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Identity Theft Protection Services Market: How Leading Companies Respond to New Market Drivers

According to report published by The Brainy Insights, the global identity theft protection services market is anticipated to grow from USD 10.1 billion in 2021 to USD 21.5 billion by 2030, at a CAGR of 8.8% during the forecast period 2022-2030. North America emerged as the largest market for the global identity theft protection services market, with a 41.3% share of the market revenue in 2021. The North American region currently dominates the identity theft protection services market due to the rising demand for e-commerce products and increasing online-based transactions. In countries like the US, people keep all their information in clouds, making the data more vulnerable to cyberattacks, driving the growth of identity theft protection services in the region.

Identity Theft Protection Services Market Size by Theft Type (Credit Card Fraud, Phone and Utility, Bank Fraud, Employment and Tax, and Others), By End-User (Consumer and Enterprise), Region, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include IDShield, Chubb, GEICO, Aura, Allstate Insurance Company, Experian, IdentityForce, Inc., McAfee, LLC, Nationwide Mutual Insurance Company, and NortonLifeLock In, .

The theft type segment of identity theft protection services market is divided into bank fraud, phone and utility, employment and tax, credit card fraud, and others. The credit card fraud segment dominated the market, with a market share of around 33% in 2021. The credit card fraud segment is growing owing to the rise in the number of credit cardholders. Credit cardholders perform most transactions online, making their data more vulnerable and prone to cyber threats. The end-user segment is divided into consumer and enterprise. Over the forecast period, the enterprise segment is expected to grow at the fastest CAGR of 9%. The enterprises have a large amount of data and daily transactions, increasing the chances for cyberthreats. To save their data, enterprises go for identity theft protection services leading to growth in the market.

The increasing e-commerce transactions, digital payments, and social media interaction across the globe are increasing the number of fraudulent activities driving the demand for the identity theft protection services market. Identity theft protection services are designed using advanced technologies such as artificial intelligence (AI), which helps secure the data of the consumers and enterprises. Furthermore, as the population increases, the use of the internet and smartphones increases, which provides the fraudsters with a high chance of stealing the data being entered on the digital platforms. The use of digital applications for online shopping and payments is also driving market growth.

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