from $8.64 billion in 2023 to $9.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth during the historic period can be attributed to the rising demand for mobile-based solutions, increasing trends among travelers, growing online transactions, higher adoption of mobile devices, and expanding business travel spending.

The travelers identity protection services market size is expected to see strong growth in the next few years. It will grow to $12.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth during the forecast period can be attributed to the rise in social illness, increased use of cybersecurity measures, expanding digitalization efforts, greater utilization of online security services, and a higher demand for personalized services. Key trends expected during this period include the adoption of AI and machine learning, a demand for comprehensive solutions, integration with mobile and digital wallets, expansion of services into emerging markets, and a focus on consumer education.

The increasing number of online scams and frauds is expected to drive the growth of the travelers' identity protection services market. Online scams and frauds involve deceptive practices conducted over the internet to steal money, personal information, or other assets from individuals or organizations. The rise in these scams is attributed to increased digital activity and the growing sophistication of cybercriminal tactics. Travelers' identity protection services help address the impact of this rise by offering tools and support to protect personal information and detect fraudulent activities. For example, in March 2023, the Internet Crime Complaint Center (IC3), a US-based hub for reporting cybercrime, reported a 127% increase in investment fraud complaints, growing from $1.45 billion in 2021 to $3.31 billion in 2022. Cryptocurrency investment fraud experienced an even more significant rise of 183%, jumping from $907 million to $2.57 billion during the same period. Thus, the growing prevalence of online scams and frauds is fueling the demand for travelers' identity protection services.

Major companies in the traveler identity protection services market are concentrating on developing advanced solutions, such as biometric technology, to enhance passenger identification and improve security. Biometric technology involves using unique biological traits, such as fingerprints, facial recognition, or iris scans, to efficiently and securely verify and authenticate a traveler's identity. For example, in January 2022, Idemia, a France-based company specializing in cryptography and biometrics technology, launched ID2Travel, a groundbreaking traveler identity platform in North America. This platform improves the travel experience by leveraging identity management and biometric identification to ensure efficient, secure, and smooth travel. ID2Travel can be integrated into various travel infrastructures, including airports and airlines, and utilizes Idemia's patented biometric capture technologies, which are recognized by the National Institute of Standards and Technology (NIST). Passengers can enroll in the system from home using their mobile devices by scanning their state ID or passport and taking a selfie for verification. Once enrolled, travelers can use biometric technology to navigate through the airport seamlessly, from check-in to boarding.

In May 2023, Onfido, a UK-based technology company, acquired Airside Mobile Inc. for an undisclosed amount. This acquisition positions Onfido to take a leading role in the evolving digital identity sector, offering innovative solutions that cater to the needs of both consumers and businesses while addressing the challenges of identity verification in a digital-first world. Airside Mobile Inc., a US-based digital identity network company, provides travelers with identity protection services through its cutting-edge digital identity solutions.

Major companies operating in the travelers identity protection services market are Costco Wholesale Corporation, USAA Identity Theft Protection, TransUnion LLC, NortonLifeLock, Kroll Identity Monitoring, Aura, Credit Karma Identity Monitoring, Bankrate LLC, ID Experts, Zander Insurance, Credit Sesame, PrivacyGuard, Sontiq Inc, ID Watchdog, IDShield, ProtectMyID, ID Theft Assist, Cyberscout, IdentitySecure, ReliaShield, IDStrong, IdentityIQ, IdentityHawk.

North America was the largest region in the travelers identity protection services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travelers identity protection services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the travelers identity protection services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Travelers identity protection services are designed to protect individuals' personal information from theft and misuse while traveling. These services generally involve monitoring for unauthorized use of personal data, alerting users to potential breaches, and offering support for recovering stolen identities. The goal is to keep travelers' sensitive information secure while they are away from home.

The main types of travelers' identity protection services include credit card fraud, bank fraud, and phone fraud. Credit card fraud involves the unauthorized use of a credit card to make purchases or withdraw money, typically with the aim of illegally obtaining goods, services, or cash, which results in financial loss for both the cardholder and the issuing bank. These identity protection services can be booked online, directly, or by phone. They cater to various age groups, including those under 15, 16 to 25, 26 to 35, 36 to 45, 46 to 55, and over 55. The services are designed for men, women, and children and are available to both domestic and international travelers.

The travelers identity protection services market research report is one of a series of new reports that provides travelers identity protection services market statistics, including travelers identity protection services industry global market size, regional shares, competitors with a travelers identity protection services market share, detailed travelers identity protection services market segments, market trends and opportunities, and any further data you may need to thrive in the travelers identity protection services industry. This travelers identity 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 travelers identity protection services market includes revenues earned by entities by providing services such as identity theft recovery assistance, travel document protection, medical identity monitoring, cybersecurity education, data breach alerts, and lost wallet services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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