2024-2033 Global Identity Theft Protection Services Market Outlook: Projected Size and Growth Rate
Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!
Identity Theft Protection Services Market Growth Forecast 2024-2033: What’s the Expected Rate?
There has been a swift expansion in the market size of identity theft protection services in the past few years. The market, valued at $11.84 billion in 2023, is forecasted to increase to $13.18 billion in 2024, accounting for a compound annual growth rate (CAGR) of 11.4%. Factors contributing to the growth experienced in the historic period include incidents of financial fraud, enhanced digitalization, prominent instances of data breaches, concerns about data privacy, and an increase in cyber threats.
The market size of identity theft protection services is predicted to experience swift expansion in the upcoming years, reaching $20.86 billion in 2028 with a compound annual growth rate (CAGR) of 12.2%. Several factors, like increased consumer knowledge and desire, trends and patterns in cybercrime, the surge in digital transactions, competitive market dynamics and innovation, contribute to the projected growth. Significant trends for the forecasted period include advancements in AI and machine learning integration, progression in biometric authentication, escalating cybersecurity threats, regulatory transformations and adherence, and the broadening of digital footprint protection.
Claim Your Free Sample of the Global Identity Theft Protection Services Market Report Today!
https://www.thebusinessresearchcompany.com/sample.aspx?id=9331&type=smp
What Factors Are Impacting the Growth of the identity theft protection services Market?
The escalation in deceptive practices is anticipated to fuel the expansion of the identity theft protection services market in the future. Deception used to gain benefits characterizes fraud, which is classified as a criminal act when it involves deliberate misrepresentation of the truth or the hiding of a critical fact to persuade a person to act detrimentally. Identity theft protection services scrutinize personally identifiable data in credit applications, public documents, websites, among other sources for any abnormal activities that might suggest identity theft. For example, in February 2022, the Federal Trade Commission, an independent US organization that imposes civil antitrust law and advocates consumer protection, recorded about 2.8 million fraud complaints, with 25% revealing monetary losses. Disturbingly, individuals reported a loss exceeding $5.8 billion to fraud in 2021, a increase of $2.4 billion from the prior year. Hence, the surge in fraudulent practices is propelling the expansion of the identity theft protection services market.
What Are the Fundamental Segments in the Identity Theft Protection Services Market?
1) By Service: Monitoring Services, Credit Monitoring, Identity Monitoring, Identity Recovery And Theft Insurance Services
2) By Type: Credit Card Fraud, Employment And Tax Related Fraud, Phone Or Utility Fraud, Bank Fraud
3) By End-Use: Consumers, Enterprises
What Trends Are Shaping the New Direction of the Identity Theft Protection Services Market?
Major corporations in the identity theft protection sector are initiating creative products and services like identity protection and restoration services to expand their customer reach and boost sales and profit. These services encapsulate a variety of safeguards to protect users from identity theft and fraud, also offering support during the recovery procedure post an identity breach. For example, in May 2022, Bitdefender, a cybersecurity corporation from Romania, introduced the Bitdefender Identity Theft Protection. This service, a new consumer product in the United States, offers constant identity threats monitoring, round-the-clock surveillance of credit and financial accounts, and exclusive recovery assistance after a successful identity takeover. This service aims to impede criminals who intend to misuse personal information for fraudulent activities, such as unauthorized financial transactions, setting up illegal credit accounts, and other identity-related fraud like medical or tax fraud. A unique attribute of Bitdefender’s Identity Theft Protection service is its capacity to enable consumers to partake in online transactions like shopping, banking, and social media fearlessly, by assuring them that their financial identity, privacy and personal data are secured at all times. Additionally, it guarantees a speedy credit repair if any threats or breaches are discovered, thereby providing users with a sense of security.
Order Now for Fast Delivery of Your Identity Theft Protection Services Market Report!
Which Regions Are Making a Mark in the Identity Theft Protection Services Market Growth?
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 Identity Theft Protection Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the identity theft protection services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Identity Theft Protection Services Market Include
1. Identity Theft Protection Services Market Executive Summary
2. Identity Theft Protection Services Market Segments
3. Identity Theft Protection Services Market Size And Template Market Growth Rate
4. Key Identity Theft Protection Services Market Trends
5. Major Identity Theft Protection Services Market Drivers
……
25. Key Mergers And Acquisitions In The Identity Theft Protection Services Market
26. Top Identity Theft Protection Services Companies
27. Identity Theft Protection Services Market Opportunities And Strategies
28. Identity Theft Protection Services Market, Conclusions And Recommendations
29. Appendix
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
