Identity Theft Protection Services Market is estimated to be US$ 47.1 billion by 2032; Rising adoption of Digital Technologies to Fuel Industrial Growth

Identity Theft Protection Services Market is developed to cover cost related to identify theft and reimburse victims for money spent on reclaiming their financial identities. Identity Theft Protection Services offers protection services by automating detection and remediation of identity based risks and investigate risks by using data in portal.

Adoption of digital technologies in every business sectors, online shopping and increasing risk of cyber-attacks has become a key factor in target market growth. Cyber-attacks, hacking on institutions, non-profit organizations within public sector is increasing rapidly which is further facilitated the growth of Identity Theft Protection Services market. For instance, in February 2022, FTC (Federal Trade Commission) data received 2.8 million fraud reports from consumers in 2021 with imposter scams which were followed by online shopping scams. FTCs Consumer Sentinel Network received more than 5.7 million fraud reports in 2021 with fraud reports and identify theft reports related to credit bureaus and banks lenders out of which nearly 1.4 million reports were of identify theft received by FTC.

The report “Identity Theft Protection Services Market, By Type (Credit Card Fraud, Employment or Tax-Related Fraud, and Others), By Application (Consumer, and Enterprise), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

 Key Highlights:

• In May 2022, Bitdefender launched Identity Theft Protection Services for United States consumers which offers services of identify threat detection, alerts, dedicated recovery services, 24/7 credit and financial account monitoring. Newly launched services will help in preventing criminals from stealing personal information to drain financial accounts.
• In December 2022, Experian India launched “Protect My ID” services to identify theft. Newly launched “Protect My ID” help in monitoring customer data 24/7, scan more than 600,000 online properties which includes, blogs, websites and detects stolen email IDs, financial and banking details and notifies customers immediately of any data breaches.

Analyst View:

The key factor driving the growth of the Identity Theft Protection Services market is increasing adoption of digital technologies. In today’s world of digitalization all bank transactions, bills are paid online due to rising use of internet based financial transactions which has become a weapon choice to hackers and fraudsters which result in demand for Identity Theft Protection Services market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Identity Theft Protection Services Market, By Type (Credit Card Fraud, Employment or Tax-Related Fraud, and Others), By Application (Consumer, and Enterprise), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

Key Market Insights from the report:

Identity Theft Protection Services Market accounted for US$ 11.39 billion in 2022 and is estimated to be US$ 47.1 billion by 2032 and is anticipated to register a CAGR of 14.4%. The Identity Theft Protection Services Market is segmented based on Type, Application and Region.

• Based on Type, Identity Theft Protection Services Market is segmented into Credit Card Fraud, Employment or Tax-Related Fraud, and Others.
• Based on Application, Identity Theft Protection Services Market is segmented into Consumer, and Enterprise.
• By Region, the Identity Theft Protection Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Identity Theft Protection Services Market:

The prominent players operating in the Identity Theft Protection Services Market includes, Symantec Corporation (LifeLock Inc.), Experian Plc, Equifax Inc., TransUnion, Fair Isaac Corporation, Affinion Group Holdings Inc., LexisNexis, Intersections, CSID, and AllClear ID and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

• Explains an overview of the product portfolio, including product development, planning, and positioning
• Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
• Detailed analysis of the market revenue over the forecasted period.
• Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
• Study on the segments that are anticipated to dominate the market.
• Study on the regional analysis that is expected to register the highest growth over the forecast period

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