Key Developments and Trends Steering the Travelers Identity Protection Services Market Forward: Advanced Biometric Solutions Enhance Travelers Identity Protection Services
Discover trends, market shifts, and competitive outlooks for the travelers identity protection services industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
How Has The Travelers Identity Protection Services Market Size Shifted, And What Is the Outlook Through 2034?
The market size for services protecting the identity of travelers has reported sturdy growth lately. This market is projected to expand from $9.36 billion in 2024 to $10.17 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Elements contributing to the historical period’s growth include a heightened demand for mobile-oriented solutions, escalating trends among travelers, a surge in online transactions, an increased use of mobile devices, and a boost in expenditure on business travel.
In the upcoming years, a significant increase is anticipated in the market size of travelers identity protection services, with an expected value of $14.03 billion in 2029, representing a compound annual growth rate (CAGR) of 8.4%. This predicted advancement in the forecast period is associated with the escalating social malaise, intensifying use of cybersecurity and digitalization initiatives, rising adoption of online security services, and increased demand for tailor-made services. Major trends projected during the forecast period involve the engagement of AI and machine learning technologies, the call for all-inclusive solutions, integration with mobiles and digital wallets, the outreach to developing markets, and an emphasis on customer enlightenment.
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What External and Internal Drivers Are Contributing to the Growth of the Travelers Identity Protection Services Market?
The escalation in online scams and frauds is projected to stimulate the expansion of the travelers identity protection services industry in the future. These scams and frauds, carried out digitally, aim to rob individuals or organizations of funds, personal data, or other belongings. The growth in online scam cases is attributed to the rise in digital activity and the increasingly complex strategies of cybercriminals. The function of travelers identity protective services is to reduce the damage brought about by increasing online scams and frauds, by offering support and tools to guard personal info and identify fraudulent exploits. For example, as per a March 2023 report from the Internet Crime Complaint Center (IC3), a US-founded central hub for reporting cybercrime, there was a 127% surge in investment fraud complaints – from $1.45 billion in 2021 to $3.31 billion in 2022. The rise in cryptocurrency investment fraud was even higher at 183% – hitting from $907 million to $2.57 billion within the same span. Thus, the escalating cases of online scams and frauds are fueling the surge of the travelers identity protection services market.
Which Segments in the Travelers Identity Protection Services Offer the Most Growth?
The travelers identity protection services market covered in this report is segmented –
1) By Type: Credit Card Fraud, Bank Fraud, Phone Fraud
2) By Booking Type: Online Booking, Direct Booking, Phone Booking
3) By Age Group: Below 15 Years, 16 To 25, 26 To 35, 36 To 45, 46 To 55, Above 55
4) By Consumer Orientation: Men, Women, Children
5) By Tourist Type: Domestic, International
Subsegments:
1) By Credit Card Fraud: Card Not Present (CNP) Fraud, Lost Or Stolen Card Fraud, Account Takeover Fraud
2) By Bank Fraud: Unauthorized Transactions, Phishing Scams, Wire Transfer Fraud
3) By Phone Fraud: SIM Swap Fraud, Robocalls And Phishing, Spoofing And Caller ID Manipulation
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Which Geographic Areas Hold the Strongest Growth Potential in the Travelers Identity Protection Services Market?
North America was the largest region in the travelers identity protection services market in 2024. 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.
Which Cutting-Edge Market Trends Are Expected to Drive the Travelers Identity Protection Services Market’s Growth?
Companies that are key players in the traveler identity protection services marketplace are prioritizing the development of cutting-edge solutions like biometric technology to enrich passenger identification and bolster security. Biometric technology involves the use of distinct biological characteristics, for instance, fingerprints, facial recognition, or iris scans, for efficient and secure confirmation of a traveler’s identity. For example, Idemia, a French company specializing in cryptography and biometrics technology, initiated ID2Travel, a novel traveler identity platform, in North America in January 2022. This platform amplifies the travel experience through identity management and biometric identification, guaranteeing travel that’s efficient, secure, and hassle-free. ID2Travel is adaptable and can be incorporated into different travel infrastructures like airports and airlines. It utilizes Idemia’s proprietary biometric capture technologies, which have been recognized by the National Institute of Standards and Technology (NIST). Passengers can register in the system from the comfort of their homes using their mobile devices, scanning their state ID or passport, and submitting a selfie for verification. Once registered, travelers can conveniently use biometrics to traverse through the airport, from check-in to boarding.
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What Are the Key Elements That Define the Travelers Identity Protection Services Market?
Travelers identity protection services refer to solutions designed to safeguard individuals’ personal information from theft and misuse during travel. These services typically include monitoring for unauthorized use of personal data, alerting users to potential breaches, and providing support for recovering stolen identities. They aim to ensure that travelers’ sensitive information remains secure while they are away from home.
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